Project Planning Putting It All Together Week 3 Quiz Answer

Project Planning: Putting It All Together

Week 3 Quiz Reply

Weekly Challenge iii

Question i)

When creating a budget, a project manager must practise 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 ii)

As a project managing director creating a budget, you're thinking nearly all the parts of a project from beginning to terminate—making a list of every fabric, resource, and contract worker. What do you telephone call this blazon of budgeting?

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

Question 3)

Which scenario is an example of proactive budget management?

  • While planning your project budget, you lot assemble historical information and consult with manufacture experts. You consider fixed costs, add relevant line items, and set aside a five% reserve for unexpected costs.
  • You lot're reviewing your upkeep and realize that information technology took much longer than yous anticipated for a subject thing good to complete a job. The labor cost associated with this chore is at present well over upkeep. Y'all must at present request a budget increase to comprehend the toll of the labor.
  • While planning your project upkeep, you decide that you don't need to add buffers for unexpected costs. Since you lot've completed several projects like this one in the past and have always come in under budget, you feel you don't need to plan for whatever extra cost.
  • During your project, the market experiences a shortage of a resource that'southward crucial for your project's success. Because of the shortage, the price of this resource increases. This is something you did not expect, nor plan for, and must now effigy out how you lot can afford to complete your project.

Question 4)

Which of the following 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 nigh what the service entails and may include major project activities?

  • Purpose
  • Telescopic
  • 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 organization?

  • slogan
  • requirements
  • code of ethics
  • motto

Question 7)

To create a well-organized budget, a project manager includes different types of expenses. Which blazon of budget expense includes costs for day-to-twenty-four hours tasks inside a company?

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

Question viii)

At what phase in the procurement process would a project director review a vendor'southward performance and determine if they are meeting milestones?

  • Controlling
  • Investigating
  • Completing
  • Selecting

Question 9)

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

  • TCO only factors in upfront expenses associated with a product or service.
  • TCO is the dollar corporeality used to measure if a projection is on rails 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 ten)

Which of the following statements is typically true regarding budgeting?

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

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Extra Questions

Question eleven)

Which scenario is an instance of planned cost versus bodily cost?

  • When planning your projection upkeep, you notice that you need to advertise several task positions. The cost to mail service the job descriptions to several online job boards is $300.
  • When planning your project budget, you need to factor in unexpected costs that may occur. You decide to reserve 5% of your overall budget as a buffer.
  • When planning your projection budget, y'all document the planned cost of labor. To exercise this, you use the estimated number of hours your squad needs to consummate the project. As your project progresses, you document the full hours your squad works to decide the total cost of labor for your project. This number may be different 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 price. Once you lot begin procuring these items, you don't update the actual cost.

Question 12)

As a projection managing director creating a budget, you lot proactively place factors that may impact expenses. You so take activity to minimize the budgetary bear on of these factors. What is this job called?

  • Baselining the budget
  • Estimating cost
  • Cost control
  • Lesser-up approach

Question thirteen)

As a project manager, you enquiry and source for a specific service. You then have to manage that relationship. This is known as what blazon of procurement?

  • Operation direction
  • Toll management
  • Upkeep management
  • Vendor management

Question 14)

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

  • Statement of work (SoW)
  • Scope of work (SoW)
  • Not-disclosure agreement (NDA)
  • Asking for proposal (RFP)

Question fifteen)

To create a well-organized budget, a project manager includes different types of expenditures. Which type of budget expense creates a hereafter benefit 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 managing director ascertain project resources and make the case for obtaining them?

  • Completing
  • Selecting
  • Controlling
  • Initiating

Question 17)

Which of the post-obit factors can atomic number 82 to scope pitter-patter and negatively touch the upkeep? Select all that apply.

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

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More Related Questions

Question xviii)

As a projection manager, you review your upkeep and notice 1 vendor is costing more anticipated. You shift funds and recalibrate the budget to showtime this increased vendor cost. What is the budgeting term for this chore?

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

Question xix)

Which of the post-obit is an example of using historical data to develop your project upkeep?

  • 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 project from the offset to the terminate and adding the costs together
  • Getting quotes from potential vendors

Question 20)

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

  • Protectionist
  • Active
  • Traditional
  • Robust

Question 21)

Which of the following justifies sole-supplier sourcing?

  • The company is cautious about exposing trade secrets.
  • The supplier provided cloth for the past 3 projects.
  • The supplier is easy to work with and offers a discount.
  • The project sponsor asks to simply employ ane particular supplier.

Question 22)

Fill in the blank: A projection manager needs to alter their budget after making changes to the project schedule and costs. This is necessary in order to _____.

  • re-baseline the budget to runway project progress of costs
  • re-baseline the budget to rail project progress of tasks
  • baseline the budget to track project progress of reserves
  • baseline the budget to track project progress of costs

Question 23)

Which three costs are examples of resources cost rates?

  • The cost of materials when edifice a firm
  • The cost of software to help manage a projection
  • The cost of a job buffer
  • The cost of labor for a project team

Question 24)

Every bit a project managing director, the projection sponsor gives you cost estimates with a set amount of money to spend. What claiming for effective budgeting does this stand for?

  • Insufficient cash menstruum
  • Pre-allocated upkeep
  • Lack of historical information
  • Telescopic creep

Question 26)

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

  • Controlling
  • Completing
  • Selecting
  • Introducing

Question 27)

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

  • Bottom-upwardly approach
  • Full cost of ownership
  • Baseline your project
  • Top-down approach

Question 28)

Make full in the blank: In project direction, the budget is considered a _____—information technology is a success metric.

  • procurement
  • reserve
  • deliverable
  • dependency

Question 29)

Fill in the blank: Typically, a project managing director organizes a upkeep by _____. Then, the project manager lists tasks aslope each job's associated costs.

  • tools
  • teammates
  • dependencies
  • milestones

Question thirty)

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

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

Question 31)

After receiving multiple bids for your project, you select a vendor you'd similar to work with. Yous're ready to kickoff the contracting process. Which procurement certificate exercise y'all fill out and send the vendor?

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