PMG 323- Project Cost Management Cost Estimate Quiz

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Arizona State University *

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104

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Economics

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Jan 9, 2024

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1

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1. According to US Government and Accountability Office (GAO)’s definition, cost estimate a. doesn’t eliminate cost overruns. b. No answer text provided. c. estimates future costs, based on what is known today. d. is updated when actual costs accrue 2. Two main reasons for IT project cost overruns are a. insufficient cash flow b. overlooking key project costs c. scarce resources d. Erroneous cost estimates 3. _________ estimating uses actual costs of previous similar projects a. Analogous 4. The difference between analogous and parametric (comparative) estimates is that while analogous estimate relies on actual data from previous projects, the parametric estimate uses ___________ relationship between historical data and other variables. a. statistical 5. In bottom-up estimating ________________________ is used to estimate the cost of work packages to have a more accurate cost estimate. a. work breakdown structure 6. PERT is a three point estimating technique that employs a. a most likely estimate, an optimistic estimate and a pessimistic estimate b. an expected activity cost, an actual activity cost and an estimated activity cost. c. a most likely cost, a less likely cost and an actual cost. 7. Going back to your Project Scope Statement assignment in Module 1, which cost estimating technique is the best option for your project? Why? a. I would use a Work Breakdown structure because it would help to list all of the specific activities required for the graduation party. This will help the project manager be able to track completion of the project and understand what is expected. 8. A frequently made mistake when estimating costs is being too ________. a. positive
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