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7.4: PMP-Style Sample Questions

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Which estimation technique aggregates detailed estimates from individual work packages?
1. Analogous estimating
2. Parametric estimating
3. Bottom-up estimating
4. Expert judgment
The cost baseline includes:
1. Management reserves and contingency reserves
2. Contingency reserves but not management reserves
3. Management reserves but not contingency reserves
4. Neither contingency nor management reserves
A project has EV of $500,000, PV of $550,000, and AC of $525,000. What is the Cost Variance?
1. -$50,000
2. -$25,000
3. +$25,000
4. +$50,000
A CPI of 0.90 indicates:
1. The project is 90% complete
2. The project is achieving only 90 cents of value per dollar spent
3. The project is 10% under budget
4. The project will finish 90% of planned scope
Management reserves are used for:
1. Identified risks with planned responses
2. Known uncertainties in the cost baseline
3. Unforeseen circumstances not identified during planning
4. Schedule contingency
The Estimate at Completion (EAC) using the formula BAC/CPI assumes:
1. Future work will match original estimates
2. Future work will continue at the current CPI
3. Schedule performance will improve
4. Additional resources will be added
Which of the following is an indirect cost?
1. Project team labor
2. Purchased materials
3. Facility overhead allocation
4. Contractor payments
Parametric estimating is most effective when:
1. No historical data exists
2. Statistical relationships between variables and costs are well-established
3. The project is unique with no comparable work
4. Detailed scope is unavailable
A negative Cost Variance (CV) indicates:
1. The project is ahead of schedule
2. The project is behind schedule
3. The project has spent more than the value earned
4. The project has earned more value than spent
Three-point estimating calculates expected cost as:
1. The average of optimistic and pessimistic
2. The most likely estimate only
3. (Optimistic + 4×Most Likely + Pessimistic) ÷ 6
4. (Optimistic + Most Likely + Pessimistic) × 3
Contingency reserves differ from management reserves in that contingency reserves:
1. Are larger
2. Require executive approval to access
3. Are part of the cost baseline and address identified risks
4. Cover unknown risks only
If BAC is $1,000,000 and CPI is 0.80, what is the EAC?
1. $800,000
2. $1,000,000
3. $1,200,000
4. $1,250,000
Earned Value (EV) measures:
1. Actual costs incurred
2. Budget for scheduled work
3. Budget for completed work
4. Forecasted final cost
Which estimation technique is fastest but depends on finding comparable historical projects?
1. Bottom-up estimating
2. Parametric estimating
3. Analogous estimating
4. Three-point estimating
Time-phasing the budget enables:
1. Reducing total project cost
2. Cash flow planning and earned value analysis
3. Eliminating the need for reserves
4. Avoiding change control requirements

Answer Key: 1-C, 2-B, 3-B, 4-B, 5-C, 6-B, 7-C, 8-B, 9-C, 10-C, 11-C, 12-D, 13-C, 14-C, 15-B

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