Electrical Estimation and Contracting (22627)
1.
What Is Performance Review?
This
is the use of variance analysis, trend analysis and earned value analysis to
determine the cost and schedule performance over time and the estimated funds
required to complete work in progress.
2.
Explain What Is Forecasting?
This
is done by making estimates about the future performance of a project based on
the current performance of the project.
3.
What Is Earned Value Management?
This
is the use of scope, schedule and resource measurement to determine the state
and performance of the project.
4.
What Is Management Reserve?
This
is a planned amount of money (or time) set aside to address unforeseen risks in
a project. The management reserve is not within the usual budget of the project
manager and the project manager would need the permission of the senior
management, and sometimes the sponsor, to access it.
5.
What Is Triple Constraint Triangle In Project Management?
Project
cost, schedule and scope are depicted as a project management triangle. The
triangle is formed by customer as the center point and the three aspects form
the sides of triangle. In order to gain customer satisfaction, the project
management team should deliver scope in propose schedule and cost. In case any
leg is gets disturbed, the other two legs gets affected. For example, if the
customer increases the scope, then the other two legs-schedule and cost- get
affected a lot.
6.
Do You Know How Many Square Feet Of Pizza Are Eaten In The United States Each
Month?
This
is a classic guesstimate question where you need to think aloud. And so first
off you round the U.S.
population
to 300 million people (it's actually about 315 million but rounding will be
much easier and your interviewer will not score you lower for rounding). Then
estimate how many people eat pizza. A decent educated guess is two out of every
three people, or 200 million. Now let's say the average pizza-eating person
eats pizza twice a month, and eats two slices at a time. That's four slices a
month.
If
the average slice of pizza is perhaps six inches at the base and 10 inches
long, then the slice is 30 square inches of pizza. So, four pizza slices would
be 120 square inches (30 times 4). Since one square foot equals 144 square
inches (12 times 12), let's assume that each person who eats pizza eats one
square foot per month.
Since
there are 200 million pizza-eating Americans, 200 million square feet of pizza
are consumed in the U.S.
each
month. To summarize: 300 million people in America, 200 million eat pizza,
average slice of pizza is six inches at the base and 10 inches long or 30
square inches, average American eats four slices of pizza a month, four pieces
times 30 square inches equals 120 square inches (one square foot is 144 square
inches), so let's assume one square foot per person, and thus one square foot
times 200 million people equals 200 million square feet of pizza a month.
7.
Explain Me As A Cost Estimator You Must Pay Attention To The Smallest Detail.
What Would Your Previous Manager Have To Say About Your Attention To Detail?
My
rule is to check the results with design and inspect the outcome of resources.
Verify with previous factors and common mistakes. Justify and improve.
8.
Explain Me What Was The Most Difficult Estimating Assignment You Have Faced?
How Did You Get Through?
Cost
Controlling a running projects for more than a one year, Revised the Book of
quantity, Studied the contract and the agreements.
9.
Please Explain What Do You Like And Dislike About The Sales Process?
Use
this question to know the candidate's self-awareness and motivation. Know your
strengths in the sales process as these will translate into what you like. The
interviewer will give priority to you when your “likes” and strengths fix the
sales position.
For
example, if you are discussing your strengths with the interviewer, demonstrate
and describe how you enjoy this aspect of sales and your pleasure at coming up
with win-win solutions. You need to emphasize that this will be ensured to
satisfy customers and increase sales for the company.
You
note that you should take careful when responding to the “dislikes”. During
negotiation on sales solutions, you should choose a characteristic of your
current or precious company, for example you done poor delivery on the sales or
lack of flexibility. It is positive manner to answer this question. You
give your “dislikes” to get the solutions for the sort of problems. For
example, there is obstruction in the delivery of company products and this
makes customers unsatisfied. So you will discuss how set up a follow-up process
to speed up the delivery of products.
10.
Suppose If You Look At A Clock And The Time Is 3:15, What's The Angle Between
The Hour And The Minute Hands?
Usually,
if the answer to a brainteaser seems too easy, chances are the answer's wrong.
And in this case, the answer is not zero degrees. The hour hand, remember,
moves as well. That is, in addition to the minute hand. And so, at 3:15, the
hour hand and the minute hand are not on top of each other. In fact, the hour
hand has moved a quarter of the way between the 3 and 4. This means it's moved
a quarter of 30 degrees (360 degrees divided by 12 equals 30). So the answer,
to be exact, is seven and a half degrees (30 divided by four).
11.
Do You Know What Makes A Product Successful?
Basing
on the monetization, these questions give you the chance to prove your personal
try. Do not show extremely your optimism and pursue the unreality. Give
your answers the reality. It is useful to predict a five to ten- year- scenario
of expectations in order to gain your targets that you set up and it is the
period of time to see how your plans and targets are performed.
Therefore,
the quality of the product and marketability of the mentioned industry need to
be highlighted. This will help you to achieve the interviewer's attention and
insurance to you personality and you can get the honest and long- term goals.
12.
Tell Me Do You Have An Estimating Assignment From The Past That You Feel You
Did Not Complete Well?
Well,
never faced that worst situation, maybe once when we were in a group and
project dead line was so close to submit.
13.
Suppose While A Project Is Ongoing, You Realize That An Error In Your Cost
Estimate Of One Of The Primary Resources Needed To Complete Was Unaccounted
For. What Would You Do?
Once
an error is noticed, you should quantify the impact on the project and report
it to the senior management. This error would definitely affect the cost
baseline. While we should always try to avoid mistakes, they do occur and it is
our professional responsibility to report them to the management especially
when it has a financial implication to the project.
14.
What Is Reserve Analysis?
This
is used in monitoring the status of management and contingency reserves so that
the project does not suddenly run out of budget.
15.
What Is Cost Performance Index (cpi)?
This
is a measure of the cost efficiency of budgeted resources expressed as the
ratio of earned value to actual cost. A CPI of 1.0 means the project is exactly
on budget, that the work actually done so far is exactly the same as the cost
so far. When CPI is greater than 1.0, it is under the planned cost and when it
is less than 1.0, it is over the planned cost.
16.
Do You Know What Is The Most Important Document When Planning Cost?
The
most important document when planning project cost is the project management
plan. The project management plan is the most important document for any
project and it contains all the other management plans such as the project time
management plan, project scope management plan, project quality management plan,
etc. All the information required to plan cost is available in the project
management plan.
17.
What Is Scheduled Performance Index (spi)?
This
is a measure of schedule efficiency expressed as the ratio of earned value to
planned value. An SPI of 1.0 means that the work actually done so far is
exactly the same as the work planned to be done so far.
When
it is greater than 1.0, project is ahead of schedule meaning more work than
planned has been completed and when less than 1.0, it is behind schedule.
18.
Suppose If You Have Seven White Socks And Nine Black Socks In A Drawer, How
Many Socks Do You Have To Pull Out Blindly In Order To Ensure That You Have A
Matching Pair?
The
answer is three: if the first one is one color (say, white), and the second one
is the other color (black), then the third one, no matter what the color, will
make a matching pair. (Sometimes you're not supposed to think that hard.)
19.
What Is The Project Cost Baseline?
The
cost baseline is the information that deals with the amount of money the
project is estimated to cost and what time during the project the money would
be spent. The cost baseline is the estimate cost of the project plus the
contingency reserve. The cost baseline is however constantly reviewed, as it is
possible to have several intermediate baselines based on changes that occur
during a project.
20.
What Is Project Management Software?
This
is often used to graphically monitor the earned value management as well as
forecasting a range of possible final outcomes of the project.
21.
What Is Contingency Reserve?
This
is a planned amount of money (or time) added to the project cost (or time)
estimate to serve as a “project risk” buffer. Contingencies are responses to
specific risks which has been pre-identified by the project.