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25 Cards in this Set

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1. If the target cost is 235000 which of the following is the most precise estimate


A. 236000


B. 237342


C. 233500

B. 237342

2. IF the actual cost turns to be 234000 which of the following is the most accurate estimate


A. 23600


B. 237342


C. 233500

C. 233500

3. Which method relies on formula and tables to estimate project costs


A. Expert opinion


B. Analogy


C. Parametric


D. Cost engineering

C. Parametric

4. Which method provides the least accuracy when estimating total project costs


A. Expert opinion


B. Analogy


C. Parametric


D. Cost engineering

A. Expert opinion

5. Cost escalation always results in the contractor charging the customer more than the original contract specified

False

6. Generally, the amount needed in the management reserve should decrease as the project progress

True

7. If a cost estimate comes up too high and needs to be reduced, it is to uniformly cut costs by a percentage for everything on the project.

False

8. When we speak of recurring costs, we usually associate these costs with one of a kind or first of a kind items.

False

9. Lifecycle costs are the same as project costs.

False

10. Lifecycle costs are estimated at the end of the project.

False

11. Lifecycle costs are mostly determined by the project manager and the senior managers.

True

12. Self-control refers to


A. Self-discipline and will power of quality manager


B. A personality trait of the project manager


C. Automated manufacturing processes to make sure nothing would go wrong


D. A situation where team members are sufficiently trained and motivated and have authority to take corrective action


E. A project manager that does not have to report the quality schedule and cost performance of a project to stakeholders

D. A situation where team members are sufficiently trained and motivated and have authority to take corrective action

13. Configuration management is


A. A process of updating specifications


B. A process and procedure to keep track of changes in a design and ensure everyone involved has the most current information


C. A system for approval of waivers, deviations and modifications


D. A process for defining the end item system and ensuring that it complies with specifications

B. A process and procedure to keep track of changes in a design and ensure everyone involved has the most current information

14. A subcontractor objects to an audit that is to be performed by the quality department of main contractor, the procurement manager should explain to subcontractor that objective


A. Verify adherence to prescribed procedures


B. Help the subcontractor obtain six sigma levels of quality


C. Help the subcontractor document lessons learned on project


D. Ensure correctness of subcontractor financial statementse. Eat requirements for ISO 9001 accreditation of main contractor

A. Verify adherence to prescribed procedures

15. Which of the following provides information in order of priority to assist focusing on most critical ones?


A. Ishikawa diagram


B. Cause and effect diagram


C. Current reality tree


D. Pareto diagram


E. Causal loop diagram

D. Pareto diagram

16. The Pareto principle states that


A. The majority of non-conformities are caused by a relative small percentage of a total set of problems, improvement efforts should be focused on those critical problems


B. It is normally only cost effective to correct 80% of defects, the other 20% is not worth correcting


C. Quality management causes 80% of all problems on a typical project


D. The Pareto chart is the most important of the 7 basic tools of quality control

A. The majority of non-conformities are caused by a relative small percentage of a total set of problems, improvement efforts should be focused on those critical problems

17. Which of the following is the first steps in managing risks?


A. Include in the budget funds to cover risks


B. Identify ways to reduce the risks


C. Identify the risks and consequences

C. Identify the risks and consequences

18. A project is considered risky only if the likelihood of a very serious event occurring is high.

False

19. An acceptable level of risk in a project is a matter of judgement.

True

20. The analogy technique for identifying risks works best when there is a documented history of a previous similar projects to review.

True

21. A risk symptom is a visible physical sign that a risk is starting to materialize.

True

22. A risk in which the expected value consequence is small should be ignored.

False

23. The principle of risk transfer uses contractual incentives or dependencies to shift risk from one party to another.

True

24. The execution stage usually includes project conception and approval.

False

25. The design stage includes detailed planning for production/build stage.

True