Project Planning Putting It All Together Week 3 Quiz Answer

Project Planning: Putting It All Together

Week iii Quiz Respond

Weekly Challenge iii

Question 1)

When creating a budget, a project managing director must exercise which of the following? Select all that apply.

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

Question ii)

As a project manager creating a budget, yous're thinking well-nigh all the parts of a project from beginning to end—making a list of every material, resource, and contract worker. What exercise yous phone call this type of budgeting?

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

Question 3)

Which scenario is an instance of proactive budget management?

  • While planning your project budget, you get together historical data and consult with industry experts. You consider fixed costs, add relevant line items, and set aside a 5% reserve for unexpected costs.
  • Y'all're reviewing your upkeep and realize that information technology took much longer than you predictable for a discipline matter skilful to complete a task. The labor toll associated with this task is at present well over budget. You must now request a budget increase to cover the cost of the labor.
  • While planning your project budget, you decide that you don't demand to add buffers for unexpected costs. Since you've completed several projects like this one in the past and have always come in nether budget, you experience you don't demand to program for any extra cost.
  • During your project, the market experiences a shortage of a resource that's crucial for your projection's success. Because of the shortage, the price of this resource increases. This is something you lot did not expect, nor plan for, and must now figure out how you tin afford to complete your projection.

Question four)

Which of the post-obit are steps in the procurement procedure? Select all that apply.

  • Analyzing
  • Contract writing
  • Controlling
  • Initiating

Question 5)

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

  • Purpose
  • Telescopic
  • Target audition
  • Schedule overview

Question 6)

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

  • slogan
  • requirements
  • code of ethics
  • motto

Question seven)

To create a well-organized budget, a project manager includes unlike types of expenses. Which blazon of budget expense includes costs for day-to-solar day tasks inside a visitor?

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

Question 8)

At what phase in the procurement process would a projection manager review a vendor's performance and make up one's mind if they are meeting milestones?

  • Controlling
  • Investigating
  • Completing
  • Selecting

Question 9)

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

  • TCO simply 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 product or service over its lifetime.
  • TCO is the additional room in the budget for unexpected costs.

Question 10)

Which of the post-obit statements is typically truthful regarding budgeting?

  • It'southward recommended to go either over or under budget.
  • Information technology's important to not go under budget, simply it's recommended to get over budget.
  • It's important to not go over budget, simply it'southward recommended to go nether upkeep.
  • It's important to not get over or nether upkeep.

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Extra Questions

Question 11)

Which scenario is an example of planned cost versus bodily price?

  • When planning your project upkeep, you discover that you need to advertise several job positions. The cost to post the job descriptions to several online job boards is $300.
  • When planning your project budget, you lot need to factor in unexpected costs that may occur. You decide to reserve 5% of your overall upkeep equally a buffer.
  • When planning your project budget, you document the planned cost of labor. To do this, you use the estimated number of hours your squad needs to complete the project. As your project progresses, you document the total hours your team works to determine the total cost of labor for your projection. This number may be unlike from your original cost of labor.
  • When planning your project budget, you lot gather historical information on costs of materials, resources, and labor to make up one's mind how much each will cost. Once you brainstorm procuring these items, yous don't update the actual toll.

Question 12)

As a project manager creating a budget, you proactively identify factors that may touch on expenses. You then take action to minimize the budgetary impact of these factors. What is this task called?

  • Baselining the budget
  • Estimating price
  • Cost control
  • Lesser-upwardly arroyo

Question 13)

As a project managing director, you inquiry and source for a specific service. You then have to manage that relationship. This is known as what type of procurement?

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

Question 14)

A document that keeps confidential data within the organization is known as what?

  • Statement of work (SoW)
  • Scope of work (SoW)
  • Non-disclosure agreement (NDA)
  • Asking for proposal (RFP)

Question 15)

To create a well-organized budget, a project managing director includes dissimilar types of expenditures. Which type of budget expense creates a future do good for a company?

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

Question sixteen)

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

  • Completing
  • Selecting
  • Decision-making
  • Initiating

Question 17)

Which of the following factors can atomic number 82 to scope creep and negatively impact the budget? Select all that apply.

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

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More Related Questions

Question 18)

Every bit a project manager, you review your budget and notice one vendor is costing more than than anticipated. You shift funds and recalibrate the upkeep to offset 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 budget could entail
  • Reaching out to project managers who worked on past projects at the company
  • Thinking about all the parts of your projection from the beginning to the end and calculation the costs together
  • Getting quotes from potential vendors

Question 20)

As a projection manager, you're seeking a procurement approach that outlines clear workstreams, difficult deadlines, and financially protects your project against unforeseen circumstances. Which procurement approach should you lot cull?

  • Protectionist
  • Active
  • Traditional
  • Robust

Question 21)

Which of the following justifies sole-supplier sourcing?

  • The company is cautious most exposing trade secrets.
  • The supplier provided cloth for the past three projects.
  • The supplier is easy to piece of work with and offers a discount.
  • The project sponsor asks to only employ i particular supplier.

Question 22)

Fill up in the bare: A projection manager needs to modify their budget later on making changes to the projection schedule and costs. This is necessary in guild to _____.

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

Question 23)

Which iii costs are examples of resource toll rates?

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

Question 24)

Equally a project manager, the projection sponsor gives yous cost estimates with a set amount of money to spend. What challenge for effective budgeting does this represent?

  • Insufficient cash flow
  • Pre-allocated budget
  • Lack of historical data
  • Scope creep

Question 26)

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

  • Controlling
  • Completing
  • Selecting
  • Introducing

Question 27)

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

  • Lesser-upward approach
  • Total cost of ownership
  • Baseline your project
  • Top-down arroyo

Question 28)

Fill in the blank: In project direction, the budget is considered a _____—it is a success metric.

  • procurement
  • reserve
  • deliverable
  • dependency

Question 29)

Fill in the blank: Typically, a projection director organizes a budget by _____. Then, the projection manager lists tasks aslope each chore'southward associated costs.

  • tools
  • teammates
  • dependencies
  • milestones

Question 30)

Which of the following may impact ideals in procurement? Select all that apply.

  • Blackmail or corruption
  • Interaction with state-owned entities
  • Sole-supplier sourcing
  • Spousal relationship contract negotiations

Question 31)

Afterward receiving multiple bids for your project, you select a vendor y'all'd like to work with. You're ready to get-go the contracting procedure. Which procurement document exercise y'all fill out and send the vendor?

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