Section 5: Cost Management QUESTION 111 You are working for an international construction company. Your project involves pulling together over 13 different subprojects. You are having difficulty in ensuring three subcontractors are doing their work correctly. As you review the project results you notice you have spent US $1,200,000 at the last reporting point. You…
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PMI-001 Q&A – Section 5: Cost Management (101-110)
Section 5: Cost Management QUESTION 101 A trend report was given to the project manager, who reacted to the report by investigating what activity or activities had not been done, but should have been done, to date. What did the report show? A. Actual cost was below planned and schedule progress was less than planned….
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Section 5: Cost Management QUESTION 91 A project manager discovers that a work package has been completed for substantially less cost than planned. Which of the following is NOT among the first things to consider doing? A. Make sure all project processes were followed. B. Make sure the right resources were used. C. Make sure…
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Section 5: Cost Management QUESTION 81 All the following are relevant for analyzing a cost overrun EXCEPT: A. Labor rates. B. Resources used. C. Communications management plan. D. Lag. Answer: D
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Section 5: Cost Management QUESTION 71 What does estimate at completion (EAC) mean? A. Each anticipated cost for the project B. Estimated average cost at project completion C. Anticipated total cost at project completion D. Anticipated expenses at project completion Answer: C
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Section 5: Cost Management QUESTION 61 The BEST description of costs that change with the amount of production is: A. Variable costs. B. Fixed costs. C. Direct costs. D. Sunk costs. Answer: A
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Section 5: Cost Management QUESTION 51 A definitive estimate is: A. A level of estimating that can be achieved without the team’s help. B. Created during the initiating process group. C. Within a range of -10 percent to +25 percent of actual. D. The most expensive to create. Answer: D
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Section 5: Cost Management QUESTION 41 The approximate resource costs necessary for completing project activities are compiled during which project management process? A. Cost Reserve Analysis B. Estimate Costs C. Cost Aggregation D. Forecasting Answer: B
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Section 5: Cost Management QUESTION 31 Your boss has asked you for a cost baseline for the project, but it is early in the project management process and there is very little project information. In this circumstance, what is the BEST way to estimate this project? A. Extrapolate from historical data. B. Ask the team…
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Section 5: Cost Management QUESTION 21 A customer has given you a procurement statement of work for a complex, eight-month project that has a few unknowns. The customer has asked you to just “get it done” and only wants to see you at the end of eight months when you deliver the finished project. Under…
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Section 5: Cost Management QUESTION 11 While working on a project in another country, you are asked to make a “facilitating” payment so the country officials will issue a work order. What should you do? A. Make the payment. B. Ask the person for proof the payment is required. C. Seek legal advice on whether…
Continue readingPMI-001 Q&A – Section 1: Framework and PM Processes (121-130)
Section 1: Framework and PM Processes QUESTION 121 Progressive elaboration means: A. Implementation of the project must progress strictly according to the initial project management plan. B. Project processes are iterated as more information is uncovered throughout the project life cycle. C. Project management plans must be elaborate in order to be effective. D. Distinct…
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