PROJ 592 Proj Cost and Schedule Control Week 3 Quiz A+ Answer
Week 3 : Project Time Management – Quiz
Question 1. 1. (TCO B) Good project cost estimations are critical to a successful project. With that in mind, compare and contrast three-point and reserve analysis estimation techniques. Please provide an example of each. (Points : 20)
Question 2. 2. (TCO A) A company intends to establish a manufacturing facility by buying an existing factory from a company in the same industry. A state-of-the art manufacturing line with supporting utilities will be established in the refurbished factory.
Securing the building will involve negotiating the purchase and refurbishing and upgrading the building structure.
Utilities that have to be upgraded and new systems installed include an upgrade of the electrical system, installation of a new compressed air system, and an increase in the capacity of the plant wastewater treatment system.
Establishing the manufacturing line will require development of production equipment specifications, procurement, and installation of machines and materials handling systems. A systems test plan will be developed concurrently with preparation of the equipment specifications. To check out the manufacturing line, a systems test of the complete line will be performed by operating it to produce product. A separate project team is handling procurement and stocking of components and materials that will be needed for the systems test of the new line, as well as when it becomes fully operational.
Prepare a WBS listing for this project with activities corresponding to a two-level task and subtask hierarchy. Format the WBS listing with activity item indents and WBS codes (such as a numbering scheme) that will clearly identify the level of each activity. Provide columns showing the WBS code and activities.
(Points : 20)
Question 3. 3. (TCO E) You are assisting on a project for your organization. An RACI has been created for your project. Your project manager has asked you to interpret the below RACI.
Project Name: New marketing campaign RACI
Activity PM IT Market Test Group Marketing Sponsor Account Manager
1.1.1 Create new layout A R R C
2.1.1 Design campaign A R
3.1.1 Test market R A
4.1.1 Roll out campaign R I A
(Points : 20)
Question 4. 4. (TCO B) You are the project manager for three projects. You are about to estimate costs for these three projects. Given the below information on each project, recommend an appropriate estimation method and justify your answer for each.
Project A: This project will be a scale-up of a project done last year. All the same processes will be used. The costs for the material and other resources should be scalable based on last year’s costs.
Project B: This project is new to your company. You do not feel confident in estimating the project costs using internal resources. There are other companies that have done this type of work. Yet you still want the most accurate estimates possible.
Project C: The work of this project has not likely been done before by anyone. You are breaking technological barriers in this project. As such, it is imperative you get accurate cost estimates. (Points : 20)
Question 5. 5. (TCO C) The SuperFlyer Corporation is developing a revolutionary flying disc. The new toy can fly straight over a great distance, which is exciting by itself. However, this disc will also return to the owner in response to his or her voice! Because this is an advance over anything that this company has done before, estimating the amount and cost of the hi-tech materials is difficult. The project manager recommends using a range estimating process to develop an estimate. The values below are submitted by the project team.
Current estimates for cost of material are as follows.
Optimistic cost of smart resin: $5.00 per lb
Most likely cost of smart resin: $6.00 per lb
Pessimistic cost of smart resin: $7.50 per lb
Current estimates for total material requirements are as follows.
Optimistic quantity 20 lb / 100 units
Most likely quantity 25 lb / 100 units
Pessimistic quantity 35 lb / 100 units
(a) What is the expected price of the material per pound?
(b) What is the expected amount of material needed for 100 units?
(c) What is the expected cost for 100 units? (Points : 20)
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