A randomized 20-question test on PMBoK Cost Management knowledge area.

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Question 1 of 20

1. “Analogous Estimation” will be the preferred estimation technique to be used by the Project Manager in all of the following scenarios EXCEPT:
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Question 1 of 20

Question 2 of 20

2. You have just completed the preparation of cost baseline. You have all of the information now, except:
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Question 2 of 20

Question 3 of 20

3. For the home renovation project, the EVMS reports are as follows:

EV = 12

PV = 15

AC = 10

All values are in ‘000 $.

Which of the following statement is true?
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Question 3 of 20

Question 4 of 20

4. For a Project, the initial assigned Budget for $ 100. During the middle of the
Project, $ 60 has been spent so far and the EV is $ 50. What is the TCPI value?
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Question 4 of 20

Question 5 of 20

5. If the SPI of a Project is above 1 and the CPI is below 1, then the Project

Management may like to look into:
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Question 5 of 20

Question 6 of 20

6. In a carpentry shop, it was required to complete 50 chairs at a cost of $250. As of today, 10 chairs are completed and $150 has been spent. What is the percent complete and percent spent?
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Question 6 of 20

Question 7 of 20

7. Which of the following may not be contained in the Cost Management Plan?
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Question 7 of 20

Question 8 of 20

8. A Project Manager is in midway though his Project. The EVM Analysis at this stage shows a value of SPI at 0.75 and CPI at 1.23.

The Project, which is being handled, consists of series of tasks, wherein resource reallocation is possible across tasks.
Which of the following would represent the best option for the Project Manager at this Stage?
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2.
3.
4.

Question 8 of 20

Question 9 of 20

9. You are a Software Project Manager developing a customized package for your customer. Your incentive depends on the value (costs) of the Project in a T & M mode.

You discover that the Project is being completed under target budget, thereby reducing your incentives.

How will you react to this situation?
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Question 9 of 20

Question 10 of 20

10. Which of the following is the least likely reason to modify the cost baseline in a Project?
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Question 10 of 20

Question 11 of 20

11. You are mid way in a Project. The Project sponsor wants to know how much more money is likely to be spent on the Project. You use the formula
ETC = (BAC/CPI) – AC. What is the assumption made in this case?
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Question 11 of 20

Question 12 of 20

12. Following are the numbers determined during a project review:

PV = 10 K $, EV = 8K $ and AC = 12 K $.

 

What is the CPI?
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Question 12 of 20

Question 13 of 20

13. A task was scheduled to use two persons, full time, and take two weeks to

complete. Instead, the project manager was only able to assign one person to this

task. At the end of two weeks, the person assigned to the task completed 75% of the

work. What is the cost performance index?
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Question 13 of 20

Question 14 of 20

14. You are working on a road construction Project. The Project includes constructing tiled pavement as well. You utilize the total pavement area, cost of paving per square feet to estimate the pavement cost. The technique used herein is:
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Question 14 of 20

Question 15 of 20

15. You are in charge of a Project for establishment of an outsourcing Center. During the initial phases of the Project Lifecycle, capital items (like building and machinery) are procured intensively. The staffing Management Plan envisages joining of support staff from middle of the Project.

You are preparing two cost baselines for the Project – one for the likely costs relating to procurement of Capital items (Baseline A) and the other relating to likely staff expenses (Baseline B). Which of the following statements is likely to be correct in this scenario?
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2.
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Question 15 of 20

Question 16 of 20

16. A Project Manager is in midway though his Project. The EVM Analysis at this stage shows a value of CPI at 0.75 and SPI at 1.23.

The Project, which is being handled, consists of series of tasks, wherein resource reallocation is possible across tasks.
Which of the following would represent the best option for the Project Manager at this Stage?
1.
2.
3.
4.

Question 16 of 20

Question 17 of 20

17. There are two types of reserves used on projects. The __________ is to allow for future situations, which may be planned for only in part, whereas the _________ is for future situations, which are impossible to predict.
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Question 17 of 20

Question 18 of 20

18. You are the Project manager for a building construction. All the baselines have been approved. The customer has now asked for a change in the scope. Which type of estimate will you use for further work?
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Question 18 of 20

Question 19 of 20

19. A Project was scheduled to be performed by four resources for three weeks, working throughout the Project duration. During first week, only two resources were assigned, whereas during second week, two more resources joined in. At the end of second week, 40% of the value of the work had been completed. What is the CPI for this Project at the end of second week?
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Question 19 of 20

Question 20 of 20

20. Which one of the following is incorrect?
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Question 20 of 20