Project Planning Putting It All Together Week 3 Quiz Answer

Projection Planning: Putting It All Together

Week 3 Quiz Answer

Weekly Challenge 3

Question 1)

When creating a budget, a project manager must do which of the following? Select all that apply.

  • Budget for surprise expenses
  • Approve budget increases
  • Review and reforecast throughout the project
  • Sympathise stakeholder needs

Question 2)

As a project manager creating a budget, you're thinking nigh all the parts of a project from beginning to end—making a listing of every material, resource, and contract worker. What do yous phone call this blazon of budgeting?

  • Buffers and reserves
  • Top-down approach
  • Contingency
  • Bottom-up approach

Question three)

Which scenario is an example of proactive budget management?

  • While planning your project budget, you gather historical data and consult with industry experts. You consider fixed costs, add relevant line items, and prepare aside a 5% reserve for unexpected costs.
  • You're reviewing your budget and realize that it took much longer than you anticipated for a subject area matter expert to complete a job. The labor price associated with this task is now well over upkeep. Yous must now request a upkeep increment to cover the cost of the labor.
  • While planning your project upkeep, you decide that you don't need to add buffers for unexpected costs. Since you've completed several projects like this i in the past and have e'er come in under budget, yous feel yous don't need to plan for any extra toll.
  • During your projection, the market place experiences a shortage of a resources that's crucial for your project'southward success. Considering of the shortage, the toll of this resource increases. This is something y'all did not expect, nor programme for, and must now figure out how you can beget to complete your project.

Question iv)

Which of the post-obit are steps in the procurement process? Select all that utilize.

  • Analyzing
  • Contract writing
  • Controlling
  • Initiating

Question 5)

Which section of the statement of work (SoW) includes details about what the service entails and may include major project activities?

  • Purpose
  • Scope
  • Target audience
  • Schedule overview

Question 6)

"Honesty, responsibility, respect, and fairness are the values . . ." begins what type of saying of the Project Direction Institute that serves as a guide to how they do procurement and other business?

  • slogan
  • requirements
  • lawmaking of ethics
  • motto

Question 7)

To create a well-organized budget, a project managing director includes dissimilar types of expenses. Which type of budget expense includes costs for day-to-twenty-four hour period tasks within a company?

  • Operating expenses (OPEX)
  • Fixed expenses
  • Reserve expenses
  • Capital expenses (CAPEX)

Question 8)

At what phase in the procurement procedure would a project manager review a vendor'due south performance and determine if they are coming together milestones?

  • Controlling
  • Investigating
  • Completing
  • Selecting

Question 9)

Which of the following accurately describes total cost of ownership (TCO)?

  • TCO just factors in upfront expenses associated with a product or service.
  • TCO is the dollar amount used to measure if a project is on track or not.
  • TCO factors in expenses associated with a production or service over its lifetime.
  • TCO is the additional room in the budget for unexpected costs.

Question x)

Which of the following statements is typically true regarding budgeting?

  • It's recommended to go either over or under budget.
  • It's important to non go nether budget, simply it's recommended to go over upkeep.
  • It's important to non go over budget, merely it'southward recommended to go under budget.
  • It'due south important to not get over or under budget.

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Extra Questions

Question eleven)

Which scenario is an example of planned cost versus actual toll?

  • When planning your project upkeep, you discover that y'all need to annunciate several job positions. The cost to post the task descriptions to several online job boards is $300.
  • When planning your project budget, you lot need to factor in unexpected costs that may occur. Y'all decide to reserve five% of your overall budget every bit a buffer.
  • When planning your project budget, you document the planned price of labor. To do this, you use the estimated number of hours your team needs to complete the project. Equally your project progresses, you document the full hours your team works to determine the full cost of labor for your project. This number may be unlike from your original cost of labor.
  • When planning your project budget, y'all gather historical data on costs of materials, resources, and labor to determine how much each will cost. Once you begin procuring these items, you don't update the actual cost.

Question 12)

Equally a projection manager creating a budget, you proactively place factors that may impact expenses. You then have action to minimize the monetary impact of these factors. What is this job chosen?

  • Baselining the budget
  • Estimating cost
  • Cost control
  • Bottom-upwardly approach

Question xiii)

As a project director, y'all research and source for a specific service. Y'all then have to manage that human relationship. This is known as what type of procurement?

  • Performance management
  • Price management
  • Upkeep management
  • Vendor management

Question 14)

A document that keeps confidential information within the organisation is known every bit what?

  • Argument of piece of work (SoW)
  • Scope of work (SoW)
  • Not-disclosure understanding (NDA)
  • Request for proposal (RFP)

Question 15)

To create a well-organized budget, a project manager includes different types of expenditures. Which type of budget expense creates a future do good for a visitor?

  • Capital expenses (CAPEX)
  • Indirect expenses
  • Operating expenses (OPEX)
  • Historical expenses

Question xvi)

At what stage in the procurement process would a project manager define project resources and make the example for obtaining them?

  • Completing
  • Selecting
  • Controlling
  • Initiating

Question 17)

Which of the post-obit factors tin can pb to telescopic creep and negatively affect the upkeep? Select all that apply.

  • A vague Argument of Work (SoW)
  • Last-minute asks from priority stakeholders
  • Agreements most the project that aren't officially documented
  • Attainable timeframes and deadlines

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More Related Questions

Question xviii)

As a project manager, you review your budget and find one vendor is costing more than anticipated. Y'all shift funds and recalibrate the upkeep to showtime this increased vendor cost. What is the budgeting term for this task?

  • Setting the baseline
  • Contingency budgeting
  • Reserve analysis
  • Reforecasting

Question 19)

Which of the following is an example of using historical data to develop your project budget?

  • Reviewing past projects that are similar to yours to get an idea of what your upkeep could entail
  • Reaching out to project managers who worked on by projects at the company
  • Thinking virtually all the parts of your projection from the beginning to the end and adding the costs together
  • Getting quotes from potential vendors

Question 20)

As a projection manager, you're seeking a procurement approach that outlines clear workstreams, hard deadlines, and financially protects your project confronting unforeseen circumstances. Which procurement approach should you choose?

  • Protectionist
  • Agile
  • Traditional
  • Robust

Question 21)

Which of the following justifies sole-supplier sourcing?

  • The company is cautious nigh exposing merchandise secrets.
  • The supplier provided fabric for the past three projects.
  • The supplier is easy to piece of work with and offers a discount.
  • The project sponsor asks to merely utilize one item supplier.

Question 22)

Make full in the blank: A project manager needs to alter their budget later on making changes to the project schedule and costs. This is necessary in club to _____.

  • re-baseline the upkeep to track project progress of costs
  • re-baseline the budget to track projection progress of tasks
  • baseline the budget to track projection progress of reserves
  • baseline the budget to track project progress of costs

Question 23)

Which iii costs are examples of resources cost rates?

  • The cost of materials when building a house
  • The price of software to help manage a project
  • The cost of a task buffer
  • The toll of labor for a project team

Question 24)

As a projection manager, the project sponsor gives you toll estimates with a set amount of coin to spend. What challenge for effective budgeting does this correspond?

  • Insufficient cash flow
  • Pre-allocated budget
  • Lack of historical information
  • Scope pitter-patter

Question 26)

At what phase in the procurement process would a project manager check a vendor's reputation for delivering quality work, and brand a site visit?

  • Controlling
  • Completing
  • Selecting
  • Introducing

Question 27)

When budgeting a projection, yous should consider additional expenses such equally warranties, supplies, add-ons, and upgrades. Which budgeting term refers to this concept?

  • Bottom-up arroyo
  • Total cost of ownership
  • Baseline your project
  • Tiptop-downward approach

Question 28)

Make full in the blank: In projection direction, the budget is considered a _____—it is a success metric.

  • procurement
  • reserve
  • deliverable
  • dependency

Question 29)

Fill in the blank: Typically, a projection manager organizes a budget by _____. Then, the project manager lists tasks alongside each job's associated costs.

  • tools
  • teammates
  • dependencies
  • milestones

Question thirty)

Which of the post-obit may bear on ideals in procurement? Select all that utilise.

  • Bribery or corruption
  • Interaction with state-owned entities
  • Sole-supplier sourcing
  • Wedlock contract negotiations

Question 31)

Afterwards receiving multiple bids for your projection, you select a vendor you'd like to work with. You're prepare to offset the contracting process. Which procurement document do you fill up out and transport the vendor?

  • Statement of work (SoW)
  • Telescopic of piece of work (SoW)
  • Request for proposal (RFP)
  • Non-disclosure agreement (NDA)