quiz 10

.docx

School

Mount Royal University *

*We aren’t endorsed by this school

Course

3269

Subject

Industrial Engineering

Date

Apr 3, 2024

Type

docx

Pages

8

Uploaded by EarlDangerRedPanda35

core for this quiz: 35 out of 35 Submitted Mar 23 at 11:15pm This attempt took 28 minutes. Question 1 5 / 5 pts Describe several sources of uncertainty in estimating the cost of a project as well as strategies you can employ to address uncertainty. Your Answer: Sources that lead to uncertainty in cost estimation of a project are several for example: Lack of information available to PM, changes of prices overtime, government policy changes, and availability of recourses. Those uncertainties can be divided into four categories: Known Knowns where a contingency reserve can be used to address it Unknown Unknowns that can be addressed by management reserve. Known Unknowns which a mitigation plan will help navigate it. Unknown Knowns which are hard to work around and are inevitable. PM can adapt to changes as they occur. Question 2 2 / 2 pts Activity based costing allocates overhead (indirect costs) to fixed costs based upon four different types of drivers. Which of the following is one of the cost drivers that serves as a basis of cost allocation? Correct! number of units produced Correct
quantity of materials used direct equipment costs number of labor hours Question 3 2 / 2 pts Which estimating technique uses a statistical relationship to calculate cost or duration based on historical data and other project parameters? analogous estimating empirical estimating grass roots estimating Correct! parametric estimating Correct Question 4 2 / 2 pts The cost management plan provides guidelines to the project manager and other stakeholders and serves all of the following purposes EXCEPT: It helps all project stakeholders focus appropriately on schedule and cost performance. It shows how to develop and share relevant, accurate and timely information on cost that the project manager, sponsor and other stakeholders can use to make intelligent and ethical decisions. Correct! It documents how the project statement of work and business case should be created.
Correct It provides feedback, thereby showing how the project's success is linked to the business objectives for which it was undertaken. Question 5 2 / 2 pts The documentation of a project cost estimate generally requires substantial supporting detail to include all of these EXCEPT: a description of scope. the estimating methods and a range of possible outcomes. assumptions and constraints. Correct! management reserve needs Correct Question 6 2 / 2 pts The process of developing an approximation of monetary resources needed to complete project activities is known as: determine budget. estimate resources. estimate activities. Correct! estimate cost.
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