SIA TEST 2 UPDATED Exam Questions
and CORRECT Answers
A cost estimation tool and technique which involves estimating the costs of individual work
items or activities and summing them to get a project total. - CORRECT ANSWER -
BOTTOM UP ESTIMATE
Involves determining the policies, procedures, and documentation that will be used for planning,
executing, and controlling project cost. - CORRECT ANSWER - PLANNING COST
MANAGEMENT
A time-phased budget used by project managers to assess and track the effectiveness of cost
performance - CORRECT ANSWER - COST BASELINE
Involves identifying the specific activities that the project team members and stakeholders must
perform to produce the project deliverables. - CORRECT ANSWER - DEFINING
ACTIVITIES
A type of dependence that is unavoidable given the nature of the project's work. - CORRECT
ANSWER - MANDATORY DEPENDENCIES
They are indirectly related to the project's execution but not directly to the project's goods and
services. - CORRECT ANSWER - INDIRECT COST
The profit to revenue ratio - CORRECT ANSWER - PROFIT MARGIN
The sum incorporated into a cost estimate to reduce cost risk by accounting for uncertain future
events - CORRECT ANSWER - RESERVES
A method for measuring the performance of projects that incorporates information on scope, time
and cost. - CORRECT ANSWER - EARNED VALUE MANAGEMENT
, Involves defining and documenting the features and functions of the products for the project as
well as the processes used for creating them - CORRECT ANSWER - COLLECTING
REQUIREMENTS
It involves controlling and managing changes to the project schedule. - CORRECT
ANSWER - CONTROLLING THE SCHEDULE
A cost estimation tool and technique which uses the actual cost of a previous similar project as
the basis for estimating the cost of the current project - CORRECT ANSWER -
ANALOGOUS ESTIMATE
It is a list of tasks that will be on a project schedule - CORRECT ANSWER - ACTIVITY
LIST
A measurable expense associated with a source or asset that can be located. - CORRECT
ANSWER - TANGIBLE COST
Involves identifying and documenting the relationships between project activities - CORRECT
ANSWER - SEQUENCING ACTIVITIES
Involves estimating the number of work periods that are needed to complete individual activities
- CORRECT ANSWER - ESTIMATING ACTIVITY DURATION
Involves reviewing the scope management plan, project charter, requirements documents, and
organizational process assets to create a scope statement, adding more information as
requirements are developed and change requests are approved - CORRECT ANSWER -
DEFINING SCOPE
Involves allocating the overall cost estimate to individual work items to establish a baseline for
measuring performance. - CORRECT ANSWER - DETERMINING THE BUDGET
and CORRECT Answers
A cost estimation tool and technique which involves estimating the costs of individual work
items or activities and summing them to get a project total. - CORRECT ANSWER -
BOTTOM UP ESTIMATE
Involves determining the policies, procedures, and documentation that will be used for planning,
executing, and controlling project cost. - CORRECT ANSWER - PLANNING COST
MANAGEMENT
A time-phased budget used by project managers to assess and track the effectiveness of cost
performance - CORRECT ANSWER - COST BASELINE
Involves identifying the specific activities that the project team members and stakeholders must
perform to produce the project deliverables. - CORRECT ANSWER - DEFINING
ACTIVITIES
A type of dependence that is unavoidable given the nature of the project's work. - CORRECT
ANSWER - MANDATORY DEPENDENCIES
They are indirectly related to the project's execution but not directly to the project's goods and
services. - CORRECT ANSWER - INDIRECT COST
The profit to revenue ratio - CORRECT ANSWER - PROFIT MARGIN
The sum incorporated into a cost estimate to reduce cost risk by accounting for uncertain future
events - CORRECT ANSWER - RESERVES
A method for measuring the performance of projects that incorporates information on scope, time
and cost. - CORRECT ANSWER - EARNED VALUE MANAGEMENT
, Involves defining and documenting the features and functions of the products for the project as
well as the processes used for creating them - CORRECT ANSWER - COLLECTING
REQUIREMENTS
It involves controlling and managing changes to the project schedule. - CORRECT
ANSWER - CONTROLLING THE SCHEDULE
A cost estimation tool and technique which uses the actual cost of a previous similar project as
the basis for estimating the cost of the current project - CORRECT ANSWER -
ANALOGOUS ESTIMATE
It is a list of tasks that will be on a project schedule - CORRECT ANSWER - ACTIVITY
LIST
A measurable expense associated with a source or asset that can be located. - CORRECT
ANSWER - TANGIBLE COST
Involves identifying and documenting the relationships between project activities - CORRECT
ANSWER - SEQUENCING ACTIVITIES
Involves estimating the number of work periods that are needed to complete individual activities
- CORRECT ANSWER - ESTIMATING ACTIVITY DURATION
Involves reviewing the scope management plan, project charter, requirements documents, and
organizational process assets to create a scope statement, adding more information as
requirements are developed and change requests are approved - CORRECT ANSWER -
DEFINING SCOPE
Involves allocating the overall cost estimate to individual work items to establish a baseline for
measuring performance. - CORRECT ANSWER - DETERMINING THE BUDGET
