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Terms in this set (43)The "process that establishes the policies, procedures, and documentation for planning, managing, expending, and controlling project costs" is referred to as: Plan Cost Management Activity cost estimates, the basis of estimates and other supporting detail are outputs of which process? Estimate costs As the project progresses from initiation through planning and executing, and additional detail is gathered, the range of values for the project cost estimate will: Narrow _____________ is "the process of aggregating the estimated costs of individual activities or work packages to establish an authorized time-phased project budget or cost baseline". Determine Budget A ______is used to compare actual project spending with planned expenditures over time to determine if corrective action is needed Cost Baseline Jason, a project manager, is working with his team to estimate the total cost of developing a web-based CRM system. After reviewing the planned scope of work with Jason, his sponsor suggests that Jason use the budget from a previous, similar project as the basis for his project budget. The estimating process that Jason's sponsor is using is called _____________ Analogous Estimating One of the principle benefits of creating a bottom-up estimate during planning is that the estimate Is very accurate The amount of project budget reserved for unforeseen project work that addresses the "unknown unknowns" that can affect a project is the _____. Funding limit Ellen is estimating how much it will cost to re-carpet the executive conference room. After selecting the grade and pattern of carpet, Ellen multiplies the carpet price per square yard times the number of square yards in the conference room to derive the total price of the material. This estimating method is called ______. Parametric estimating The budget within the cost baseline that is allocated for identified risks, for which mitigating responses are developed, is called the ______. Contingency reserve 4 Project success measures agreements, customers, organization, and team 4 primary categories of risk by project phase 1. Project initiation: Customer does not agree on price. Most commonly used tool for risk management? Risk Register What does RPN stand for and how do you calculate it? Risk Priority Number and When complete, the risk register presents the results of both qualitative and quantitative risk analysis we well as risk response planning? T or F True In agile projects, early risk planning is done at a detail level? T of F False Risk response strategy decisions should reflect a thorough understanding of the priorities that key stakeholders have for cost, schedule, scope, and quality? T or F True Early in a project when a very little detail is known about a project, it is impractical to render even a rough estimate of the final project cost? T or F False Generally, parametric estimating requires less information and time than analogous estimating? T of F False There are many causes of variation in project costs. which of the following accurately describes the nature of this variation? Special cause variation is when something ordinary occurs 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 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 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 All of the following are among the classic risk response strategies EXCEPT: a. SHARE A THREAT Which accurately describes risk in project management? A risk may impact the project in a positive or negative way Which term best describes a provision in the project management plan to mitigate cost and / or schedule risk Reserve 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 suppliers are necessary? Expedited costs All of the following activities illustrate a risk response strategy designed to exploit an opportunity EXCEPT: a. identify trigger conditions What is appropriate upon completion of risk response planning? The risk register should be baselined after planning is completed, and should not be updated once the project is in flight What is not contemporary methods of risk prioritization in project management? Results of quantitative risk analysis are used for clarification purposes and are typically not documented in the risk register __________ is a quantitative risk analysis technique used to determine the most powerful impact on the project, which will result in a tornado diagram Sensitivity Analysis On Agile projects, detailed risk management activities may occur during? early risk planning at the start of the project Events discovered during Identify Risks that may or may not occur are often categorized as known unknowns What does NOT describe an aspect of life cycle costing? Life cycle cost only includes the project cost from initiation through closing All of the following describe the appropriate application of Perform Quantitative Risk Analysis in project management EXCEPT Brainstorming techniques are used by the team and other stakeholders to identify as many projects risks as possible When can you expect "Unknown unknowns" They are usually discovered during risk identification All of the following methods have proven to be useful techniques to help project teams identify the risks that might impact the project EXCEPT Documenting lessons learned Which estimating technique uses historical data from a similar project as starting point for creating a time or cost estimate Analogous estimating Complex projects such as research and development for new products often employ rolling wave planning to estimate costs. what 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 ABC - indirect costs are allocated to fixed costs based upon 4 drivers: # of units produced, What are the 3 methods used for estimating costs? Analogous (top down) Which is the most accurate? Bottom Up estimating ... ... 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Project Comparison Estimating or Parametric Cost Estimating is often used in early planning stages when little information is known about the program other than overall project parameters. This method is sometimes called a "preliminary" or "ballpark" estimate and has no better than 15% to 25% accuracy.
What techniques are used to estimate cost of a project?Parametric Estimating
In parametric estimating, historical data and statistical modeling are used to assign a dollar value to certain project costs. This approach determines the underlying unit cost for a particular component of a project and then sales that unit cost as appropriate.
What is the most accurate method of estimating the cost of a project?Analytic. An analytic estimate (also called bottom-up estimating) is one of the most accurate cost estimation techniques—but it can also be time-intensive. Bottom-up estimating breaks the project down into smaller parts and then creates cost estimates for those variables.
What are the methods for estimating project times and costs?Here are six common estimating methods in project management:. Top-down estimate. ... . Bottom-up estimate. ... . Expert judgment. ... . Comparative or analogous estimation. ... . Parametric model estimating. ... . Three-point estimating.. |
What is used to compare actual project spending with planned expenditures to determine if corrective action is needed?
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