Session 4 – Plan and prepare project schedule, resources and budget

Question 1 of 12

1. Question

The project manager is using the time-phased budget to measure the cost performance. What is that budget called?

Cost baseline
Cost estimate
Rough Order of Magnitude
Cost consolidation

Question 2 of 12

2. Question

The rest of the work you are leaving at the work package level. What approach are you using?

Predictive life cycle
Brainstorming
Bottom up
Progressive elaboration

Question 3 of 12

3. Question

What are activity cost estimates made up of?

Supporting data or additional information needed to justify the cost estimates.
Estimates on probable costs necessary to finish project work, including direct costs, labor, materials, equipment, facilities, services, information technology, and contingency reserves.
Estimates on probable costs necessary to finish project work based on the responsive bids obtained from vendors.
Estimates on probable costs necessary to finish project work, including direct labor, materials, equipment, facilities, services, information technology, contingency reserves, and indirect costs

Question 4 of 12

4. Question

What is the process to create a project budget?

Take the ROM and decompose it into the cost of work packages.
Combine all individual activity cost estimates and aggregate them for the entire project. Submit this to the sponsor, and modify it if necessary. The agreed-upon final cost estimate is the budget.
Estimate costs necessary to finish project work, including direct costs, labor, materials, equipment, facilities, services, information technology, and contingency reserves.
Create an S-curve with cost on the Y axis and time on the X axis.

Question 5 of 12

5. Question

Which of the following is the correct definition of the critical path?

The critical path is the fastest path through the network diagram which represents the longest time in which the project can be completeD.
The critical path is the shortest path through the network diagram which represents the longest time in which the project can be completeD.
The critical path is the earliest path through the network diagram which represents the latest time in which the project can be completeD.
The critical path is the longest path through the network diagram which represents the shortest time in which the project can be completeD.

Question 6 of 12

6. Question

You as a Project Manager of a construction project ask a contractor, how many hours it would take to pour 1000 cubic meters of concrete. He tells you that his equipment is of capacity 25 cubic meters per hour and hence the total duration would be 40 hours, he is giving you a(n) ________________ estimate.

Bottom up
Rough order of magnitude (ROM)
Analogous
Parametric

Question 7 of 12

7. Question

Your Project should follow an aggressive schedule since in order to maintain the market leadership position your company enjoys in the current marketplace. The preliminary schedule is very conservative and need to be compressed significantly. Budget is not a limiting factor. Which of the following technique you would use to compress the schedule?

Fast tracking
Resource smoothing
Crashing
Scheduling Software

Question 8 of 12

8. Question

An estimating technique using parameters from previous, similar project, such as duration, budget, size, weight, and complexity as the basis for estimating the same parameter or measure for the future project is known as ____________ Select one:

Parametric modelling
Analogous estimating
Bottom up estimating
Three Point estimating

Question 9 of 12

9. Question

A team member who is new to the organization and working on projects has several questions.The project manager is delighted that this new team member is taking so much interest. The team member asks, “If we must complete the software code before we can create the user manual, what type of dependency exists between these two work packages?” How should the project manager reply?

Finish to Finish
Analogous estimating
Bottom up estimating
Three Point estimating

Question 10 of 12

10. Question

In project Schedule management, the technique of “leads and lags” is critical in accurately defining the logical relationship between two tasks. The term “Lag” in this context is defined as

Amount of time a task can be delayed without delaying the project
Amount of time a task can be delayed without delaying the early start date of its successor
Modification of a logical relationship that directs delay in the successor activity
Amount of time a successor activity can be advanced with respect to a predecessor activity

Question 11 of 12

11. Question

Rolling wave planning is a way to

Put off planning until the right moment that is conducive for execution
Decompose work into activities as more information becomes available
Use expert judgment while defining the activities for a given work package
Define activities in minute detail

Question 12 of 12

12. Question

The PERT estimate for a task is Optimistic(To) \=3 days, Pessimistic(Tp) \=7 days, Most likely(Tm) \=4 days. Assuming the task estimates follow Beta distribution, what is the expected duration(Te) of this task?

4.66 days
4 days
4.33 days
3 days