Construction Project Cost Baseline Quiz
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Questions and Answers

What is the time period where a worker is most efficient at a task due to experience from repeating the task?

  • Task duration
  • Cost Recording
  • Measuring Performance
  • Period of maximum productivity (correct)

    • Who is usually responsible for recording actual costs according to the text?

  • Project engineers and cost accountants (correct)
  • Civil engineering contractors
  • Building contractors
  • Subcontractors

    • Which method for measuring performance involves breaking work into sequential steps, each contributing to the final product?

  • Incremental milestone (steps method) (correct)
  • Start/finish
  • Cost ratio
  • Unit completed

    • What does earned value analysis link budget values to progress using?

    <p>Cost accounts</p> Signup and view all the answers

    What is a use of actual cost data according to the text?

    <p>Monitor costs and identify problem areas</p> Signup and view all the answers

    What is the purpose of the cost baseline (cost plan) on a construction project?

    <p>To establish the budget for all costs to be measured against</p> Signup and view all the answers

    What are 'planned costs' based on in a construction project?

    <p>The project schedule and budget at the beginning of the project</p> Signup and view all the answers

    How is 'average daily output' defined in the context of a construction project?

    <p>The average amount of work completed each day over the duration of the task</p> Signup and view all the answers

    What does 'task production' relate to in the context of a construction project?

    <p>The total amount of work completed for a given task</p> Signup and view all the answers

    What does the term 'learning curve' refer to in the context of a construction project?

    <p>The concept that a worker's productivity increases with experience</p> Signup and view all the answers

    What is the formula to calculate earned value in Earned Value Management?

    <p>EV = Percent Complete × QAB</p> Signup and view all the answers

    What does the Cost Variance (CV) indicate in Earned Value Management?

    <p>Over/under budget</p> Signup and view all the answers

    What does the Schedule Performance Index (SPI) indicate in Earned Value Management?

    <p>Ahead/behind schedule</p> Signup and view all the answers

    Which index predicts the cost performance needed to complete the project within the BAC?

    <p>TCPI</p> Signup and view all the answers

    What is the Estimate at Completion (EAC) in Earned Value Management?

    <p>Total cost of the project, including what has been spent and estimated future costs</p> Signup and view all the answers

    What problem might be indicated by intersecting lines in an S-curve in Earned Value Management?

    <p>Delays</p> Signup and view all the answers

    What does a Cost Performance Index (CPI) less than 1 indicate in Earned Value Management?

    <p>Cost overruns</p> Signup and view all the answers

    What does the Budget at Completion (BAC) represent in Earned Value Management?

    <p>Total approved budget for the project</p> Signup and view all the answers

    What does the Schedule Variance (SV) measure in Earned Value Management?

    <p>Difference between EV and BCWS</p> Signup and view all the answers

    What might cause a Cost Variance (CV) according to Earned Value Management?

    <p>Task linkage errors</p> Signup and view all the answers

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