Cost - Beginner Assessment Questions 1 / 20 What is the main goal of cost engineering? Design systems Manage and control costs Build infrastructure Procure materials 2 / 20 What does BAC stand for? Budget at Completion Base Actual Cost Budget Allocation Control Baseline Approved Cost 3 / 20 Which is NOT a cost component? Labor Materials Equipment Weather 4 / 20 What is Planned Value (PV)? Actual cost Budgeted cost of scheduled work Total budget Earned cost 5 / 20 What is Earned Value (EV)? Planned cost Actual cost Value of completed work Remaining cost 6 / 20 What does AC represent? Approved cost Actual cost Allocated cost Authorized cost 7 / 20 CPI formula is: EV / PV EV / AC AC / EV PV / AC 8 / 20 If CPI > 1, the project is: Over budget Under budget Behind schedule Delayed 9 / 20 SPI formula is: EV / PV EV / AC PV / EV AC / PV 10 / 20 If SPI < 1, the project is: Ahead On schedule Behind schedule Under budget 11 / 20 What is Cost Variance (CV)? EV - AC PV - EV BAC - AC EV - PV 12 / 20 What does CV < 0 mean? Under budget Over budget On schedule Ahead of schedule 13 / 20 Which estimate class is most accurate? Class 5 Class 4 Class 3 Class 1 14 / 20 What is contingency? Profit Risk allowance Overhead Labor cost 15 / 20 What is ETC? Estimated Total Cost Estimate to Complete Earned Total Cost Expected Total Cost 16 / 20 Which tool is commonly used for cost tracking? Primavera P6 SAP Power BI All of the above 17 / 20 Bottom-up estimating is: Fast but inaccurate Detailed and accurate Based on historical trends Not used in projects 18 / 20 What is CBS? Cost Breakdown Structure Control Budget System Cost Baseline Schedule Cost Build Strategy 19 / 20 Which phase has lowest estimate accuracy? Class 1 Class 2 Class 3 Class 5 20 / 20 What is EAC? Estimated Actual Cost Estimate at Completion Expected Approved Cost Earned Actual Cost Your score isThe average score is 0% 0% Restart quiz Cost - Advanced Questions 1 / 20 EV = 70, AC = 100 → CPI = ? 1.43 0.70 1.00 0.85 2 / 20 EV = 90, PV = 120 → SPI = ? 1.33 0.75 1.00 0.80 3 / 20 BAC = 200, CPI = 0.8 → EAC = ? 160 200 250 180 4 / 20 If CPI < 1 and SPI > 1: Over budget, ahead of schedule Under budget, behind schedule Over budget, behind schedule Under budget, ahead of schedule 5 / 20 CV = EV - AC = -20 → meaning? Under budget Over budget Ahead of schedule No issue 6 / 20 Best forecasting method for unstable conditions: BAC / CPI Trend analysis Bottom-up ETC SPI method 7 / 20 Cost-loaded schedule helps: Procurement tracking Resource allocation Integrate cost & schedule Design planning 8 / 20 Monte Carlo simulation is used for: Budget approval Risk quantification Procurement Scheduling logic 9 / 20 If EV = 120 and AC = 100: Over budget Under budget Behind schedule Delayed 10 / 20 SPI = 1.2 means: Behind schedule On schedule Ahead of schedule Over budget 11 / 20 ETC = ? BAC - AC EAC - AC EV - AC PV - AC 12 / 20 EAC assumes performance: Improves Worsens Continues current trend Stops 13 / 20 Key driver of cost risk: Labor productivity Design changes Material escalation All of the above 14 / 20 EV = 100, PV = 80 → Behind schedule Ahead of schedule Over budget No variance 15 / 20 CPI = 0.9 indicates: Efficient Over budget Under budget Ahead schedule 16 / 20 CBS aligns with: Budget WBS Schedule Risk 17 / 20 Best KPI for cost efficiency: SPI CV CPI SV 18 / 20 If PV > EV: Ahead schedule Behind schedule Under budget No issue 19 / 20 Forecast accuracy improves with: Less data More assumptions Historical data Less tracking 20 / 20 Biggest failure in cost engineering: Overestimating Not integrating schedule & cost Too many reports Too many resources Your score isThe average score is 0% 0% Restart quiz
