Udemy PMP Exam Prep: Module Seven Exam

You are using a previous similar project to predict the costs of the current project.
Which of the following best describes analogous estimating?

You are the project manager for a new technology implementation project.
Management has requested that your estimates be as exact as possible. Which one of
the following methods of estimating will provide the most accurate estimate?

Amy is the project manager for her company and she’s working with the project team to
determine the effect of a proposed change on the project’s budget. When Amy looks at
the change, she tells the team that the change will pass through project’s cost change
control system. What does the cost change control system do?

You have just started a project for a manufacturer. Project team members report they
are 30 percent complete with the project. You have spent $25,000 of the project’s
$250,000 budget. What is the earned value for this project?

You and your project team are about to enter a meeting to determine project costs. You
have elected to use bottom-up estimating and will base your estimate on the WBS.
Which one of the following is not an attribute of bottom-up estimating?

You are the project manager for a consulting company. Your company has two possible
projects to manage, but they can only choose one. Project WQQ is worth $217,000,
while Project LB is worth $229,000. Management elects to choose Project LB. The
opportunity cost of this choice is which one of the following?

You are the project manager for the CSR Training Project, and 21,000 customer service
reps are invited to attend the training session. Attendance is optional. You have
calculated the costs of the training facility, but the workbook expense depends on how
many students register for the class. For every 5,000 workbooks created, the cost is
reduced by a percentage of the original printing cost. The workbook expense is an
example of which one of the following?

You are the project manager of a construction project scheduled to last 24 months. You
have elected to rent a piece of equipment for the project’s duration, even though you will
need the equipment only periodically throughout the project. The costs of the
equipment rental per month are $890. This is an example of which of the following?

You are the project manager of the BHG Project. Your BAC is $600,000. You have spent
$270,000 of your budget. You are now 40 percent done with the project, though your
plan called for you to be 45 percent done with the work by this time. What is your CPI?

Management has requested that you complete a definitive cost estimate for your
current project. Which one of the following must exist in order to complete this
estimate?

You need to procure a highly specialized chemical for a research project. There is only
one vendor available that provides the materials you need. This scenario is an example
of what market condition?

You are the project manager of the Network Upgrade Project for your company.
Management has asked that you create a cost estimate of the project so they can
determine the project funding. You gather the inputs for the cost estimate and begin
the process of cost estimating. Of the following cost-estimating inputs, which one is the
least reliable?

You can purchase pea gravel for your project at $437 per metric ton. You need four tons
of the pea gravel, so you predict your costs will be $1,748. This is an example of which
cost-estimating approach?

Which one of the following is an example of resource cost rates that a project manager
could use to predict the cost of the project?

You have created a cost estimate for a new project that you’ll be managing in your
organization. All of the following should be included in your cost estimate except for
which one?

Linda is the project manager of a construction project. The budget for her project is
$275,000. The project team made a mistake early in the project that cost $34,000 in
added materials. Linda does not believe the mistakes will likely happen again because
the team is 30 percent complete with the project and things are once again going
smoothly. Her sponsor wants to know how much more funding Linda will likely need on
the project. What should Linda tell the sponsor?

. A project had a budget of $750,000 and was completed on time. The project expenses,
however, were 15 percent more than what the project called for. What is the earned
value of this project?

. A project had a budget of $750,000 and was completed on time. The project expenses,
however, were 15 percent more than what the project called for. What is the variance
at the completion for this project?

Marty is the project manager of a software development project. He has reviewed the
project’s costs and progress and he realizes that he has a cost variance of $44,000. He
needs to complete what type of report?

You are a construction manager for a construction project. The project will be using a
new material that the project team has never worked with before. You allot $10,000 to
train the project team on the new materials so that the project will operate smoothly.
The $10,000 for training is known as what?