Upgrade to remove ads
Only $2.99/month

Principles of Project Management - Chapters 7

Terms in this set (10)

Large projects would have charge codes for the work package numbers to

A. have resources be able to determine what tasks they should complete.
B. have a place for other projects to charge expenses.
C. allow for cutting of the budget for the activities if need to cut the budget.
D. determine how the actual costs compare to the planned costs.
D. determine how the actual costs compare to the planned costs.
The _____ is the sum of the estimated costs of all the specific activities that make up a work package or the project.
A. cumulative actual cost (CAC)
B. cumulative budgeted cost (CBC)
C. cumulative earned value (CEV)
D. total budgeted cost (TBC)
D. total budgeted cost (TBC)
Costs related to ___________ are for outsourced work when the project teams or contractors do not have the expertise or resources to do certain project tasks.
A. subcontractors and consultants
B. stakeholders
C. reserve and withholding
D. benefactors and suppliers
A. subcontractors and consultants
A third method for determining the forecasted cost at completion is to re-estimate the costs for all the remaining work to be performed and then add this re-estimate to the cumulative actual cost. If the amount of cumulated actual costs is less than difference between the total budgeted cost and the re-estimate, then

A. the FCAC is less than the TBC.
B. the FCAC is greater than the TBC.
C. the FCAC cannot be calculated with the values given.
D. additional information is needed to predict the FCAC.
A. the FCAC is less than the TBC.
The budget for each work package is

A. distributed over the duration of the work package.
B. charged at the end of the project.
C. charged completely on the first day of the work package.
D. charged completely on the last day of the work package.
A. distributed over the duration of the work package.
It's important that the person estimating the percent complete not only assess how much work has been performed but also consider
A. what work others have to do on other projects.
B. the cost of the work.
C. what work remains to be done.
D. what work should have been done.
C. what work remains to be done.
Once a total budgeted cost has been established for each work package, the second step in the project budgeting process is to

A. distribute each TBC over the project by dividing the total by the number of work packages and assigning that amount to each.
B. distribute each TBC over the duration of its work package.
C. assign each TBC at the start of its work package.
D. assign each TBC at the end of its work package.
B. distribute each TBC over the duration of its work package.
There are two approaches to establishing the total budgeted cost for each work package:

A. top-down and bottom-up.
B. horizontal and vertical.
C. committed and actual.
D. aggregated and disaggregated.
A. top-down and bottom-up.
As data are collected on _______, including portions of any committed cost, they need to be totaled by work package so that they can be compared to the ________

A. budgeted cost of work scheduled, actual cost of work performed.
B. planned cost, total budgeted cost.
C. actual cost, cumulative budgeted cost.
D. cumulative earned value, total budgeted cost.
C. actual cost, cumulative budgeted cost.
It may be easier to estimate the costs for________, but as the project progresses, the project team can progressively elaborate the estimated costs as more information is known or becomes clear to allow for more accurate estimated costs.
A. activities with long durations
B. activities near the end of the project
C. near-term activities
D. new activities with new procedures
C. near-term activities
THIS SET IS OFTEN IN FOLDERS WITH...