Questions and Answers of Cost Management 5th

How does corporate strategy drive project selection and project strategy?
Describe briefly the process from project needs assessment to project planning.
Discuss briefly the five areas of project feasibility.
Discuss the key considerations of a comprehensive SOW.
What are the key elements of a project scope document?
Why is creating a WBS an important aspect of project planning?
Create a simple WBS for planning a wedding.
Identify project needs to evaluate the expected cost and value.
Develop project scope based on conceptualization of the project.
Describe how to strategically select, prioritize, and resource projects.
Evaluate project feasibility in terms of resources, funding, and facilities.
Outline the project planning process based on identified resources.
Configure a work breakdown structure (WBS) based on scope and plan.
Explain the challenges of cost and value management in projects.
Describe the importance of cost and value management in projects.
Identify the key elements of effective project cost management.
Describe the essential features of effective value management in projects.
Define cost estimation and discuss its importance in project planning.
Demonstrate the links among cost estimation, the WBS, and the project schedule.
List the various pitfalls in cost estimating. Specifically, what steps can the project manager take to correct cost overruns?
Discuss the parametric estimation method applying relevant project work experience you may have.
Discuss the bill-of-quantities, function point, and three-point estimating methods, together with the merits and demerits of each.
What is a learning curve? Under what circumstances should learning curve effects be used in cost estimation of project activities?
You are a project engineer assigned to calculate the cost of a repetitive activity in your project. A total of 25 iterations of this activity is required for the project. The activity takes 3.5 hours
You are the lead systems developer for your local university and have been told that the athletic department would like to modernize their online ticket sales and ordering system for sporting events.
Describe and distinguish between qualitative and quantitative forecasting techniques. When should each of these forecasting techniques be used?
Under what circumstances would the use of a simple linear regression model be the most appropriate forecasting technique to use?
The data given below show percentages of work completed for a construction project:Graph the data in Excel and comment on the shapes of the distributions.• Forecast the cumulative percentages of
Discuss the various aspects of top-down and bottom-up budgeting and the advantages and disadvantages of each of these approaches to developing a project budget.
Why is it necessary to create time-phased budgets in projects?What are their major strengths?
Discuss the three primary reasons for applying contingency funds to projects.
Describe schedule crashing and its impact on project budgets.
Outline the various issues related to project budgeting.
Describe the key features in developing a project budget.
Discuss the activity-based costing method in developing a project budget.
Explain why time-based budgeting is essential for cost control.
Explain the need for contingency funding in project budgets, and its various aspects.
What are the inputs and the steps in applying earned value management as a project management tool?
Can earned value be used to manage a portfolio of projects? If so, how would this analysis proceed?
What is the significance of the 0/100 rule and the 50/50 rule and why would each be used?
What are the advantages and disadvantages of using the S-curve analysis as a project control tool?
Suppose your AC for the project was $100,000 and your EV was$78,000. What is the value of your project’s CPI?
Activity A is worth $$100,$ is complete, and actually cost $$150.Activity$ B is worth $$500,$ is 75% complete, and has actually cost $$400$ so far. Activity C is worth $$500,$ is 25%
Your project is scheduled to last three months and cost $150,000.At the end of the first month, the project is 20% complete. What is the earned value (EV)?
Explain the concept of earned value.
Define key EVA terminology.
Outline the steps involved in conducting EVA.
Demonstrate how EVA calculations are made.
Discuss the use of EVM for project portfolio analysis.
Identify important issues in using EVA.
Define project financial management and discuss its key aspects.
Discuss the role of project accounting in project financial management.
Explain the role of a project accountant in managing project finances.
Explain the difference between financing a project and project finance.
What are the differences between debt financing and equity financing?
What are the various sources of finances for a project and which ones does your company most frequently use? Why?
Define project financial management and explain its key features.
Discuss project accounting and its role in managing project finances.
Discuss the main features of, and the difference between, financing a project and project finance.
Explain the different types and sources of finance for a project.
Outline the various steps involved in the process of financial management of projects.
Identify with examples the possible financial risks to a project.
Define the term cash flow.
State briefly the differences in cash flow that can be expected between the sponsor of a capital project and a contractor of that project.
Discuss the different types of payment arrangements that are used to manage expenditures in projects.
Explain the different types of payment plans that are deployed to regulate cash flow in projects.
What is the difference between a claim and a variation? Why have variations been a contentious issue on some projects?
Discuss the impact of inflation and exchange rate fluctuations on project cost.
What is a retention and why is it used in managing project work?
Discuss the guidelines that project mangers can use to improve cash flow.
Your project organization must decide whether to invest in a project opportunity. The following information is available to you.
Initial cash outflow = $$200,000$ in the current year (year 0), and $$50,000$ in the next year.Cash inflows = $$75,000$ in year 1, $$100,000$ in year 2, $$150,000$ in year 3, and
Describe the concept of cash flow.
Demonstrate the relationship between project worth and cash flow.
Show the relationship between the work breakdown structure (WBS)and project costs.
Explain various types of payment arrangements that impact cash flow.
Discuss the impact of changes to the project and how they are handled in the context of cash flow.
Explain how to use quantitative techniques, net present value (NPV), and price adjustments in the context of cash flow analysis.
Define value and discuss the concepts of value in managing projects.
Discuss the various dimensions and measures of value.
List key principles and attributes of the value management (VM)approach.
Discuss the five key elements of the value management process.
What are the benefits of using value management in projects?
Discuss in detail the interrelationship between value management and risk management in a project.
Clearly explain the differences among VP, VE, and VA, with an example of each.
Explain the key features of project benefits management and how they contribute to enhancing project value.
Define value and discuss concepts of in managing projects.
What can Johnny Tan do to revitalise his demoralised salesforce?
Define value management (VM) and its key principles and attributes.
Discuss the techniques of value planning, value engineering, and value analysis.
Know the reasons for using value management in projects.
Explain the three components of the value management approach.
Justify what general factors you consider should be taken into account when recruiting salespeople for the positions described in the exercise. In particular, suggest how the performance of such
List the benefits of using value management in projects.
List some of the important additional requirements for a successful VM implementation.
Discuss the seven stages of VM reviews.
What are the reasons for significant changes in projects?
Discuss the reasons for underestimating the impact of project changes on cost and schedule.
What is configuration management (CM)? Discuss the various task elements of the CM discipline.
Describe how configuration control and change control relate to each other.

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