What is a basic element of work or a task that must be performed over a given period of time in order to complete a project called?

A. WBS element

B. Activity

C. Resource

D. Commodity

The following question requires your selection of CCC/CCE Scenario 6 (2.7.50.1.3) from the right side of your split screen, using the drop down menu, to reference during your response/choice of responses. What is the range of estimated quantities?

A. $26.78 to $75.00

B. $485

C. $45 to $530

D. $48.22

A major theme park is expanding the existing facility over a five-year period. The design phase will be completed one year after the contract is awarded. Major engineering drawings will be finalized two years after the design contract is awarded and construction will begin three years after the award of the design contract. New, unique ride technology will be used and an estimate will need to be developed to identify these costs that have no historical data.

A cyclical process model was chosen as the basis for total cost management (TCM) because:

A. It is one of the basic tenets of quality improvement

B. Refinement is needed to prepare the estimate at completion (EAC)

C. Strategic assets and projects have inherent life cycles

D. It facilitates development of budgets and schedules

A major theme park is expanding the existing facility over a five-year period. The design phase will be completed one year after the contract is awarded. Major engineering drawings will be finalized two years after the design contract is awarded and construction will begin three years after the award of the design contract. New, unique ride technology will be used and an estimate will need to be developed to identify these costs that have no historical data.

Profits that could not be formally recognized during a specific financial accounting period because the goods and services did not satisfy all the customer's requirements are:

A. Marginal profits

B. Lost profits

C. Incurred profits

D. Postponed profits

An agricultural corporation that paid 53% in income tax wanted to build a grain elevator designed to last twenty-five (25) years at a cost of $80,000 with no salvage value. Annual income generated would be $22,500 and annual expenditures

were to be $12,000.

Answer the question using a straight line depreciation and a 10% interest rate.

You have been asked to provide ETC information to management. Based on the following information, what is the ETC?

Original Budget = $9,000,000

Actuals to date = $3,513,000

Current estimate at completion = $10,613,000

Actuals for current month = $1,200,000

A. $10,613,000

B. $9,000,000

C. $5,487,000

D. $7,100,000