A project budget estimate that is developed with the least amount of 

knowledge is known as which of the following?

Select one:

a. Rough order of magnitude (ROM) estimate

b. Scope of work estimate

c. Conceptual estimate

d. Line estimate

e. Milestone schedule estimate

1 Answer

Answer :

c. Conceptual estimate

Related questions

Description : The conceptual estimate is developed with the least amount of knowledge. When  more information is known, the project team can develop a: Select one: a. work breakdown structure b. critical estimate c. rough order of magnitude (ROM) estimate d. scope of work e. ballpark estimate

Last Answer : c. rough order of magnitude (ROM) estimate

Description : Complete the following statement. The method of incorporating change into  project planning and execution processes is called the: Select one: a. project logic diagram. b. change management process. c. milestone schedule d. critical path e. rough order of magnitude

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Description : Which of the following is typically a written document that defines what work  will be accomplished by the end of the project? Select one: a. Scope of work (SOW) b. Project logic diagram c. Milestone schedule d. Ballpark estimate e. Work breakdown structure

Last Answer : a. Scope of work (SOW)

Description : Fill in the blank. Risk represents the likelihood that an event will happen during  the life of the project that will negatively affect the ________________ of project goals. Select one: a. scope creep b. achievement c. float d. rough order of magnitude e. slack

Last Answer : b. achievement

Description : Which type of project cost estimate is the most accurate? 1. Preliminary  2. Definitive  3. Order of magnitude  4. Conceptual

Last Answer : 2. Definitive

Description : Complete the following statement. As a project manager, Darrell is  excited that he is assigned to be in charge of the most important project  this year. After being chartered for the project, he ... c. prepare for the template to monitor project progress. d. estimate the entire project budget.

Last Answer : b. start to define and develop the stakeholder needs and requirements

Description : In which of the following project phases is the project schedule developed? 1. Conceptual  2. Planning  3. Implementation  4. Design

Last Answer : 2. Planning

Description : Which of the following establishes key dates throughout the life of a project that  must be met for the project to finish on time? Select one: a. Critical path b. Ballpark estimate c. Pert diagram d. Slack chart e. Milestone schedule

Last Answer : e. Milestone schedule

Description : Earned value management integrates scope, cost, and schedule measures to:  A. assess project performance and progress.  B. develop a preliminary budget. C. assess communication effectiveness among project team members. D. assess whether all requirements were met.

Last Answer : A. assess project performance and progress.

Description : The Scope Baseline is: 1. the original description of the project's end results  2. a summary description of the project's original content and end product, including basic  budgetary and time constraint data 3. the original project budget and schedule  4. a and c

Last Answer : 2. a summary description of the project's original content and end product, including basic  budgetary and time constraint data

Description : The Scope Statement should contain which of the following? 1. Project schedule  2. Project budget constraints  3. Summary of project tasks , deliverables and resources required  4. Project objectives

Last Answer : 4. Project objectives

Description : A(n) _ is a review of the quality plan, procedures, data collection, and analysis by  an outside group. Select one: a. scope document b. project appraisal c. cost performance index d. analogous estimate e. quality audit

Last Answer : e. quality audit

Description : Which of the following project baselines provides the basis for measurement of  the expected cash flow against requirements over time and is often displayed as an  S curve? Select one: a. Schedule baseline b. Cost performance baseline c. Scope baseline d. Plan baseline e. Initiation baseline

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Description : What is the first step in project planning? Select one: a. Establish the objectives and scope. b. Determine the budget. c. Select the team organizational model. d. Determine project constraints. e. Inspect the deliverables.

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Description : According to the PMBOK guide, which of the following statements is  right in terms of using reserve analysis to determine a project budget? Select one: A. Reserve analysis always plans ... not practical. E. Contingency reserves have never been a concern when planning a project budget.

Last Answer : A. Reserve analysis always plans contingency reserves for unexpected project scope and  project costs, which are part of your project budget.

Description : What is the first step in project planning? Select one: a. Establish the objectives and scope. b. Determine the budget. c. Select the team organizational model. d. Determine project constraints. e. Inspect the deliverables.

Last Answer : a. Establish the objectives and scope.

Description : Which one of the following is a valid project Key Performance Indicator (KPI)? a. Staff appraisals. b. Management buy in. c. Milestone achievement. d. Master schedule.

Last Answer : c. Milestone achievement.

Description : A Project control system: 1. Monitors and controls the project's schedule, costs, scope, budgets etc  2. Is a mechanism which reacts to the current project status in order to endure ... 4. Is a system for controlling and executing project documentation in an uniform and timely  manner

Last Answer : 1. Monitors and controls the project's schedule, costs, scope, budgets etc

Description : After the celebration of the successful milestone completion, a project manager  will often do which of the following? Select one: a. Continue to increase the intensity of the project to achieve the ... milestone. e. Stretch the goals of the project team, making them more tough and rigorous.

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Description : According to the PMBOK guide which of the following statements is right in terms  of using reserve analysis to determine a project budget ? a. Reserve analysis always plans contingency reserves ... not practical. e. Contingency reserves have never been a concern when planning a project budget.

Last Answer : . Reserve analysis always plans contingency reserves for unexpected project scope and  project costs, which are part of your project budget.

Description : The project manager works with the project sponsor to identify the necessary resources  and team members needed to further develop the key project parameters – Cost, Scope,  Schedule, and Quality (CSSQ). (True/False)

Last Answer : Ans. True

Description : Scope, cost, and schedule are some of the parameters used for project negotiation.  (True/False)

Last Answer : Ans. True

Description : The most common reason for schedule and cost overruns that surface after the project  is underway is scope creep.

Last Answer : Ans: True

Description : What is the definition of Earned Value Management? A. An approach that combines the scope, schedule, and cost baseline into a project  performance and progress measurement tool.  B. ... approach that combines the scope and cost baseline into a project performance and  progress measurement tool.

Last Answer : A. An approach that combines the scope, schedule, and cost baseline into a project  performance and progress measurement tool.

Description : What are the key components in the "Triple constraint Triangle"?  A. Scope, Schedule, Cost, Project Manager B. Scope, Time, Cost, Project (Ans.) C. Time, Money, Scope, Project D. Project Manager, Time, Scope, Money

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Last Answer : 2. detriment

Description : In the project management theory, balancing scope, schedule, and cost goals is often termed as (A) triangular dilemma (B) triple constraint (C) fundamental trade-off (D) project portfolio management

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Description : Which of the following may generate a milestone list: A. Define Activities B. Sequence Activities C. Estimate Activity Resources D. Estimate Activity Durations

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Description : Which of the following may generate a milestone list: A. Define Activities B. Sequence Activities C. Estimate Activity Resources D. Estimate Activity Durations

Last Answer : A. Define Activities

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Last Answer : c. Team

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Last Answer : C. Team

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Last Answer : c. project logic diagram

Description : What should be done by the project manager to ensure that all the work in the  project is included? Select one: a. Create a contingency plan. b. Create a risk management plan. c. Create a WBS. d. Create a statement of work. e. Create a scope statement.

Last Answer : c. Create a WBS.

Description : Ahmed is actively initiating a project, so he plans to invite all relevant  internal and external stakeholders including sponsors, customers, project  teams, etc. for a kick-off meeting. To ensure all ... b. Scope statement c. Project charter d. Work packages e. Project funding agents

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Description : The budgeted cost for all the activities in a project with the help of Earned Value  Method is  A. Actual Cost  B. Budget at completion  C. Budget for completion  D. Estimate at completion

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Last Answer : b. capture learning and document it for future usage.

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Last Answer : D. There is no cost variance

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Last Answer : b. To reflect new information

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