An approximate calculation of the effort and cost

Which describes time value of money in cost estimation?

Discounting future cash flows to present

The production cost report includes which of the following steps

All of the above are steps in the Production Cost Report.

How does the WBS assist in the process of project cost estimation?

A) By providing a structure to aggregate costs at the work package level

What is the main objective of cost estimation?

A) To determine the budget for the project.

Why is Cost Estimation Important?

Estimates provide clarity, cost and milestones

studbud

cost estimation

22 termsStudBud Administration11 plays

Imported from external platform

Flashcards22 cardsFPractice quizPHost liveL

Questions 22

Answers

1
Which cost estimation method uses historical project data for estimating?
Analogous Estimation
Three-Point Estimation
Bottom-Up Estimation
Cost-Benefit Analysis
2
an estimation of the cost technique include?
skill set
client focus
a ballpark figure
blue-sky thinking
3
Cost Estimation is:
A guarantee of the final cost
An approximate calculation of the effort and cost
A type of financial plan
4
Which method is the most detailed but takes the longest time to complete?
Three-Point Estimation
Bottom-Up Estimation
Parametric Estimation
Analogous Estimation
5
Which describes time value of money in cost estimation?
Adjusting costs for currency changes
Discounting future cash flows to present
Applying interest rates to all estimates
Allocating funds based on current rates
6
The production cost report includes which of the following steps
assigning costs to units completed and ending work in process units
computing cost per equivalent unit of production
Summarizing flow of units and calculating equivalent units of production
All of the above are steps in the Production Cost Report.
7
What is the significance of accurate cost estimation?
Lowers project quality
Reduces project efficiency
Increases project time
Ensures project feasibility
8
How does the WBS assist in the process of project cost estimation?
B) By determining the total number of resources required for the project
C) By scheduling the sequence of project activities
D) By defining the technical approaches to be used in project tasks
A) By providing a structure to aggregate costs at the work package level
9
A cost baseline includes the project’s contingency reserves.
True
False
10
Who won the Champions League last year?
Real Madrid
FC Barcelona
Athletico Madrid
Arsenal
11
Who prepares the cost of estimation?
Quality Inspector
Estimator
Operator
Draughts man
12
What type of cost estimation multiplies the original construction cost by a fluctuating number?
Quantity survey method
Unit-in-place method
Square footage method
Index method
13
Which Rwandan musician is known for fusing traditional African music with contemporary genres, like hip-hop and reggae?
element
Fela Kuti
Mani Martin
Bruce Melody
14
What we do before Cost estimation?
Detailed designing
Site clearance
Planning
Site and soil survey
15
what is not project cost estimation type
Bid estimate
Three-point estimate
Analogous estimate
Ballpark estimate
16
What is not true about the top-down approach to project cost estimation?
best applied in early stages of design
given design, find cost
AKA: design-to-cost
given cost, determine design
17
… is an estimation and allotted cost of a project.
kloc
cocomo
budget
months report
18
What is the main objective of cost estimation?
B) To allocate project resources.
D) To finalize the project scope.
C) To manage project risks.
A) To determine the budget for the project.
19
Why is Cost Estimation Important?
Estimates provide guidance, allocation and tasks
Estimates provide clarity, cost and milestones
Estimates provide duration, resources and rate
Estimates provide tasks, budget and parameters
20
Which rapper has won more grammy awards?
Nicki Minaj
Eminem
Lil Wayne
Snoop Dogg
21
why cost estimation for new project is hard?
all of the above
no customer
unique no price range
people not interested in product
22
Does unrealistic cost estimation happen?
False
True

cost estimation Flashcards | StudBud