Project Planning: Putting It All Together (W3)
1. When creating a budget, a project manager must do which of the following? Select all that apply.
A:
- Review and reforecast throughout the project
- Budget for surprise expenses
- Understand stakeholder needs
2. As a project manager creating a budget, you’re thinking about all the parts of a project from beginning to end—making a list of every material, resource, and contract worker. What do you call this type of budgeting
A: Bottom-up approach
3. Which scenario is an example of proactive budget management?
A: While planning your project budget, you gather historical data and consult with industry experts. You consider fixed costs, add relevant line items, and set aside a 5% reserve for unexpected costs.
4. As a project manager, you’re seeking a procurement approach that outlines clear workstreams, hard deadlines, and financially protects your project against unforeseen circumstances. Which procurement approach should you choose?
A: Traditional
5. A document that keeps confidential information within the organization is known as what
A: Non-disclosure agreement (NDA)
6. Which of the following may impact ethics in procurement? Select all that apply.
A:
- Interaction with state-owned entities
- Bribery or corruption
- Sole-supplier sourcing
7. Fill in the blank: A project manager needs to alter their budget after making changes to the project schedule and costs. This is necessary in order to _____.
A: re-baseline the budget to track project progress of costs
8. At what phase in the procurement process would a project manager review a vendor’s performance and determine if they are meeting milestones?
A: Controlling
9. When budgeting a project, you should consider additional expenses such as warranties, supplies, add-ons, and upgrades. Which budgeting term refers to this concept?
A: Total cost of ownership
10. Fill in the blank: In project management, the budget is considered a _____—it is a success metric.
A: deliverable
11. Which of the following are steps in the procurement process? Select all that apply.
A:
- Contract writing
- Controlling
- Initiating
12. Which section of the statement of work (SoW) includes details about what the service entails and may include major project activities?
A: Scope
13. "Honesty, responsibility, respect, and fitness are the values..." begins what types of saying of the Project Management Institute that serves as a guide to how they do procurement and other business?
A: code of ethics
14. To create a well-organized budget, a project manager includes different types of expenses. Which type of budget expense includes costs for day-to-day tasks within a company?
A: Operating expenses (OPEX)
15. Which of the following accurately describes total cost of ownership (TCO)?
A: TCO factors in expenses associated with a product or service over its lifetime.
16. Which of the following statements is typically true regarding budgeting?
A: It's important to not go over or under budget.
17. As a project manager creating a budget, you proactively identify factors that may impact expenses. You then take action to minimize the budgetary impact of these factors. What is this task called?
A: Cost control
18. As a project manager, you research and source for a specific service. You then have to manage that relationship. This is known as what type of procurement?
A: Vendor management.
19. To create a well-organized budget, a project manager includes different types of expenditures. Which types of budget expense creates a future benefit for a company?
A: Capital expenses (CAPEX)
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