Estimating activities

Question 1

Estimates are prepared for :
Time
Cost
Manpower
Material cost
Travel cost
Equipment – capital / rental
Other administrative cost

Answer 1

true

Question 2

estimates are not prepared for travel cost

Answer 2

false

Question 3

predictions are not based on assumptions

Answer 3

false

Question 4

predictions are linked to probabilities

Answer 4

true

Question 5

predictions have no risk

Answer 5

false

Question 6

predictions are related to confidence

Answer 6

true

Question 7

Estimates are predictions for following
parameters:
time
resources
supply

Answer 7

false
time
resources
cost

Question 8

Estimates are predictions for following
parameters:
Time – accomplishment of work in terms of hours, days, weeks, months and years
Resources – units of labour, equipment or supplies
Cost – how each work package will cost and total cost of the project

Answer 8

true

Question 9

selected work packages are estimated

Answer 9

false
each work package is estimated

Question 10

estimation is supplied to a schedule

Answer 10

true

Question 11

Each work package are estimated
They are applied to the schedule
This process is called resource allocation or resource distribution

Answer 11

true

Question 12

it is important to create a budget driven plan and not a plan driven budget

Answer 12

false
§it is important to create a plan driven budget and not a budget driven plan

Question 13

In case of imbalance, iteration is applied which is called resource smoothing

Answer 13

true

Question 14

wbs is not the foundation for estimation

Answer 14

false

Question 15

Using WBS in estimation Functional decomposition – gets progressively larger

Answer 15

false
Functional decomposition – gets progressively smaller

Question 16

Using WBS for estimation Functional decomposition – gets progressively smaller

Answer 16

true

Question 17

In case of imbalance, iteration is applied which is called resource allocation or resource distribution

Answer 17

False
In case of imbalance, iteration is applied which is called resource smoothing

Question 18

it is important to create a plan driven budget and not a budget driven plan

Answer 18

true

Question 19

For each activity, develop a statement of work
Technical specification
End product
Performance of the product
Quality
Reliability
Survivability
Operability
maintainability

Answer 19

true

Question 20

Project assumptions, Constraints and exclusions include
Basis for assumptions
Identification of constraints
Quality

Answer 20

false
oProject assumptions, Constraints and exclusions

-Basis for assumptions

-Identification of constraints

-Exclusions well defined

Question 21

For each activity, develop a statement of work
Compliance standards include :

Government
Institutional
International
Organizational
Quality linked
Customer linked

Answer 21

true

Question 22

steps in estimating activities are
1.For each activity, develop a statement of work
2. Functional group to document
3. Review the estimate for all activities of project and clear discrepancies

Answer 22

true

Question 23

In steps for estimating activities Functional group to document include :
How estimation is made
Identification of constraints
Assumption consider
Validity of estimation

Answer 23

false
2.Functional group to document

oHow estimation is made

oAssumption consider

Validity of estimation

Question 24

These are the estimating methods Analogous (historical) Approach
Parametric modeling
Bottom of estimate
Simulation

Answer 24

true

Question 25

Survivability is a estimating method

Answer 25

false what even

Question 26

analogous approach uses mathematical parameter

Answer 26

false parametric modeling uses that

Question 27

Analogous approach uses the actual cost and duration of similar project in past

Answer 27

true

Question 28

bottom up estimation is the historical approach

Answer 28

false analogous is

Question 29

in analogous approach Project data is retrieve from past project in terms of actual time cost labour used

Answer 29

true

Question 30

simulation method is also called top down estimate

Answer 30

false analogous

Question 31

parametric modeling uses mathematical parameter

Answer 31

true

Question 32

parametric modeling has industry standard

Answer 32

true

Question 33

analogous approach is cost and duration of individual work packages

Answer 33

false bottom up

Question 34

analogous approach is called top down estimate

Answer 34

true

Question 35

E.g. construction industry – per sq.ft. cost above is example of bottom up estimate

Answer 35

false parametric

Question 36

in bottom up estimate Cost taken from top row of activities from – WBS

Answer 36

false Cost taken from bottom row of activities from – WBS

Question 37

in bottom up estimation More accurate form of estimate – higher cost

Answer 37

true

Question 38

in bottom up estimate Cost taken from bottom row of activities from – WBS

Answer 38

true

Question 39

simulation is mathematical based

Answer 39

false computer based

Question 40

simulation Calculates multiple cost or durations

Answer 40

true

Question 41

simulation is computer based

Answer 41

true

Question 42

Most common method – Monte Carlo method

Answer 42

true

Question 43

simulation is Useful for large or complex project

Answer 43

true

Question 44

Most common method – Marco polo method

Answer 44

false lmao this was so funny monte carlo

Question 45

in ownership of the estimate, Estimate dictated to functional group/department generates little or no loyalty

Answer 45

true

Question 46

Ownership of the Estimate Stakeholders – answerable and unaccountable

Answer 46

false §Ownership of the Estimate Stakeholders – answerable and accountable

Question 47

§Ownership of the Estimate Stakeholders – answerable and accountable

Answer 47

true

Question 48

politicize estimates in an attempt to make supervisors, customers, or clients happy

Answer 48

false do not

Question 49

Negotiate budgets first and requirements second

Answer 49

Negotiate requirements first and budgets second

Question 50

When considering eight hour shift, do not pay attention to : Missed productivity from vacations, sick leave, holidays, meetings, and training

Answer 50

false pay attention

Question 51

Formula for Estimation Estimated time = [optimistic + (4 × most likely) + pessimistic]/5

Answer 51

False Estimated time = [optimistic + (4 × most likely) + pessimistic]/6

Question 52

Contingency to build into project and budget Conceptual phase: + 50 percent Preliminary engineering phase: + 25 percent Detailed engineering phase: + 10 percent Construction phase: + 5–7 percent

Answer 52

true

Question 53

improving estimation over time is based on current experience and project progress

Answer 53

true