1.  Contingency Reserves are estimated costs to be used at the discretion of the project manager to deal with:

A) Inadequacies in the original estimate
B) Anticipated but not certain events.
C) Unanticipated events
D) Anticipated and certain events

2.  A variance threshold for costs or other indicators to indicate the agreed amount of variation allowed is called:

A) Variance limits
B) Control threshold
C) Cost limit
D) Acceptable threshold

3.  Lucy is a project manager involved in the Estimate Costs process in the initiation phase of a project. Given the limited detail available to her, what would you expect the range of her estimate to be and what would you call such an estimate?

A) -25 to +25 %, Rough Order of Magnitude
B) -10 to +10 %, Budgetary
C) -1 to +1 %, Definitive
D) -50 to +50 %, Rough Order of Magnitude

4.  A project is estimated to cost \$ 50,000 with a timeline of 50 days. After 25 days, the project manager finds that 50% of the project is complete and Actual costs are \$ 50,000. What is the Cost Performance Index (CPI) ?

A) The CPI is 1
B) The CPI is 1.5
C) The CPI is 2
D) The CPI is 0.5

5.  Your project is mid-way through a delivery schedule. As project manager, you want to understand how much work is left. Which is the most accurate way to determine the remaining work to be done by the project team?

A) Rolling wave method
B) Earned Value Technique
C) A Manual forecast
D) Future analysis