INF 337 week 2 QUIZ

1.	Question :	To develop the initial cost estimates, we need to know the various sources of project costs, including labor, materials and equipment.

 	


Question 2.	Question :	According to the text, horror stories of project failure due to unprecedented cost overruns are reporting in the business press on almost a daily basis.

 	

Question 3.	Question :	Low initial cost estimates are one of the reasons why cost overruns happen so often.

 	


Question 4.	Question :	Cost estimates provide a standard against which actual expenditures incurred during the course of a project can be compared and serve as a basis for cost control.

 	


Question 5.	Question :	Specification changes and the term ‘scope creep’ are basically the same.

 	

Question 6.	Question :	Factors such as inflation, interest rates and environmental issues are considered internal factors.

 	

Question 7.	Question :	Which of the following is not a significant reason for cost overruns?

 	

Question 8.	Question :	Which of the following describes the reason why the issue of “low cost estimates” can happen on a project?

 	

Question 9.	Question :	In which phase of the project has the highest potential for errors in estimates?

 	


Question 10.	Question :	Which of the following is not a reason why cost estimating is important to projects?