1. A key objective of change control in configuration management i.docx
- 1. 1. A key objective of change control in configuration management is to keep track of actions taken in response to change requests. a. true b. false Q2. A key weakness of the Benefit-Cost ratio project selection mechanism is that: a. It only focuses on things that can be measured b. It takes time frame into consideration c. It is too much based on subjective judgment d. It does not entail prioritizing Q3. Good functional requirements a. Describe how the deliverable should be developed b. Provide detailed technical insights into what the deliverable will do c. Describe what the deliverable looks like and what it should do d. Are created after development of the technical specifications Q4. A project can be terminated prematurely because the original objectives may no longer be valid. a. true b. false Q5. A tool that graphically shows cost variance is: a. A chart of accounts b. A code of accounts c. A histogram (also called a resource loading chart) d. A cumulative cost curve (also called S-curve) Q6. In resource planning, one of the issues that needs to be considered is: a. Staff empowerment b. Technical requirements of the project c. Theory X management principles d. Theory Y management principles Q7. When crashing a project, we typically choose critical path tasks whose costs of crashing are highest. a. true b. false
- 2. Q8. The poor man's hierarchy is a method for: a. Project estimation b. Project scheduling c. WBS construction d. Project selection Q9. Ensuring a one-to-one correspondence between specification items and general design items is a feature of: a. Scope statement definition b. WBS construction c. Rapid prototyping d. Configuration management Q10. The astute project manager typically uses only one management style in order not to confuse his/her teammates. a. true b. false Q11. Structured Walk-Through is a methodology used in: a. PERT b. GERT c. VERT d. Project Evaluation Q12. If EV = $300, AC = $400, and the project budget is $1,000, what is the estimated final cost of the project (this is known as EAC, estimate at complete)? a. $750 b. $1,000 c. $1,250 d. $1,333 Q13. If review of a project's status indicates that EV = $400, AC = $400, and PV = $500, the project is: a. On budget, behind schedule b. On budget, ahead of schedule c. Over budget, behind schedule d. Over budget, ahead of schedule Q14. In project management, the level of uncertainty plays a major role in determining the adequacy of a project plan. a. true b. false
- 3. Q15. The purpose of mid-project evaluation is: a. Continual monitoring of budget and estimates b. To focus on achievement of individual element of the project plan c. To determine whether the original objectives are still relevant d. To re-baseline the project budget Q16. Confidence in the accuracy of a cost estimate increases when top-down and bottom-up estimates converge. a. true b. false Q17. Milestones, like tasks, consume resources. a. true b. false Q18. A project team structure that closely reflects the physical structure of the deliverable is known as: a. Egoless b. Specialty c. Surgical d. Isomorphic Q19. Which of the following is an example of a project? a. Maintaining e-mail addresses b. Capacity planning c. Submitting travel and expense reports d. Sending monthly reports to top management Q20. The critical path: a. Provides the duration of a project b. Has the shortest duration on a project c. Is the most expensive path to implement d. Contains the project's most significant tasks Q21. In risk management, insurance is an example of: a. Risk avoidance b. Risk deflection c. Risk acceptance d. Contingency planning Q22. The bottom-most level of the WBS -- the level at which project budget and schedule data are captured -- is called: a. Work package b. Code of accounts c. Budget baseline
- 4. d. Change control level Q23. What is the function of a change control board (CCB) in configuration management? a. To assess the management impacts of change requests b. To initiate changes needed on the project c. To focus on the technical implication of change requests d. To approve change requests coming from senior management Q24. A major strength of task Gantt charts is that they can: a. Offer a sophisticated model of a project b. Show how many resources will be used on the project c. Show the interdependencies of tasks d. Show actual versus planned schedule status Q25. Functional requirements provide us with detailed technical specifications. a. true b. false Q26. A laissez-faire management style may lead to a ship without rudder syndrome. a. true b. false Q27. The resource planning tool that enables us to identify who we need to carry out what tasks is called: a. A resource Gantt chart b. A resource matrix (also called the responsibility chart) c. A resource ogive d. A resource loading chart (also called a resource histogram) Q28. When we have objective data on the probability of an event, we are involved with decision making under certainty. a. true b. false Q29. Which of the following is a scope planning tool? a. Benefit/cost analysis b. WBS c. Earned Value analysis d. Fast tracking Q30. The Theory X approach to managing workers is a classic example of a top-down view of how people should be
- 5. managed. a. true b. false Q31. Scope creep means: a. Needs emergence and identification b. Uncontrolled changes to a project's requirements during project execution c. Migration of project needs to requirements d. Imprecise scope statement Q32. An objective of prototyping is to minimize life-cycle cost. a. true b. false Q33. Concurrent engineering involves overlapping tasks and phases to accelerate a project's schedule. a. true b. false Q34. Bottom-up estimates: a. Are based on historical trends b. Can be derived from the WBS c. Must employ Monte Carlo simulation d. a and c Q35. Using working time or elapsed time to calculate the time it will take to complete a task produces the same results. a. true b. false Q36. There is a definite link between the level of risk an enterprise encounters and project time frame. a. true b. false Q37. A modern view in Human Resource Management is that positive motivation results from an opportunity to achieve and experience self-actualization. a. true b. false Q38. The type of management whose focus is on activities whose variances lie outside the acceptable range is: a. Management by Objectives b. Management by Exception c. Management by Walking Around d. Management by Control Limits Q39. Which of the following shows resource allocation over time? a. Resource Gantt chart
- 6. b. Resource matrix c. S-Curve d. Resource leveling Q40. Which of the following is a characteristic of an effective reporting system? a. SMART b. KISS c. MBO d. LOWBALLING Q41. If the latest time you can start a task is five hours into the project, and the earliest time is three and a half hours into the project, how much slack (also called float) does the task have? a. 0.5 hours b. 1.5 hours c. 2.5 hours d. 8.5 hours Q42. Internal Rate of Return (IRR) is the discount rate that sets the present value of cash outflow equal to the present value of cash inflow. a. true b. false Q43. Configuration management is a: a. Methodology for working closely with customers by developing and updating requirements for faster response to changing customer needs b. Methodology for ensuring that requirements evolve with evolving customer requirements c. Methodology for specifying requirements at the outset and for controlling very tightly any changes to them d. Methodology for specifying requirements at the outset and for facilitating any changes to them with minimum customer input Q44. According to PMI, a WBS should focus on a. Tasks b. Deliverables c. Interrelationships among activities d. Cost of the project Q45. Under what conditions may a project manager accept a change request? a. If the request has no effect on project objectives, deadlines, or resources
- 7. b. If the request has no effect on project objectives, although it has effects on deadlines and resources c. If the request is coming from a valued customer d. If the request is from the Chief Executive Officer Q46. Which of the following methods involves performing tasks in parallel? a. Crashing b. Fast tracking c. Leveling d. Hammocking Q47. Top-down estimates (also called parametric estimates): a. Are based on historical trends b. Can be derived from the WBS c. Can be determined by analyzing work packages d. Provide accurate assessments of project costs Q48. Under rapid prototyping (also called application prototyping), the customer actually sees and works with the deliverable as it evolves. a. true b. false Q49. Definitive estimates are generally derived from: a. Bottom-up estimates b. Top-down estimates c. Expert judgment cost estimates d. Order of magnitude estimates Q50. An effective project manager must: a. Tell his team members what to do b. Be the most capable person on the team technically c. Be focused on achieving results d. Not trust his team members to achieve results without his personal attention to detail A ACC 206 Week Three Assignment Please complete the following five exercises below in either Excel or a word document (but must be single document). You
- 8. must show your work where appropriate (leaving the calculations within Excel cells is acceptable). Save the document, and submit it in the appropriate week using the Assignment Submission button. 1. Overhead application: Working backward The Towson Manufacturing Corporation applies overhead on the basis of machine hours. The following divisional information is presented for your review: Division A Division B Actual machine hours 22,500 ? Estimated machine hours 20,000 ? Overhead application rate $4.50 $5.00 Actual overhead $110,000 ? Estimated overhead ? $90,000 Applied overhead ? $86,000 Over- (under-) applied overhead ? $6,500 Find the unknowns for each of the divisions.
- 9. 2. Computations using a job order system General Corporation employs a job order cost system. On May 1 the following balances were extracted from the general ledger; Work in process $ 35,200 Finished goods 86,900 Cost of goods sold 128,700 Work in Process consisted of two jobs, no. 101 ($20,400) and no. 103 ($14,800). During May, direct materials requisitioned from the storeroom amounted to $96,500, and direct labor incurred totaled $114,500. These figures are subdivided as follows: Direct Materials Direct Labor Job No. Amount Job No. Amount 101 $5,000 101
- 12. Job no. 115 was the only job in process at the end of the month. Job no. 101 and three "other" jobs were sold during May at a profit of 20% of cost. The "other" jobs contained material and labor charges of $21,000 and $17,400, respectively. General applies overhead daily at the rate of 150% of direct labor cost as labor summaries are posted to job orders. The firm's fiscal year ends on May 31. Instructions: a. Compute the total overhead applied to production during May. b. Compute the cost of the ending work in process inventory. c. Compute the cost of jobs completed during May. d. Compute the cost of goods sold for the year ended May 31. 3. High-low method The following cost data pertain to 20X6 operations of Heritage Products: Quarter 1 Quarter 2 Quarter 3 Quarter 4 Shipping costs $58,200 $58,620 $60,125 $59,400
- 13. Orders shipped 120 140 175 150 The company uses the high-low method to analyze costs. a. Determine the variable cost per order shipped. b. Determine the fixed shipping costs per quarter. c. If present cost behavior patterns continue, determine total shipping costs for 20X7 if activity amounts to 570 orders. 4. Break-even and other CVP relationships Cedars Hospital has average revenue of $180 per patient day. Variable costs are $45 per patient day; fixed costs total $4,320,000 per year. a. How many patient days does the hospital need to break even? b. What level of revenue is needed to earn a target income of $540,000? c. If variable costs drop to $36 per patient day, what increase in fixed costs can be tolerated without changing the break-even point as determined in part (a)? 5. Direct and absorption costing The information that follows pertains to Consumer Products for the year ended December 31, 20X6. Inventory, 1/1/X6 24,000 units Units manufactured
- 14. 80,000 Units sold 82,000 Inventory, 12/31/X6 ? units Manufacturing costs: Direct materials $3 per unit Direct labor $5 per unit Variable factory overhead $9 per unit Fixed factory overhead $280,000 Selling & administrative expenses: Variable $2 per unit Fixed $136,000 The unit selling price is $26. Assume that costs have been stable in recent years. Instructions: a. Compute the number of units in the ending inventory. b. Calculate the cost of a unit assuming use of: 1. Direct costing. 2. Absorption costing. c. Prepare an income statement for the year ended December 31, 20X6, by using direct costing. d. Prepare an income statement for the year ended December 31, 20X6, by using absorption costing.