Fraud Examination Casebook With Documents 1st Edition William H. Beecken, Clark A. Beecken - Solutions

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You have spent $322,168 on your project to date. The program manager wants to know why costs have been running so high. You explain that the resource cost has been greater than expected and should level out over the next six months. What does the $322,168 represent to the program manager?A. Earned
If budgeted at complete = $500, estimate to complete = $400, earned value = $100, and actual cost = $100, what is the estimate at complete?A. $0.B. $150.C. $350.D. $500.
If you have a schedule variance of $500, this would indicate:A. Planned value is less than earned value.B. Earned value is less than the estimate at complete.C. Actual cost is less than earned value.D. The ratio of earned value to planned value is 5: 1.
?he value of all work that has been completed so far is:A. Earned value.B. Estimate at complete.C. Actual cost.D. Planned value.
As a project manager, your BEST use of the project cost baseline would be to:A. Measure and monitor cost performance on the project.B. Track approved changes.C. Calculate team performance bonuses.D. Measure and report on variable project costs.
Project A would yield $100,000 in benefit. Project B would yield$250,000 in benefit. Because of limited resources, your company can perform only one of these. They elect to perform Project B because of the higher benefit. What is the opportunity cost of performing Project B ?A. -$150,000. B.
If a project has a CPI of .95 and an SPI of 1.01, this indicates:A. 'The project is progressing slower and costing more than planned.B. The project is progressing slower and costing less than planned.C. The project is progressing faster and costing more than planned.D. The project is progressing
Estimate to complete indicates:A. 'The total projected amount that will be spent, based on past performance.B. 'The projected remaining amount that will be spent, based on past performance.C. 'The difference between what was budgeted and what is expected to be spent.D. 'The original planned
If earned value = $10,000, planned value = $8,000, and actual cost =$3,000, what is the schedule variance?A. -$2,000 B. $2,000 C. $5,000 D. $-5,000
You are managing a project that is part of a large construction program. During the execution of your project you are alerted that the construction of a foundation is expected to experience a serious cost overrun. What would be your FIRST course of action?A. Evaluate the cause and size of the
Your project office has purchased a site license for a computerized tool that assists in the task of cost estimating on a very large construction project for a downtown skyscraper. 'This tool asks you for specific characteristics about the project and then provides estimating guidance based on
After measuring expected project benefits, management has four projects from which to choose. Project 1 has a net present value of$100,000 and will cost $50,000. Project 2 has a net present value of$200,000 and will cost $75,000. Project 3 has a net present value of$500,000 and will cost $400,000.
One of your team members makes a change to the budget with your approval. In what process is he engaged?A. Cost Planning.B. Cost Estimating.C. Project Cost Management.D. Cost Control.
Which of the following process sequences is correct?:A. Create WBS, then Cost Budgeting, then Cost Estimating.B. Create WBS, then Cost Estimating, then Cost Budgeting.C. Cost Budgeting, then Cost Estimating, then Create WBS.D. Cost Estimating, then Cost Budgeting, then Create WBS.
Your best cost estimate for an activity is $200,000, but the estimate you document has a range of $100,000 to $400,000. ?his ranged estimate represents a(n):A. Cost estimate.B. Budgeted estimate.C. Order of magnitude estimate.D. Definitive estimate.
The difference between present value and net present value is:A. Present value is expressed as an interest rate, while net present value is expressed as a dollar figure.B. Present value is a measure of the actual present value, while net present value measures expected present value.C. Present
Based on the following Benefit Cost Ratios, which project would be the best one to select?A. BCR = -1.B. BCR = 0.C. BCR = 1.D. BCR = 2.
Activity cost estimates are used as an input into which process?A. Cost Estimating.B. Cost Budgeting.C. Cost Analysis.D. Cost Control.
If the CPI is 0.1, this indicates:A. The project is performing extremely poorly on cost.B. The project is costing 10% over what was expected.C. The project is only costing 90% of what was expected.D. The project is performing extremely well on cost.
Your schedule projected that you would reach 50% completion today on a road construction project that is paving 32 miles of new highway.Every 4 miles is scheduled to cost $5,000,000. Today, in your status meeting, you announced that you had completed 20 miles of the highway at a cost of
Project X was projected to take four months and cost $70,000 per month. At the end of month one, the project was 20% complete, and had spent $89,000. At the end of month two, it was 40% complete and had spent $15 1,000. What is the cumulative CPI for Project X at the end of month two?
Mark one value in each column that shows the most desirable value given the information provided. (Note that some of these attributes are covered in Chapter 4 - Project Scope Management) IRR SPI CPI NPV Payback Period BCR ROI 22% 1 .5 $25,000 16 mos 2 9% 0% 0 1 $95,000 2 yrs 1.5 12% 12% .8 1.2
Is the project going to be completed over or under budget?
Is the project going to be completed over or under budget?
Is the project ahead of or behind schedule?
Based on the information provided in the example above, fill in the values for the following table: Budgeted At Completion Planned Value Earned Value Actual Cost Cost Variance Schedule Variance Cost Performance Index Schedule Performance Index Estimated At Completion Estimated To Completion
Your project schedule has just been developed, approved, and distributed to the stakeholders and presented to senior management when one of the resources assigned to an activity approaches you and tells you that her activity cannot be performed within the allotted time due to several necessary
Consider the table in question 18.What is the slack for Activity H-D?A. 0 B. 1 C. 5 D. 13
Which of the following is the BEST description of the critical path?A. The activities that represent critical functionality.B. The activities that represent the largest portions of the work packages.C. The activities that represent the highest schedule risk on the project.D. The activities that
How do the activity list and activity attributes relate to each other?A. The activity list focuses on schedule activities, while the activity attributes apply to WBS activities.B. The activity attributes are created prior to the activity list.C. The activity list may be substituted for the activity
Which of the following choices best fits the description of a project manager applying the technique of What-if Scenario Analysis?A. Using project management software to build three versions of the project schedule.B. Using Monte Carlo analysis to identify what would happen if schedule delays
An activity has a duration estimate that is best case = 30 days, most likely = 44 days, and worst case = 62 days. What is the three-point estimate for this activity?Start A. 44.67 days B. 34.67 days C. 5.33days D. 59.33 days
Using the project network diagram you created for question 12, what is the float for activity D?A. 0 days.B. 3 days.C. 5 days.D. 7days.
What is the BEST tool to use to calculate the critical path on a project?A. Work breakdown structure.B. GERT diagram.C. Gantt chart.D. Project network diagram.
Which Schedule Development tool inserts non-working buffer time between schedule activities?A. Critical chain method.B. Critical path method.C. Resource leveling.D. Schedule modeling.
You are advising a project manager who is behind schedule on his project. The sponsor on his project is very unhappy with the way things have progressed and is threatening to cancel the project. The sponsor has accepted a revised due date from the project manager but did not allow any increased
If senior management tells you "The last project we did like this cost us almost five million dollars," what estimating method is being used?A. Delphi technique.B. Principle of equivalency of activities.C. Analogous estimating.D. Bottom-up estimating.
Crashing differs from fast tracking because crashing:A. Usually increases value.B. Usually increases the cost.C. Usually saves more time.D. Usually saves more money.
The amount of time that an activity may be delayed without extending the critical path is:A. Lag.B. Grace period.C. Free factor.D. Slack.
How does activity on node differ from activity on arrow?A. Activity on arrow is superior to activity on node.B. Activity on node is superior to activity on arrow.C. Activity on arrow may have dummy activities.D. Activity on node may have dummy activities.
Senior management has called you in for a meeting to review the progress of your project. You have been allocated 15 minutes to report progress and discuss critical issues. Which of the following would be BEST to carry with you in this case?A. Milestone chart.B. The project network diagram.C. An
If you were creating duration estimates for a schedule activity, which of the following tools or techniques would NOT be appropriate to use?A. Expert judgment.B. Reserveanalysis.C. 'Three-point estimating.D. Least-squares estimating.
The customer has called a project team member to request a change in the project's schedule. The team member asks you what the procedure is for handling schedule changes. Where should you refer the team member to help him understand the procedure?A. The project office.B. The change control board.C.
You are the project manager for the construction of a commercial office building that has very similar characteristics to a construction project performed by your company two years ago. As you enter Activity Definition, what is the BEST approach?A. Use the activity list from the previous project as
Given the project network node below, fill in the value in the missing quadrant, and calculate the duration and the float for the activity.
What is the standard deviation for the activity in question 6?
An activity has 3 estimates, provided below:Optimistic = 10 days Pessimistic = 25 days Realistic - 15 days What is the three point estimate for this activity?
Given the table in question 4 above, describe the effect of activity D taking twice as long as planned.
Provided the table below, how many weeks long is the critical path? Activity Start Preceding Activity Duration (in weeks) 0 ABCDEFG Start 6 A, E C B 223 2 C Start 1 A,E 1 Finish F,B D, G 7 0
List the slack for each activity in the network.
What is the critical path through the network diagram shown in Figure 6-7?
List all the paths through the network logic diagram as illustrated in Figure 6-7.
A project manager has been managing a project for six months and is nearing completion of the project; however, change requests are still pouring in. The project is ahead of schedule but over budget. Which of the following statements is TRUE?A. The project manager should influence the factors that
Which of the following statements is TRUE concerning functionality that is over and above the documented scope?A. It should be channeled back through the change control board to ensure that it gets documented into the project scope.B. Additional functionality should be leveraged to exceed customer
Which of the following activities is done FIRST?A. Creation of the preliminary project scope statement.B. Creation of the work breakdown structure.C. Creation of the project scope management plan.D. Creation of the scope baseline.
You are the project manager for a large construction project, and you identify two key areas where changing the scope of the product would deliver significantly higher value for the customer. Which of the following options is MOST correct?A. Make the changes if they do not extend the cost and
The scope baseline contains all of the following EXCEPT:A. The project scope statement.B. The project scope management plan.C. 'The work breakdown structure.D. The WBS dictionary.
The product you have delivered has been reviewed carefully against the scope and is now being brought to the customer for formal acceptance.Which process is the project in?A. Scope Verification.B. Scope Auditing.C. Scope Closure.D. Scope Control.
A team member makes a change to a software project without letting anyone else know. She assures you that it did not affect the schedule, and it significantly enhances the product. What should the project manager do FIRST?A. Find out if the customer authorized this change.B. Submit the change to
You have just assumed responsibility for a project that is in progress.While researching the project archives, you discover that the WBS dictionary was never created. Which of the following problems would LEAST likely be attributable to this?A. Confusion about the meaning of specific work
The project manager and the customer on a project are meeting together to review the product of the project against the documented scope.Which tool would be MOST appropriate to use during this meeting?A. Verification analysis.B. Inspection.C. Gap analysis.D. Feature review.
What is the function of the project sponsor?A. To help manage senior management expectations.B. To be the primary interface with the customer.C. To fund the project and formally accept the product.D. To help exert control over the functional managers.
You have taken over as project manager for a data warehouse project that is completing the design phase; however, change requests are still pouring in from many sources, including your boss. Which of the following would have been MOST helpful in this situation:A. A project sponsor who is involved
Which of the following is NOT part of the scope management plan?A. The senior management statement of fitness for use.B. 'The scope change control system.C. A description of how the WBS will be created.D. A description of how acceptance will be handled.
The organizational process assets would include all of the following except:A. Historical information.B. Organizational policies.C. Lessons learned from previous projects.D. 'The project management information system.
The most important part of Scope Verification is:A. Gaining formal acceptance of the project deliverables from the customer.B. Checking the scope of the project against stakeholder expectations.C. Verifying that the project came in on time and on budget.D. Verifying that the product met the quality
'The project scope statement should contain:A. The work packages for the project.B. A high level description of the scope.C. The level of effort associated with each scope element.D. A detailed description of the scope.
Creating the project scope statement is part of which process?A. Project Scope Management.B. Scope Planning.C. Scope Definition.D. Scope Verification.
'The project has completed execution, and now it is time for the product of the project to be accepted. Who formally accepts the product?A. The project team and the customer.B. The quality assurance team, senior management, and the project manager.C. The sponsor, key stakeholders, and the
Mark has taken over a project that is beginning the construction phase of the product; however, he discovers that no work breakdown structure has been created. What choice represents the BEST course of action?A. He should refuse to manage the project.B. He should stop construction until the work
Which of the following statements is FALSE regarding a work breakdown structure?A. Activities should be arranged in the sequence they will be performed.B. Every item should have a unique identifier.C. 'The work breakdown structure represents 100% of the work that will be done on the project.D. Each
Your project team is executing the work packages of your project when a serious disagreement regarding the interpretation of the scope is brought to your attention by two of your most trusted team members.How should this dispute be resolved?A. The project team should decide on the resolution.B. The
The output of the Direct and Manage Project Execution process is:A. The work packages.B. The work authorization system.C. The deliverables.D. The work breakdown structure.
The person or group responsible for evaluating change on a project is:A. The project manager.B. The sponsor.C. The project team.D. The program manager.
Your organization has a policy that any project changes that increase budget by more than 1.5% should be signed off by the project office.You have a change that was requested by the customer that will increase the budget by 3%; however, the customer has offered to pay for all of this change and
Each time that the project sponsor requests a change to the project, the project manager calls a meeting of the project team and several stakeholders. This demonstrates:A. A collaborative style of management.B. Withdrawal.C. The lack of integrated change control system.D. The lack of a project
You work for a defense contractor on a project that is not considered to be strategic for the company. Although the project is not the company's top priority, you have managed to secure many of the company's top resources to work on your project. At today's company meeting, you find out that your
The program manager is asking why your project is scheduled to take sixteen months. He claims that previous projects in the organization were able to be completed in less than half of that time. What would be the BEST thing to do?A. Look for historical information on the previous projects to
You are a project manager, and your team is executing the work packages to produce a medical records archive and retrieval system. Two of the project's customers have just asked for changes that each says should be the number one priority. What would be the BEST thing to do?A. Have the project team
Work performance information is used for all of the following reasons EXCEPT:A. It provides information on resource utilization.B. It provides information on which activities have started.C. It shows what costs have been incurred.D. It is used to help identify defects.
When changes are approved and made to the project, they should be:A. Tracked against the project baseline.B. Incorporated into the project baseline.C. Included as an addendum to the project plan.D. Approved by someone other than the project manager.
The project plan is made up of:A. The other planning outputs.B. The other planning outputs, tools, and techniques.C. The aggregate outputs of all sofnvare tools.D. Scope verification.
Which of the following represents the project manager's responsibility in regard to change on a project:A. Influence the factors that cause project change.B. Ensure all changes are communicated to the change control board.C. Deny change wherever possible.D. Prioritize change below execution.
Which of the following statements is NOT true regarding the project charter?A. The project charter justifies why the project is being undertaken.B. The project charter assigns the project manager.C. The project charter specifies any high-level schedule milestones.D. The project charter specifies
'The change control system should be created as part of which process group?A. Initiation.B. Planning.C. Executing.D. Monitoring and controlling.
If you are creating a single document to guide project execution, monitoring and control, and closure, you are creating:A. The execution plan.B. 'The project plan.C. 'The integration plan.D. The project framework.
A defect in the product was brought to the project manager's attention, and now the project team is engaged in repairing it. Which project management process would be the most applicable to this?A. Integrated Change Control.B. Monitor and Control Project Work.C. Direct and Manage Project
'The work authorization system is used:A. So that people know when they will be performing the work.B. So that senior management may provide input by authorizing work requests.C. To ensure that only people authorized on the project are allowed to do the work.D. To ensure work gets performed at the
'The preliminary project scope statement is:A. Developed before the project charter, and after the project management plan.B. Developed after the charter, and before the project management plan.C. Developed before the contract, and after the project management plan.D. Developed before the contract,
You are meeting with a new project manager who has taken over a project that is in the middle of executing. The previous project manager has left the company and the new project manager is upset that change requests are streaming in from numerous sources including his boss, the customer, and
Project management plan updates are an output of:A. Integrated Change Control.B. Develop Project Plan.C. Direct and Manage Project Execution.D. Monitor and Control Project Work.
Producing a project plan may BEST be described as:A. Creating a network logic diagram that identifies the critical path.B. Using a software tool to track schedule, cost, and resources.C. Creating a document that guides project plan execution.D. Creating a plan that contains the entire product scope.
Input the IRS Schedules C from the 2013–2015 income tax returns into a spreadsheet.a. Add percent columns to the right of dollar column for each year.b. Calculate common-sized percentages in the percent columns [divide each number for that year (e.g., 2013) by gross receipts for that year (e.g.,
Input the other metrics from the individual tax returns (e.g., income from wages and salaries, interest earned, and estimated tax payments).a. Review the dollars horizontally across the three years and vertically down each year and identify any material irregularities.b. Compare estimated tax
Because you did not observe the inventory, which was destroyed in the fire, estimate ending inventory using the 2013 and 2014 dollars and percentages.a. Because you did not observe the inventory, estimate the ending inventory for 2015 by:i. Averaging the 2013 and 2014 cost of goods sold and 2013
How does the estimated ending inventory impact the individual income tax return ending inventory, cost of goods sold, net profit, and net income? Find out by adding an additional column for 2015 and recalculate cost of goods sold using the estimates calculated above. Every number in that column is
Compare your recalculated ending inventory to that given to Sharptop Bank and to Southern Appalachian Insurance. Is either estimated ending inventory materially different from that reported on the 2015 IRS Schedule C?
Go to a business library or university librarian and locate RMA Annual Financial Statement Studies or a similar publication and locate convenience stores and comparable ratios (e.g., cost of goods sold to total revenues). How does the cost of goods sold to total receipts ratio in that publication
Input information from the SBA Personal Financial Statements given to Sharptop Bank into a spreadsheet.a. Separate personal items (e.g., residence) from business items (e.g., inventory).b. Calculate common-sized percentages (divide each number by gross receipts for income statement items and total
If the tax return or insurance claim is misstated, did Greg Larsen commit some form of financial statement fraud?

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Fraud Examination Casebook With Documents 1st Edition William H. Beecken, Clark A. Beecken - Solutions

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