MAN 4583 EXAM 2 QUESTIONS AND VERIFIED
ANSWERS
"The average American gives 2.6% to charity every year" - www.1fortheworld.org
Best of luck with all your classes! - Answers - Thank You!
Project Budget - Answers - A realistic estimate of the cost to complete the project work
Estimate too high; the project could be canceled
Estimate too low; the project will cost more and don't deliver
The Cost target you aim for as you manage a project
Labor Cost - Answers - What you paid people to work on the project
Vendors
Contractors
Employees
Burdened Cost - Answers - For employees
Salary
Benefits
May get the rates from accounting or HR department
Time-Based Resources Cost - Answers - Rental equipment
Office space
Material Cost - Answers - New server
Training guides
Documentation notebooks
Ancillary Cost - Answers - The cost that is not part of Labor, Time Based Resources,
and Material cost
Travel
Training expenses
Fees
, Cash Flow - Answers - Movement of the money you receive and the money you spend
What process do you estimate cost? - Answers - ITTO Process
Inputs
Tools & Techniques
Outputs
Inputs - Answers - -Cost management plan
-Quality management plan
-Scope baseline
-Project documents
-Enterprise environmental factors
-Organizational process assets
Cost Management Plan (Inputs) - Answers - Dictates how cost variances will be
managed
Quality management plan (Inputs) - Answers - Details about the level of quality needed
for the project
Scope baseline (Inputs) - Answers - Project scope statement
WBS
WBS dictionary
Project Scope Statement - Answers - Details about the level of quality needed for the
project
Project documents (Inputs) - Answers - Project schedule
Lessons learned register
Resource requirements
Risk register
Project schedule - Answers - Main input because it lists the project activities and their
associated resources along with how long you'll have the resources for those activities
Tools and Techniques - Answers - -Expert judgment
-Analogous estimating
-Parametric estimating
-Bottom-up estimating
-Three-point estimating
-Data Analysis
-Project management information system
-Decision making
Data Analysis - Answers - Reserve analysis- identify risk
ANSWERS
"The average American gives 2.6% to charity every year" - www.1fortheworld.org
Best of luck with all your classes! - Answers - Thank You!
Project Budget - Answers - A realistic estimate of the cost to complete the project work
Estimate too high; the project could be canceled
Estimate too low; the project will cost more and don't deliver
The Cost target you aim for as you manage a project
Labor Cost - Answers - What you paid people to work on the project
Vendors
Contractors
Employees
Burdened Cost - Answers - For employees
Salary
Benefits
May get the rates from accounting or HR department
Time-Based Resources Cost - Answers - Rental equipment
Office space
Material Cost - Answers - New server
Training guides
Documentation notebooks
Ancillary Cost - Answers - The cost that is not part of Labor, Time Based Resources,
and Material cost
Travel
Training expenses
Fees
, Cash Flow - Answers - Movement of the money you receive and the money you spend
What process do you estimate cost? - Answers - ITTO Process
Inputs
Tools & Techniques
Outputs
Inputs - Answers - -Cost management plan
-Quality management plan
-Scope baseline
-Project documents
-Enterprise environmental factors
-Organizational process assets
Cost Management Plan (Inputs) - Answers - Dictates how cost variances will be
managed
Quality management plan (Inputs) - Answers - Details about the level of quality needed
for the project
Scope baseline (Inputs) - Answers - Project scope statement
WBS
WBS dictionary
Project Scope Statement - Answers - Details about the level of quality needed for the
project
Project documents (Inputs) - Answers - Project schedule
Lessons learned register
Resource requirements
Risk register
Project schedule - Answers - Main input because it lists the project activities and their
associated resources along with how long you'll have the resources for those activities
Tools and Techniques - Answers - -Expert judgment
-Analogous estimating
-Parametric estimating
-Bottom-up estimating
-Three-point estimating
-Data Analysis
-Project management information system
-Decision making
Data Analysis - Answers - Reserve analysis- identify risk
