Question 60 Which of the following is not a true statement concerning cost estim

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Question 60 Which of the following is not a true statement concerning cost estimation management a. Contingency accounts should be added to address uncertainty and risk b. Develop an interdisciplinary approach to cost estimation c. Continuously test assumptions and cost calculations ost estimation management is usually not a major problem on megaprojects e. fHire an independent engineer to review change order requests and make sure they align with contractual provisions Question 61 All of the following concerning mega projects are true with the exception of a. Mega projects can only be funded by public dollars b. Mega projects should have a transparent, open procurement process c. Mega projects involve constant change and numerous unknowns d. Mega projects require focus on long term commitments Question 62 PMI defines program integration management to include: a. The interdependence among the project management areas b. The complex network of internal and external controls c. Managing change within a project d·The processes and activities needed to coordinate multiple components within the program e. The tracking and regulatory progress to meet project objectives Question 63 Patanakul and Shenhar Define Value Creation as: a. Keeping the stakeholders busy b. The explicit and implicit benefits to the program stakeholders generated from the program's outcome c. Reducing costs and accelerating projects d. Resource development

Explanation / Answer

Ans.60) Option (d)

Explanation: Cost estimation is infact a major problem in mega projects and often the investors end up spending much more on the completion of the mega projects than the estimated cost. This is mainly due to the continuously changing business environment over the long tenure of the mega projects.

Ans.61) Option (a)

Explanation: It is not necessary that mega projects should be funded by public dollars only. There are numerous mega projects around the world that are financed by private investors.

Ans.62) Option (d)

Explanation: Integration management is defined as the collection of processes required to ensure that multiple components and activities in a project are properly coordinated.

Ans.63) Option (b)

Explanation: Peerasit Patanakul and Aaron Shenhar defined Value Creation as the holistic benefits, both implicit and explicit that the different stakeholders of a program receives from its outcome.

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