Cost Estimation Trivia: Product Management

17 Questions | By Roadman19771 | Last updated: Mar 19, 2022 | Total Attempts: 156

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Cost Estimation Trivia: Product Management - Quiz

Are you looking for a quiz that will test your understanding when it comes to cost estimation when it comes to product management? The quiz below is perfect for that as it not only helps you dive deeper into the course, but it also helps you to remember all that you have learned in your classes. Do give it a try and keep an eye out for others like it!

Questions and Answers

1.

Provides an accurate estimate of project costs
- A.
  
  Rough Order of Magnitude (ROM) Estimate
- B.
  
  Definitive Estimate
- C.
  
  Budgetary Estimate
2.

A document that describes how the organization will manage cost
- A.
  
  Cost Management Plan
- B.
  
  Bottom-Up Estimates
- C.
  
  Parametric Modeling
3.

Use the actual cost of a previous, similar project as the basis for estimating the cost of the current project
- A.
  
  Parametric Modeling
- B.
  
  Analogous Estimates (Top-Down Estimates)
- C.
  
  Cost Management Plan
4.

Estimating individual work items or activities and summing them up to get a project total
- A.
  
  Cost Management Plan
- B.
  
  Analogous Estimates (Top-Down Estimates)
- C.
  
  Bottom-Up Estimates
5.

Uses project characteristics (parameters) in a mathematical model to estimate project costs
- A.
  
  Analogous Estimates (Top-Down Estimates)
- B.
  
  Bottom-Up Estimates
- C.
  
  Parametric Modeling
6.

A time-phased budget that project managers use to measure and monitor cost performance.
- A.
  
  Parametric Modeling
- B.
  
  Cost Baseline
- C.
  
  Earned Value Management (EVM)
7.

A project performance measurement technique that integrates scope, time, and cost data
- A.
  
  Earned Value Management (EVM)
- B.
  
  Cost Baseline
- C.
  
  Cost Variance (CV)
8.

Portion of the approved total cost estimate planned to be spent on an activity during a given period
- A.
  
  Estimate At Completion
- B.
  
  Planned Value (PV)
- C.
  
  Earned Value (EV)
9.

The total direct and indirect costs incurred in accomplishing work on an activity during a given period
- A.
  
  Actual Cost (AC)
- B.
  
  Planned Value (PV)
- C.
  
  Budget At Completion (BAC)
10.

An estimate of the value of the physical work actually completed
- A.
  
  Schedule Performance Index (SPI)
- B.
  
  Planned Value (PV)
- C.
  
  Earned Value (EV)
11.

The ratio of actual work completed to the percentage of work planned to have been completed at any given time during the life of the project or activity
- A.
  
  Budget At Completion (BAC)
- B.
  
  Rate of Performance (RP)
- C.
  
  Schedule Performance Index (SPI)
12.

The earned value minus the actual cost
- A.
  
  Budget At Completion (BAC)
- B.
  
  Cost Variance (CV)
- C.
  
  Estimate At Completion
13.

The earned value minus the planned value
- A.
  
  Schedule Variance (SV)
- B.
  
  Cost Variance (CV)
- C.
  
  Schedule Performance Index (SPI)
14.

The ratio of earned value to actual cost and can be used to estimate the projected cost of completing the project
- A.
  
  Schedule Performance Index (SPI)
- B.
  
  Rate of Performance (RP)
- C.
  
  Cost Performance Index (CPI)
15.

The ratio of earned value to planned value and can be used to estimate the projected time to complete the project
- A.
  
  Schedule Performance Index (SPI)
- B.
  
  Schedule Variance (SV)
- C.
  
  Cost Variance (CV)
16.

An estimate of what it will cost to complete the project based on performance to date
- A.
  
  Budget At Completion (BAC)
- B.
  
  Schedule Variance (SV)
- C.
  
  Estimate At Completion
17.

The original total budget for the project
- A.
  
  Earned Value (EV)
- B.
  
  Budget At Completion (BAC)
- C.
  
  Rate of Performance (RP)