Project Management: Exam 2

Mega projects are large-scale, complex ventures that typically cost _______ or more and take many ______ to complete.

$1 billion, years

According to Snapshot from Practice 5.3, the Delphi Method makes use of ________ familiar with the kind of project in question.

a panel of experts

Which of the following top-down methods is used when projects closely follow past projects in regard to features and costs of those features, and result in costs being assigned by percentages to major segments of the project?

apportion

Companies are using which of the following for improving the estimating process for future projects?

Creating historical databases of previous projects

Refining Estimates may be necessary for a number of reasons. For example, a manager getting further into a project and obtaining a better understanding of what needs to be done to accomplish a project and meet the needs of the customer is an example of

changes in project scope

The salary of the project manager would be an example of what type of cost found in a project?

direct project overhead

Which of the following does NOT help describe a bottom-up estimating approach?

They are made by someone who uses experience and/or information from someone else to determine overall project cost and duration.

Which of the following DOES help describe a bottom-up estimating approach

They establish low-cost, efficient methods for completing activities. They typically come from the people actually doing the work and who are most knowledgeable about the task at hand. Estimates are made at the work package level and then "rolled up" to determine estimates for major deliverables and for the project itself.

The estimating factor that considers the prevailing belief in some firms that detailed estimating takes too much time and is not worth the effort is an example of the ___________ factor.

organizational culture

Reasons why estimating time and cost are important include all of the following EXCEPT

to help establish a project selection process

when is apportionment used?

when projects closely follow past projects in features and costs. Given good historical data, estimates can be made quickly with little effort and reasonable accuracy. This method is very common in projects that are relatively standard but have some small variation or customization.

Which of the following is a good condition for bottom-up estimating?

when there is a fixed price contract