Pls help me understand how to solve these type of questions

Submitted by nbk on Thu, 07/07/2011 - 23:45

A task was scheduled to use two persons, full time, and take two weeks to complete.Instead, the project manager was only able to assign one person to this task. At the endof two weeks, the person assigned to the task was 75% complete. What is the costperformance index?
a. 0.75
b. 1.5
c. 1.33
d. .5
Answer B how ?
A project manager and the project team identify several specific risks in a project. The expected value of these risks is estimated at $10,000. The impact on the project brought about by these risks is estimated at $40,000. What value should be entered into the contingency reserve for these risks?
a. $10,000
b. $40,000
c. $0
d. $25,000


Answer A , I thought B ,pls explain



The time-phased cost of the project that reflects the expenditures rather than the consumption of a resource that will be used to measure and monitor cost performance on a project is the:
a. Spending plan
b. Cost baseline
c. WBS
d. Schedule
Answer is A,  I thought B


 A large piece of equipment is needed for the project. It will be retained and used after the project is completed. The equipment has a value of $500,000, and it has a scrap value of $50,000 at the end of its useful life of ten years. If the sum of the years’ digits method of depreciation is used, what is the depreciation that is taken at the end of the third year?
a. $81,818
b. $90,900
c. $65,250
d. $72,500


Answer is C $65,250
 


A project manager is considering applying learning curve theory to his project. Theproject involves designing a number of software modules that are very similar. Accordingto the cost figures that have been collected the first unit required 100 person-hours todesign and test. The second unit required 90 person-hours to design and test. Howmany person-hours will the eighth module take to design and test?
a. 90
b. 100
c. 73
d. 172


Answer is C , I have no clue how it is calculated, can some one explain formula for learning curve.
 

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rsang

Fri, 07/08/2011 - 05:47

Trying to answer those I can:

1) 2 persons X 2 weeks =100 %work

1 person working for 2 weeks can only complete 50% work...but actual complete is 75%

so, CPI = 75/50 = 1.5

2) I actually think it should be 40,000...can someone explain ? Contingency reserves should take care of possible impact , not value of Risk

3) Again I think it should be cost baseline here.. as spending plan tells how much will be spent on what resources at what time

4) No idea..

5) Due to learning curve, 10% cost is reduced for each next module, so for 8th module will take definitely less than 90, and 73 is only one option :)

 

 

gitu

Fri, 07/08/2011 - 23:03


I will give a quick try:


1) 2 person in 2 weeks so, 1 person in 4 weeks


In 2 weeks 50% work should be complete


EV= 75%


AC=50%


CPI=75/50=1.5


2) Estimate of risk =Probability of occurance* Risk impact


3)Cost performance base line is budget right....no idea


4) Book value= 500,000


Salvage value =50,000


Depreciation =450,000


Life of the equipment =10 yrs


Sum of the yrs digit =10+9+8+7+6+5+4+3+2+1= 55


Depreciation on 1st yr= 10/55*450000


Depreciation on 2nd yr =9/55*450000


Depreciation on 3rd yr=8/55*450000=65,454 as it is close to 65,250 will select this one I guess


5)need a formula for this..no idea


2ahoob

Sat, 07/16/2011 - 19:36

question 2


10,000


The contingency reserve is money that is set aside for dealing with known risks. These known risks canbe specifically identified. The risks mentioned in the question are identified and therefore money shouldbe put into the contingency reserve for them. It would not make sense to budget for the impact of everyrisk, since all risks have a probability associated with them that means that there is some chance that theimpact will not occur; therefore, the expected value should be used


 


source :


http://www.scribd.com/doc/59926145/Cost


 


 

rsang

Sun, 07/17/2011 - 16:46

 it makes sense, thanks!

nbk

Sun, 07/17/2011 - 18:07

Thanks for your inputs

Akshay Singh

Wed, 07/20/2011 - 14:50

Ans.1 )

Assume Cost of 1 person for 1week work is $100.Task will take total $400 for completion (2*2*100 2 persons for 2 weeks)

Earned value after 2 weeks = 75% =0.75*400=300

Actual Cost after 2 weeks = 1 person for 2 weeks = 200

Cost Performance = EV/AC=300/200=1.5

 

Ans. 5)

There are two option s for getting correct answer.

Option 1 is Getting answer by eliminating wring choices. As second unit has taken 90 hrs. Eight unit will take less than 90 hrs and only option left is 73 hrs in the answers provided.

Option 2 is calculating answer by formula.

C(n)=A*(n)^Slope

Where n is unit number and A is cost of first unit .Slope is learning curve constant

C(1)=100*(1)^slope=100

C(2)=100*(2)^Slope=90  which in turn gives us (2)^Slope=90/100=0.9

Taking logs on both sides will give us Slope*log2=Log0.9 and

 hence Slope=Log0.9/log2=-0.0457/0.301=-0.152

Now to get cost of 8th unit apply formula

C(8)=100(8)^-0.152=73

 

Brgds

Akshay Singh

akshay@emensuslearning.com

www.emensuslearning.com