Which of the following estimating types takes the least amount of time to prepare?

A. Analogous
B. Parametric
C. Engineering
D. Bottom up

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You are halfway through your project and your sponsor would like to know how much the project is expected to cost when it is completed. What earned value metric should you use?

A. CV
B. AC
C. EAC
D. ETC

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Your company is in the process of deciding whether to continue with Project A or terminate it and begin Project B instead. You have already invested 12 months and $100,000 on Project A. It will take another 24 months and $50,000 to complete it. Project B is actually a better solution since the end product will result in a greater long-term savings. However, it will take 18 months and $250,000 to complete. Additionally, all time and money spent on Project A already would be wasted. Which project should the company chose?

A. Project A because the company has already spent 12 months and $100,000
B. Project A because it is still more inexpensive than Project B
C. Project B because time and money spent on Project A is irrelevant to the decision
D. Project B because it can be completed in less time than Project A

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Resource leveling typically results in a:

A. Project cost overrun
B. Project cost savings
C. Project duration longer than the baseline
D. Project duration shorter than the baseline

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While reviewing your weekly report, you notice that two of your resources are over-allocated. One way to solve this is to:

A. Level resources
B. Use PERT
C. Add lag
D. Crash the schedule

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At your upcoming status meeting with your project sponsor, rather than just using a table, you want to graphically show earned value. Which of the following charts will you use?

A. Trend analysis
B. Control chart
C. S-curve
D. Pareto diagram

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While planning a project that has not been accomplished before at the company, your manager asks you to get a three point estimate from Shari, the lead designer. Shari provides you with an optimistic estimate (2 hours), a most likely estimate (4 hours), and a pessimistic estimate (12 hours). What must be the three point estimate for Shari’s task?

A. 5 hours
B. 6 hours
C. 10 hours
D. Not enough information and will need clarification from the manager

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If a project has a Cost Variance (CV) of 1000 and a Schedule Variance (SV) of -1000, what does it mean?

A. The project is under budget and behind schedule.
B. The project is over budget and ahead of schedule.
C. It is impossible to have a negative SV.
D. The Overall Variance (OV) is 0.

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Megan is working with her finance department to determine depreciation for a warehouse forklift that was purchased. She is told that accelerated depreciation will be used. If the forklift cost $50,000 and Megan wants to spread the depreciation over five years, which of the following will the first year most likely be?

A. $5,000
B. $8,000
C. $10,000
D. $15,000

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While determining which project to pursue, your management decides to use net present value (NPV) as the key criteria. If the NPV for Project X is 12,000 and the NPV for Project Y is 15,000, which project should be chosen?

A. Project X
B. Project Y
C. Either can be chosen since the numbers are so close
D. NPV cannot be used to chose projects

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