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ENGR-502 Mod 8

ENGR-502 Exam II

QuestionAnswer
Direct costs are those clearly assigned to the aspect of the project that generated the cost. True
Material is an example of a cost that is recurring, variable and direct. True
The term expedited cost has the same meaning as crashing cost in the project management milieu. True
An order of magnitude estimate is usually more accurate than a ballpark estimate. False
Comparative estimates are more accurate than definitive estimates when applied to the same project. False
A learning rate of 90% means that for every doubling of output, the time required by the activity falls by 10%. True
A common reason for cost overruns in a project is a low initial estimate of project cost. True
There is a tendency for different departments or functions to compete for scarce resources in a zero-sum game when bottom-up budgeting is used to develop a project budget. False
Activity-based costing is based on the notion that projects consume activities and activities consume resources. True
A budget contingency of $1 million on a $10 million project means that the project will be planned for a cost of $10 million, but the project organization receives an extra $1 million to guard against unforeseen cost overruns. False
What is an example of a direct cost? Labor
Three workers complete a full 8-hour day finishing concrete for a terrace. All three workers are paid $12 an hour and the job bills to the customer for $450. What are the total direct labor costs? $288
What is an example of an indirect cost is typically classified as an overhead cost? Taxes
What is an example of an indirect costs is typically classified as a selling or administrative cost? secretarial support
A systems analyst is paid at the rate of $50/hour and will be needed for 40 hours. Her employer uses an overhead multiplier of 60% and does not factor in personal time. Her total direct labor cost should be billed at: $3,200
Workers paid $15.00 per hour with an overhead charge of 1.45 and a personal time allowance of 1.15, have what total direct labor cost for an 8-hour work day? $200.10
What is an example of a typically a nonrecurring cost? Site study
The order of magnitude cost estimate is used when: information or time is scarce.
Estimates based on the assumption that historical data can be used as a frame of reference for current estimates are: comparative estimates.
Cost estimates that are based as a guideline on real numbers, or figures derived after the completion of preliminary design work, are: feasibility estimates.
Created by: sdturner
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