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Dashboard / My courses / BCE4113 / Online Quizzes / Lecture 8 - Estimating and Costing

Started on Friday, 1 December 2023, 12:44 PM

State Finished
Completed on Friday, 1 December 2023, 12:51 PM
Time taken 6 mins 55 secs
Marks 20.00/20.00
Grade 10.00 out of 10.00 (100%)
Question 1

Correct

Mark 2.00 out of 2.00

What is an essential component of cost control in engineering projects?

A. Lack of risk management

B. Continuous monitoring and adjustment 

C. Ignoring project risks

D. Avoiding change control processes

Your answer is correct.

The correct answer is:
Continuous monitoring and adjustment

Question 2

Correct

Mark 2.00 out of 2.00

Bottom-up estimating involves:

A. Statistical relationships and parameters

B. Optimistic, pessimistic, and most likely scenarios

C. Quick estimation for the entire project

D. Detailed estimation for each work package 

Your answer is correct.

The correct answer is:
Detailed estimation for each work package
Question 3

Correct

Mark 2.00 out of 2.00

What is the advantage of parametric estimating over analogous estimating?

A. Greater accuracy 

B. Simplicity in application

C. Less reliance on historical data

D. Quick estimation

Your answer is correct.

The correct answer is:
Greater accuracy

Question 4

Correct

Mark 2.00 out of 2.00

Three-point estimating incorporates:

A. Historical data

B. Detailed estimation for each work package

C. Quick estimation for the entire project

D. Optimistic, pessimistic, and most likely scenarios 

Your answer is correct.

The correct answer is:
Optimistic, pessimistic, and most likely scenarios
Question 5

Correct

Mark 2.00 out of 2.00

Which cost estimation technique relies on historical data from similar projects?

A. Bottom-up estimating

B. Three-point estimating

C. Analogous estimating 

D. Parametric estimating

Your answer is correct.

The correct answer is:
Analogous estimating

Question 6

Correct

Mark 2.00 out of 2.00

Which phase of the estimation process involves breaking down the project into manageable work packages?

A. Project scope and work breakdown 

B. Resource rates and costs determination

C. Quantity takeoff

D. Labor productivity assessment

Your answer is correct.

The correct answer is:
Project scope and work breakdown
Question 7

Correct

Mark 2.00 out of 2.00

What is the significance of quantity takeoff in the estimation process?

A. Quantifying materials, labor, and equipment required 

B. Identifying project risks

C. Determining labor productivity

D. Establishing project feasibility

Your answer is correct.

The correct answer is:
Quantifying materials, labor, and equipment required

Question 8

Correct

Mark 2.00 out of 2.00

How does budgeting contribute to cost control in engineering projects?

A. By excluding labor costs

B. By developing a comprehensive project budget 

C. By ignoring project costs

D. By allocating costs randomly

Your answer is correct.

The correct answer is:
By developing a comprehensive project budget
Question 9

Correct

Mark 2.00 out of 2.00

What is the primary purpose of estimating in engineering project management?

A. To establish project scope

B. To identify project risks

C. To predict the quantities and costs of resources required for the project 

D. To create a detailed project schedule

Your answer is correct.

The correct answer is:
To predict the quantities and costs of resources required for the project

Question 10

Correct

Mark 2.00 out of 2.00

What does the change control process involve in cost control?

A. Ignoring changes

B. Assessing the impact of changes on project costs 

C. Avoiding documentation of changes

D. Rapid implementation of changes

Your answer is correct.

The correct answer is:
Assessing the impact of changes on project costs

◄ Lecture 7 - Risk Management

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