Lucy is a project manager involved in the Estimate Costs process in the initiation phase of a project. Given the limited detail available to her, what would you expect the range of her estimate to be and what would you call such an estimate?
A) -25 to +25 %, Rough Order of Magnitude
B) -10 to +10 %, Budgetary
C) -1 to +1 %, Definitive
D) -50 to +50 %, Rough Order of Magnitude
Your answer=,
Correct answer= 
,
Work Sheet:
- A variance threshold for costs or other indicators to indicate the agreed amount of variation allowed is called:
A) Variance limits
B) Control threshold
C) Cost limit
D) Acceptable threshold
Your answer=,
Correct answer= ,
Work Sheet:
- Funding requirements for a project are usually in incremental amounts that are not continuous, and these appear as a step function in the graph depicting Cash flow, Cost baseline and Funding. Any gap at the end of the project, between funds allocated and the cost baseline and cash flow amounts represents:
A) The amount of Management Reserve that was not used
B) The amount of Management Reserve that was not allocated
C) The cost overrun
D) Ineffective utilization of funds
Your answer=,
Correct answer= ,
Work Sheet:
- Contingency Reserves are estimated costs to be used at the discretion of the project manager to deal with:
A) Inadequacies in the original estimate
B) Anticipated but not certain events.
C) Unanticipated events
D) Anticipated and certain events
Your answer=,
Correct answer= ,
Work Sheet:
- Which of these are not inputs to the Determine Budgets process?
A) Cost baseline, Requirements traceability matrix
B) Project schedule, contracts
C) Basis of estimates, Activity cost estimates
D) Project schedule, Resource calendars
Your answer=,
Correct answer= ,
Work Sheet: