CM 4221 EXAM QUESTIONS AND ANSWERS
ALL CORRECT RECENT UPDATES 2025.
⫸ If a $1,000,000 project is 75% complete and a WIP report shows that the
project is underbilled by $15,000, what does this mean? Answer: Work has
been performed on this project for unapproved change orders
⫸ In earned value, if the planned percent complete value is less than the
percent complete value, then the project is ahead of schedule. Answer: True
⫸ The Actual Cost of Work Performed is the Earned Value for a project.
Answer: False
⫸ If the cost performance index for an earned value analysis is greater
than one, then the project is under budget at that point in time. Answer:
True
⫸ In the Charlotte Pipe Company video, the plumbing contractor and
owner accepted a value engineering alternative to change the underground
cast iron pipe to PVC to reduce cost, which ultimately reduced the fuction
and quality of the underground plumbing system. Answer: True
⫸ One major barrier to the use of VE on construction projects is that VE is
not required on public or private projects. Answer: False
⫸ Typically, any VE savings realized are split evenly between the general
contractor and the owner. Answer: True
, ⫸ During this step of the VE job plan, the project team looks to generate
different ideas and alternatives to perform functions of a project. Answer:
Creative phase
⫸ Which value analysis approach listed keeps the function and quality the
same while lowering the cost? Answer: cost reduction approach
⫸ Checklists provide risks from lessons learned on previous projects and
should be reviewed first before using a formal risk identification tool.
Answer: False
⫸ Uncertainty is the set of positive and negative outcomes that could occur
within a known risk. Answer: True
⫸ Brainstorming is a tool used to identify and assess project risks. Answer:
False
⫸ Which of the following is a proper risk statement (short version)?
Answer: If a delay in the delivery of structural steel happens, then the
activities on the critical path could be delayed, which will cause an increase
in the project duration
⫸ In a work in progress report, what does Billed to Date mean? Answer:
The actual billings that reflect company accounting records
⫸ What is one benefit of the Arcelor top-down parking garage construction
system? Answer: Removes the parking garage activities from the critical
path
⫸ What are fringe benefits? Answer: Employees benefits that employers
pay in addition to the employee's base pay
ALL CORRECT RECENT UPDATES 2025.
⫸ If a $1,000,000 project is 75% complete and a WIP report shows that the
project is underbilled by $15,000, what does this mean? Answer: Work has
been performed on this project for unapproved change orders
⫸ In earned value, if the planned percent complete value is less than the
percent complete value, then the project is ahead of schedule. Answer: True
⫸ The Actual Cost of Work Performed is the Earned Value for a project.
Answer: False
⫸ If the cost performance index for an earned value analysis is greater
than one, then the project is under budget at that point in time. Answer:
True
⫸ In the Charlotte Pipe Company video, the plumbing contractor and
owner accepted a value engineering alternative to change the underground
cast iron pipe to PVC to reduce cost, which ultimately reduced the fuction
and quality of the underground plumbing system. Answer: True
⫸ One major barrier to the use of VE on construction projects is that VE is
not required on public or private projects. Answer: False
⫸ Typically, any VE savings realized are split evenly between the general
contractor and the owner. Answer: True
, ⫸ During this step of the VE job plan, the project team looks to generate
different ideas and alternatives to perform functions of a project. Answer:
Creative phase
⫸ Which value analysis approach listed keeps the function and quality the
same while lowering the cost? Answer: cost reduction approach
⫸ Checklists provide risks from lessons learned on previous projects and
should be reviewed first before using a formal risk identification tool.
Answer: False
⫸ Uncertainty is the set of positive and negative outcomes that could occur
within a known risk. Answer: True
⫸ Brainstorming is a tool used to identify and assess project risks. Answer:
False
⫸ Which of the following is a proper risk statement (short version)?
Answer: If a delay in the delivery of structural steel happens, then the
activities on the critical path could be delayed, which will cause an increase
in the project duration
⫸ In a work in progress report, what does Billed to Date mean? Answer:
The actual billings that reflect company accounting records
⫸ What is one benefit of the Arcelor top-down parking garage construction
system? Answer: Removes the parking garage activities from the critical
path
⫸ What are fringe benefits? Answer: Employees benefits that employers
pay in addition to the employee's base pay
