Project Planning Putting It All Together Week 3 Quiz Answer

Projection Planning: Putting It All Together

Week 3 Quiz Reply

Weekly Challenge 3

Question 1)

When creating a budget, a project manager must exercise which of the post-obit? Select all that employ.

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

Question two)

As a project manager creating a upkeep, you lot're thinking well-nigh all the parts of a project from beginning to finish—making a list of every material, resource, and contract worker. What do y'all telephone call this type of budgeting?

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

Question 3)

Which scenario is an example of proactive budget management?

  • While planning your project budget, you gather 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're reviewing your upkeep and realize that it took much longer than you anticipated for a bailiwick affair proficient to complete a job. The labor cost associated with this task is now well over upkeep. You must now request a budget increment to cover the cost of the labor.
  • While planning your project budget, you lot make up one's mind that you don't need to add together buffers for unexpected costs. Since you've completed several projects similar this one in the by and take e'er come in under upkeep, y'all feel you don't need to plan for whatever actress cost.
  • During your project, the marketplace experiences a shortage of a resource that's crucial for your project'south success. Considering of the shortage, the price of this resources increases. This is something you did not expect, nor plan for, and must now effigy out how you can afford to complete your projection.

Question iv)

Which of the following are steps in the procurement process? Select all that apply.

  • Analyzing
  • Contract writing
  • Decision-making
  • Initiating

Question 5)

Which department of the argument of work (SoW) includes details virtually 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 Management 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 manager includes unlike types of expenses. Which type of budget expense includes costs for day-to-twenty-four hours tasks within a visitor?

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

Question eight)

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

  • Controlling
  • Investigating
  • Completing
  • Selecting

Question 9)

Which of the following accurately describes total toll of buying (TCO)?

  • TCO only 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 boosted room in the budget for unexpected costs.

Question ten)

Which of the following statements is typically true regarding budgeting?

  • It's recommended to go either over or under budget.
  • It's important to not go under budget, just it's recommended to go over budget.
  • Information technology's important to not go over budget, simply it's recommended to go under budget.
  • Information technology's important to not become over or under budget.

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Actress Questions

Question 11)

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

  • When planning your project upkeep, you lot notice that y'all demand to advertise several job positions. The toll to mail the task descriptions to several online job boards is $300.
  • When planning your projection budget, you demand to factor in unexpected costs that may occur. You decide to reserve five% of your overall budget as a buffer.
  • When planning your projection budget, you certificate the planned cost of labor. To practise this, you use the estimated number of hours your team needs to complete the project. Every bit your project progresses, you certificate the full hours your squad works to determine the total cost of labor for your projection. This number may exist 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 lot don't update the actual cost.

Question 12)

Equally a project manager creating a budget, you proactively identify factors that may impact expenses. You then take action to minimize the budgetary bear upon of these factors. What is this task chosen?

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

Question 13)

Equally a project managing director, you research and source for a specific service. Yous then take to manage that relationship. This is known as what type of procurement?

  • Performance management
  • Price management
  • Budget management
  • Vendor direction

Question 14)

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

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

Question 15)

To create a well-organized upkeep, a project manager includes different types of expenditures. Which blazon of budget expense creates a future benefit for a visitor?

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

Question xvi)

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

  • Completing
  • Selecting
  • Controlling
  • Initiating

Question 17)

Which of the following factors tin can lead to telescopic creep and negatively affect the budget? Select all that apply.

  • A vague Statement of Work (SoW)
  • Terminal-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 18)

As a projection manager, you review your budget and observe 1 vendor is costing more than predictable. You shift funds and recalibrate the upkeep to offset this increased vendor price. What is the budgeting term for this task?

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

Question nineteen)

Which of the following is an case 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 projection managers who worked on by projects at the company
  • Thinking about all the parts of your project from the kickoff to the stop and adding the costs together
  • Getting quotes from potential vendors

Question 20)

Every bit a project manager, you're seeking a procurement approach that outlines articulate workstreams, hard deadlines, and financially protects your project confronting unforeseen circumstances. Which procurement approach should you cull?

  • 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 fabric for the past three projects.
  • The supplier is easy to work with and offers a discount.
  • The project sponsor asks to only utilise one item supplier.

Question 22)

Make full in the blank: A projection manager needs to alter their upkeep afterward making changes to the projection schedule and costs. This is necessary in order to _____.

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

Question 23)

Which three costs are examples of resource toll rates?

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

Question 24)

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

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

Question 26)

At what stage in the procurement process would a project manager check a vendor's reputation for delivering quality piece of 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?

  • Lesser-upward arroyo
  • Total toll of buying
  • Baseline your project
  • Peak-down approach

Question 28)

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

  • procurement
  • reserve
  • deliverable
  • dependency

Question 29)

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

  • tools
  • teammates
  • dependencies
  • milestones

Question thirty)

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

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

Question 31)

Afterwards receiving multiple bids for your project, yous select a vendor you'd like to work with. You're ready to start the contracting procedure. Which procurement document do you fill up out and send the vendor?

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