Applied Statistics in Business and Economics Final Exam (Chapters 6&7) 7th Edition by David Doane & Lori Sewar
7 views 0 purchase
Course
Applied Statistics
Institution
Applied Statistics
Applied Statistics in Business and Economics Final Exam (Chapters 6&7) 7th Edition by David Doane & Lori Sewar
To save time, you use information from a similar project to help you estimate your activity durations. This is an example of which tool or technique?
A. Bottom-up estimating
B. Analog...
Applied Statistics in Business and Economics Final Exam
(Chapters 6&7) 7th Edition by David Doane & Lori Sewar
To save time, you use information from a similar project to help you estimate your activity durations. This
is an example of which tool or technique?
A. Bottom-up estimating
B. Analogous estimating
C. Parametric estimating
D. Three-point estimating - CORRECT ANSWER-B is correct. Analogous estimating involves using
information from similar projects (i.e., an analogy) to estimate elements of your project. This is generally
less costly and time consuming than other techniques.
What is the authorized time-phased budget at completion used to measure, monitor, and control overall
cost performance on the project more commonly known as?
A. Approved project budget
B. Cost baseline
C. Activity cost estimates
D. Total funding requirements - CORRECT ANSWER-B is correct. The cost baseline is the aggregation of
the Estimate Cost and Determine Budget processes.
You assign one of your junior staff to track the actual start and finish of activities and milestones to
ensure they are being performed against the planned timeline. Which of the following processes is most
consistent with these activities?
A. Control Scope
B. Control Schedule
C. Monitor Communications
D. Monitor Risks - CORRECT ANSWER-B is correct. Control Schedule is the process of ensuring that the
project will produce its required deliverables and solutions on time. The activities in this process include
tracking the actual start and finish of activities and milestones against the planned timeline and updating
the plan so that the comparison to the plan is always current.
If there is a delay in your project schedule, you could:
, A. Change the due date of the project
B. Fast track or crash the project and let the steering committee know the impact of your action
C. Ask the project staff to work overtime until the project deadlines are met
D. Reduce the project scope - CORRECT ANSWER-B is correct. Crashing a project schedule involves
bringing in more resource to do the work. Extra resources usually cost more money. Fast tracking on the
other hand involves completing activities in parallel that might normally be done in sequence. This does
not always cost more money.
You are working on a large project and have determined that your cost variance (CV) is $50,000 and that
your earned value (EV) is $125,000. What is your actual cost (AC)?
A. $75,000
B. $50,000
C. $175,000
D. $125,000 - CORRECT ANSWER-A is correct. The formula for Cost Variance is CV = EV − AC. Therefore, if
CV = $50,000 and EV = $125,000, then AC must equal $75,000.
You are calculating the amount of float on various paths in the network diagram to determine the
minimum project duration. What tool or technique are you using?
A. Critical path method
B. Critical chain method
C. Parametric estimating
D. Three-point estimating - CORRECT ANSWER-A is correct. Critical path methodology focuses on the
amount of float in network paths to determine the critical path through a project. The critical path has
no float associated with it and as such represents the greatest risk to the project duration.
Your project has a CPI of 1.1 and an SPI of 0.9. What does this mean?
A. You are experiencing a cost underrun and are ahead of schedule
B. You are experiencing a cost overrun and are behind schedule
C. You are experiencing a cost underrun and are behind schedule
D. You are experiencing a cost overrun and are ahead of schedule - CORRECT ANSWER-C is correct. A CPI
above 1 means a cost underrun, whereas an SPI below 1 means you are not achieving all the work you
had planned within the time frame you are measuring.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller LmstopAchiever. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $2.99. You're not tied to anything after your purchase.
