release only $310,000 per quarter, so you should plan activities accordingly. Which tool do you employ to do this?
Funding limit reconciliation
12.
You are in a meeting with some team members and discussing material costs for certain activities. Your team is tasked with painting 100 rooms for a large hotel. One of your team members thinks that each room should take about four hours to complete, including the closets,
bathrooms, and all the edges and corners and should use about two gallons of paint. You know the cost each gallon of paint and the charge-out rate for each team member. What is the best estimating tool to use in this case?
Parametric estimating
13.
You are in a meeting with team members to the discuss costs of activities. Your team will be painting 250 rooms for a large hotel chain. An experienced team member states that, based on historical experience, each room should take about three hours to complete, and from this number, you can figure out how long the whole project should take and how much it should cost. What is the best estimating tool to use in this case?
Parametric estimating
14.
Which of the following would be an indirect cost on your project?
Benefits for employees in your organization
15.
As project manager, you are working on finalizing the costs for all the work packages, activities, control accounts, and contingency reserves. Which document do you produce as a result of this effort?
Cost Baseline
16.
You are reviewing an artifact that documents the formulae to use to calculate the budget, the acceptable budget tolerance range, and units of cost measurement. Which artifact are you reviewing?
Cost management plan
17.
What is a rough order of magnitude (ROM) range on an estimate of $200,000?
$150,000-$350,000
18.
Earlier on this project, your team lead expressed concerns that a vendor may delay shipment of some vital raw materials for the project due to factors beyond their control. If these raw materials are not delivered on time, the entire project would come to a halt until they could be delivered. You have come to a critical point on the project, and the vendor informs you that they
indeed need to delay this shipment due to these exceptional circumstances. You decide to order
these raw materials from a different vendor who is going to charge a lot more. Where would you get the additional funding for the more expensive raw materials?
Contingency reserves because this is a known risk
19.
Your customer is requesting a detailed and accurate cost estimate for an upcoming deliverable. Which of the following would you most likely use?
Bottom-up estimating
20.
You have rolled onto a project where the customer has not been very happy with the progress. The scope of the project has not been defined very clearly, there are many versions of the same documentation, and stakeholders do not feel engaged on the project. Which document do you review to determine how to manage negative cost variances?
Cost management plan
