1. | What type of project estimating must account for every expense within a project before the work begins?
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2. | You are the project manager of the JHN Project. You have estimated the project will cost $129 for each unit installed. There are 1,200 units on this project. What type of estimate is this?
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3. | What is a bottom-up cost estimate?
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4. | Finish the sentence : One of the largest fluctuating expenses in IT is __________________.
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5. | What should a project manager do to an IT implementation to accurately predict the total cost of the project?
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6. | What is a fully burdened workload?
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7. | Why should an IT project manager use best- and worst-case scenarios when calculating the time required for a task?
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8. | What are factors that a project manager can use to predict time for tasks within a project? Choose two:
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9. | What is a primary advantage of an IT project manager requiring a vendor to deliver a fixed quote?
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10. | What is the Budget at Completion (BAC)?
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11. | What is Program Evaluation and Review Technique (PERT)?
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12. | Of the following, which is a not a factor in the budget of an IT project?
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13. | True or False: It is always better to purchase hardware already configured than to take the time to assemble it in-house.
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14. | Of the following, which is an example of a per connection licensing fee?
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15. | Of the following, which is an example of a per station licensing fee?
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Answers
1. | A. Bottom-up estimating requires the project manager to account for all expenses within the project to arrive at a grand total for the project. |
2. | D. This is an example of a parametric estimate. The units will cost $129 each; this is the parameter. As there are 1,200 units on the project, the estimate is calculated by multiplying the parameter of $129 by the total number of units needed, 1,200, for an estimate of $154,800. |
3. | D. Bottom-up estimating is a process that requires the project manager to create a detailed estimate for each phase of a project. The project manager starts at the beginning of a project and works toward the project s completion to determine the actual financial obligations required to complete the plan. |
4. | A. Time is one of the largest fluctuating expenses within a project plan. Who is completing a task, that person s skill set, the type of work being completed, and other factors can determine the length of time required to complete the task. |
5. | C. The project manager should not create one grand total for a project. In order for the project manager to see a true picture of the work, she should segment the project into phases and assign each phase a dollar amount based on the work to be completed within it. |
6. | C. A fully burdened workload is the prediction of the number of hours required by the team members to complete a given project. This process allows the project manager to predict the financial obligations corresponding to time and create a sense of urgency as to when each task must be completed. |
7. | C. The best- and worst-case scenarios allow a project manager to predict the average amount of time the team member requires to complete a task. The project manager uses this value to assign a dollar amount to the work to be completed. |
8. | A, C. This is historical information. The experiences of the project manager or other IT professionals are two of the best methods to predict the length of time a task may take. |
9. | D. A fixed quote allows the project manager to use that dollar amount in a budget to predict the funds required to complete a project. It can also be used to determine which vendor will actually be awarded the job based on the price and hours to complete the work. |
10. | B. The Budget at Completion (BAC) is the predicted amount of the entire project before the project has been completed. |
11. | D. The Program Evaluation Review Technique (PERT) is a time-estimating formula that accounts for the optimistic, pessimistic, and most likely estimates. The formula is P+O+(4ML)/6. |
12. | B. Future releases of software are not a concern during the budget creation process. While it is possible that information about new software being released could impact the entire project, it will not change an existing budget based on plans that have been already created. |
13. | B. False. It is not always better to purchase hardware already configured from a vendor. Oftentimes, it will be more cost effective to configure the hardware in-house rather than assigning the task to a vendor to complete it. |
14. | C. Per connection licensing fees are assigned to each connection from a workstation to a server. Network operating systems, such as Windows 2000, use a licensing plan such as this. |
15. | B. Per station licensing is typical of applications installed on each workstation. Part of the licensing agreement requires that each workstation have a license to use the software. |