OPSM chapters 7 & 9

All of the following factors must be in place in order to develop an analogous estimate effectively EXCEPT:

An organization must know details behind the time value of money.

Estimating the number of work periods that will be needed to complete individual schedule activities characterizes which of the following time management processes?

Estimate activity duration

Which of the following statements correctly describes the critical path?

It consists only of activities with zero float (slack).

All of the following are among the benefits realized as a consequence of developing a cost management plan EXCEPT:

It documents how the business case should be created

All of the following items describe an aspect of life cycle costing EXCEPT:

Life cycle cost only includes the project cost from initiating through closing

A milestone is a typical measuring point used when establishing cost control. Which of the following DOES NOT accurately describes the use of cost control milestones?

Milestones are developed during risk planning.

Complex projects such as research and development for new products often employ rolling wave planning to estimate costs. Which of the following best describes "rolling wave" planning?

Project managers render a definitive estimate for the first stage and an order of magnitude estimate for the remainder of the project.

"Unknown unknowns" are unexpected events which can occur when the project is underway. All of the following accurately describe an implication associated with unknown unknowns EXCEPT:

They are usually discovered during risk identification

There are many causes of variation in project costs. Which of the following accurately describes the nature of this variation?

Variation occurs in all work processes and the novelty associated with most projects creates many opportunities for variation.

All of the following strategies can help a project team to develop realistic time estimates for project activities EXCEPT:

adding a significant buffer to each activity

Which estimating technique uses historical data from a similar project as a starting point for creating a time or cost estimate?

analogous estimating

Which estimating technique decomposes the work into detailed pieces for which estimates are prepared and then aggregated into a total quantity for the project?

bottom-up estimating

The approved time-phased project budget, excluding any management reserves, which can be changed only through formal change control procedures and is used as a basis of comparing actual results, is called a ____:

cost baseline.

The total number of work periods (not including holidays or other non-work periods) required to complete a schedule activity is known as:

duration

The process of developing an approximation of the cost of the monetary resources needed to complete project activities is known as:

estimate cost.

Projects often include indirect costs that are not associated directly with one specific project. Which of the following items are most typically considered to be indirect costs?

executive salaries, utilities and insurance

What type of cost is incurred when a project must be conducted faster than normal, and overtime for workers and / or extra charges for rapid delivery from suppliers are necessary?

expedited costs

Which of the following responses identifies a common type of logical dependency used to sequence project activities?

finish-to-start

The amount of time a schedule activity can be delayed without delaying the early start date of any successor is known as:

free float

All of the following items can provide useful assistance to a project team to define the activities of a project EXCEPT:

issue logs

Events discovered during Identify Risks that may or may not occur are often categorized as:

known unknowns

Which of the following remedies may reduce the likelihood of omissions when developing activity duration estimates?

learning curve

The documentation of a project cost estimate generally requires substantial supporting detail to include all of these EXCEPT:

management reserve needs

The sequencing of activities is often based upon dependencies between the activities. The dependencies that should guide activity sequencing can be either:

mandatory or discretionary

Activity based costing allocates indirect costs to fixed costs based on different types of cost drivers. Which of the following is one of the cost drivers that serve as a basis of cost allocation?

number of units produced

Which estimating technique uses an algorithm to calculate cost or duration based on historical data and other project parameters?

parametric estimating

All of the following problems contribute to difficulty in estimating activity durations accurately EXCEPT:

poor vendor selection

An activity that logically comes before a dependent activity in a schedule is called a ___:

predecessor activity

Creating a realistic schedule is often an iterative process because several factors can limit how fast a project can be completed. All of the following factors can limit how fast a project can be scheduled and completed EXCEPT:

quality metrics

Costs that repeat as project work continues such as writing code are appropriately classified as:

recurring costs

Which of the following terms best describes a provision in the project management plan to mitigate cost and / or schedule risk?

reserve

Milestones are important points in a project schedule that can serve as check points for project managers and sponsors. All of the following reasons might justify the decision to establish a milestone EXCEPT:

scheduling team status meetings

Faced with significant schedule challenges, the project manager has several responsibilities. All of the following are among the project manager's responsibilities EXCEPT:

willingly accept end dates dictated by customers or sponsors