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7 Project Management Formulas and Quantitative Techniques Online Quiz Questions

Use this free practice quiz with 20 questions to review 7 Project Management Formulas and Quantitative Techniques, test your knowledge, and prepare for your next test or exam.

20 questions
01
True or false
1 point

True or false: Expected monetary value (EMV) is an average across possible outcomes, not a guarantee of the outcome that will occur.

  1. A

    True

  2. B

    False

02
Choose one
1 point

A project team estimates labor by multiplying 240 units of work by a historical rate of 3 labor-hours per unit. Which estimating approach are they using?

  1. A

    Analogous estimating

  2. B

    Parametric estimating

  3. C

    Bottom-up estimating

  4. D

    Expert judgment

03
Fill in the blank
1 point

Using the PERT expected-estimate formula, calculate the estimate in days when the optimistic estimate is 3 days, the most likely estimate is 6 days, and the pessimistic estimate is 9 days: days.

04
Choose all
1 point

At a status date, a project has PV=$120,000, EV=$100,000, and AC=$110,000. Select all statements that correctly calculate or interpret its cost variance and schedule variance.

  1. A

    The cost variance is -$10,000.

  2. B

    The negative cost variance means the project is under budget for the work performed.

  3. C

    The schedule variance is -$20,000.

  4. D

    The negative schedule variance means more work has been completed than planned.

05
Written response
1 point

A project has earned value of $72,000 and actual cost of $80,000. What is its cost performance index (CPI)? Enter the value as a decimal.

06
Fill in the blank
1 point

An activity has an early start of day 4 and a late start of day 7, using the same time convention. Its total float is days.

07
Choose one
1 point

In a basic activity-on-node network, an activity has two immediate predecessors with early finishes on days 8 and 11. What is the activity's early start, assuming the same time convention throughout?

  1. A

    Day 8

  2. B

    Day 9.5

  3. C

    Day 11

  4. D

    Day 19

08
True or false
1 point

True or false: In common predictive-project terminology, the cost baseline includes contingency reserve, while management reserve is outside the cost baseline.

  1. A

    True

  2. B

    False

09
Choose all
1 point

Select all statements that accurately describe quantitative decision-analysis techniques.

  1. A

    A decision tree can compare choices by calculating expected values backward from terminal outcomes.

  2. B

    Sensitivity analysis repeatedly samples uncertain inputs to create an outcome probability distribution.

  3. C

    Sensitivity analysis varies an important assumption to see how the decision changes.

  4. D

    Monte Carlo simulation makes unreliable input data reliable by sampling it many times.

10
Written response
1 point

How many potential pairwise communication channels are there among 8 people, assuming each person could communicate directly with every other person? Enter a whole number.

11
Open ended
1 point

A project scope is sufficiently defined, with detailed activities and work packages available. The team can spend additional effort to improve the estimate. Which estimating approach should it use, and why?

12
Choose one
1 point

A project's BAC=$150,000, EV=$60,000, and AC=$75,000. If current cost performance is expected to continue, what is the forecast estimate at completion (EAC)?

  1. A

    $165,000

  2. B

    $180,000

  3. C

    $187,500

  4. D

    $225,000

13
Choose one
1 point

A project has BAC=$200,000, EV=$120,000, and AC=$150,000. If the team must meet BAC, which statement correctly gives and interprets the To-Complete Performance Index (TCPI)?

  1. A

    The required TCPI is 0.63, so cost efficiency can decline.

  2. B

    The required TCPI is 1.6, so the remaining work must achieve higher cost efficiency than a value of 1 would indicate.

  3. C

    The required TCPI is 1.6, which means the project is forecast to finish exactly at BAC.

  4. D

    The required TCPI is 2.5, so the remaining work must cost 2.5 times its budgeted value.

14
True or false
1 point

In earned value management, schedule variance (SV)(SV) is expressed in value units, not in calendar time.

  1. A

    True

  2. B

    False

15
Choose one
1 point

A team estimates work parametrically at 44 labor-hours per unit. For 180180 units, what is the estimated labor effort before adjustments for setup or rework?

  1. A

    45 labor-hours45\text{ labor-hours}

  2. B

    720 labor-hours720\text{ labor-hours}

  3. C

    184 labor-hours184\text{ labor-hours}

  4. D

    1,440 labor-hours1{,}440\text{ labor-hours}

16
Choose one
1 point

If 77 people could communicate directly with one another, how many potential pairwise communication channels are there?

  1. A

    1414

  2. B

    2828

  3. C

    2121

  4. D

    4242

17
Written response
1 point

In common predictive-project terminology, what type of reserve addresses work within project scope that is not yet specifically planned?

18
Written response
1 point

An activity has an optimistic estimate of 55 days, a most likely estimate of 88 days, and a pessimistic estimate of 1717 days. Using the PERT expected-estimate formula, what is the estimate in days?

19
Choose one
1 point

At a status date, a project has EV=$52,000EV=\$52{,}000 and AC=$58,000AC=\$58{,}000. What is its cost variance, and what does the sign indicate?

  1. A

    $6,000\$6{,}000, under budget

  2. B

    −$6,000-\$6{,}000, over budget

  3. C

    −$6,000-\$6{,}000, under budget

  4. D

    $110,000\$110{,}000, over budget

20
Choose one
1 point

A path consists of independent activities with variances of 4 days24\text{ days}^2, 9 days29\text{ days}^2, and 3 days23\text{ days}^2. What is the estimated standard deviation of the path duration?

  1. A

    16 days16\text{ days}

  2. B

    4 days4\text{ days}

  3. C

    3 days3\text{ days}

  4. D

    5 days5\text{ days}