Question 1

The Budgeted Cost of Work Performed is equal to the product of budget for the account and what other multiplier?

Options :

A : The labor wage rate

B : Float

C : Percent complete

D : Productivity

Answer: C

Question 2

With respect to Risk Assessment Analysis, identify a false statement from below:

Options :

A : Risk assessment scores should receive appropriate analysis after the conclusion of the identification meetings if there is a question of accuracy

B : Qualitative risk analysis is the assignment of subjective values to risk management items

C : Considerations should be made to identify the formation of the risk management team

D : Risk management of small projects may benefit from a three point scale

Answer: C

Question 3

A common explanation of differences between two estimates is:

Options :

A : The estimator has made a mistake

B : Different estimating software was used in preparation of the two estimates

C : The estimates were prepared at different points in time

D : A change has been made in the scope of the project

Answer: D

Question 4

If the owner and contractor cannot come to agreement on the cost and terms of the change order, the reasonable solution is ….....................

Options :

A : The contractor should sue the owner

B : Stop the project

C : Arbitration

D : The owner should sue the contractor

Answer: C

Question 5

_______________ are associated with an asset and extend the cost management information beyond the acquisition (creation) of the asset to the use and disposal of the asset.

Options :

A : Life-Cycle Costs (LCC)

B : Indirect Costs

C : Fixed Costs

D : Variable Costs

Answer: A

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