Cost and Time Management Flashcards
7 cards from real CCM practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 7 Cost and Time Management flashcards as text
A construction manager notices activities on the critical path have zero total float. A non-critical activity has 5 days of total float consumed. What is the impact?
Answer: The activity's float buffer is reduced but project end date is unaffected unless all float is consumed
Consuming total float reduces the buffer available before the activity delays the project; the end date is only affected if all float is exhausted.
Which change control process step ensures that a proposed scope change's cost and schedule impacts are evaluated before approval?
Answer: Impact analysis
Impact analysis evaluates the cost, schedule, quality, and risk effects of a proposed change before the change control board decides to approve or reject it.
A project uses unit price contracts for earthwork. Actual quantities exceed bid quantities by 20%. What is the financial impact on the owner?
Answer: Owner pays the additional quantity at the contracted unit price
Unit price contracts require the owner to pay for actual quantities used at the agreed unit price, so a quantity overrun increases owner cost proportionally.
What is the significance of a 'zero float' activity that is NOT on the original critical path?
Answer: It has become a new critical path activity due to schedule changes
When a non-critical activity's float is consumed to zero, it joins the critical path, meaning any further delay will push the project end date.
Which estimating approach involves pricing each individual work item from quantity takeoffs and summing all components?
Answer: Bottom-up estimating
Bottom-up estimating builds a detailed estimate by pricing individual work packages or activities and rolling them up to a total project cost.
A construction manager is forecasting project completion. The EAC using the current CPI trend is $650,000 against a BAC of $600,000. What action is most appropriate?
Answer: Report the variance and develop a corrective action plan to improve cost efficiency
A negative cost variance requires the construction manager to document the issue and implement corrective actions to bring performance back in line with the baseline.
Which scheduling output shows the earliest and latest start and finish dates for each project activity?
Answer: Network diagram with float calculations
The forward and backward pass through the network diagram yields early start, early finish, late start, and late finish dates along with total float for each activity.