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52.Reason for cost uncertainty in projects include;a.Prices may escalateb.Different resources may be requiredc.The project may take a different amount of time than was expectedd.All of the followingAnswer: d53.After major risk are identified which of the following data should NOT be obtained for analysis
Short Answer54. Define Top-down and Bottom-Up budgeting.Response: See pages 118 and 11955. List the steps in performing FMEA.Response: See pages 138 and 13956. Define the term learning rate.Response: See pages 127 and 12857. Risk management includes what three areas?Response: See page 136-13759. What is the Game Theory approach?Response: See page 13959. Explain how you would use the shape of a project’s life cycle to resolve budget conflicts between a superior and subordinate.Response: See pages 120 and 12160. Briefly contrast the three different perspectives cost can be viewed from.Response: See page 11861. Contrast activity versus program budgeting.Response: See page 12462. Briefly explain how learning curves can help improve the cost estimating process.Response: See pages 126 to 12863. Explain how budget uncertainly changes as the project progresses.Response: See pages 133 and 13664.What are the key elements of contingency planning?Response: See page 14264How can you handle changes in the project budget?Response: See page 13665.Explain the concept of Brook’s “mythical man month”?Response: See page 13266.Explain the scenario analysis processResponse: See page 137