Project Planning Putting It All Together Week 3 Quiz Answer

Projection Planning: Putting Information technology All Together

Week 3 Quiz Answer

Weekly Challenge 3

Question 1)

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

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

Question 2)

Equally a project manager creating a budget, y'all're thinking about all the parts of a project from commencement to stop—making a list of every material, resource, and contract worker. What do you call this type of budgeting?

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

Question three)

Which scenario is an case of proactive budget management?

  • While planning your projection budget, yous gather historical data and consult with industry experts. Y'all consider fixed costs, add relevant line items, and set bated a 5% reserve for unexpected costs.
  • You lot're reviewing your budget and realize that it took much longer than you anticipated for a subject area matter good to consummate a task. The labor cost associated with this task is now well over budget. You lot must now request a budget increment to cover the cost of the labor.
  • While planning your project budget, you decide that you don't need to add together buffers for unexpected costs. Since you've completed several projects similar this one in the past and take always come in nether budget, y'all experience yous don't need to programme for any extra cost.
  • During your project, the marketplace experiences a shortage of a resource that'due south crucial for your projection's success. Because of the shortage, the price of this resource increases. This is something you did not wait, nor program for, and must now effigy out how yous can afford to complete your projection.

Question four)

Which of the following are steps in the procurement process? 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
  • Scope
  • Target audition
  • Schedule overview

Question 6)

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

  • slogan
  • requirements
  • code of ethics
  • motto

Question 7)

To create a well-organized upkeep, a project managing director includes dissimilar types of expenses. Which type of budget expense includes costs for 24-hour interval-to-day tasks within a visitor?

  • Operating expenses (OPEX)
  • Stock-still expenses
  • Reserve expenses
  • Upper-case letter expenses (CAPEX)

Question 8)

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

  • Controlling
  • Investigating
  • Completing
  • Selecting

Question 9)

Which of the following accurately describes total cost 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 non.
  • 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 following statements is typically true regarding budgeting?

  • It's recommended to go either over or under budget.
  • It's important to not get under budget, merely it'south recommended to go over budget.
  • It's of import to not go over budget, merely information technology's recommended to go under upkeep.
  • It'south of import to non go over or under budget.

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Extra Questions

Question xi)

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

  • When planning your project budget, you observe that you need to advertise several task positions. The cost to post the job descriptions to several online job boards is $300.
  • When planning your projection budget, you need to gene in unexpected costs that may occur. You decide to reserve 5% of your overall budget as a buffer.
  • When planning your project budget, you document the planned toll of labor. To do this, you use the estimated number of hours your squad needs to complete the project. As your project progresses, you certificate the total hours your team works to determine the full cost of labor for your project. This number may be dissimilar from your original price of labor.
  • When planning your project upkeep, you assemble historical information on costs of materials, resource, and labor to determine how much each will cost. One time you begin procuring these items, you don't update the actual cost.

Question 12)

As a project manager creating a budget, yous proactively identify factors that may touch expenses. You then accept action to minimize the budgetary bear upon of these factors. What is this task chosen?

  • Baselining the budget
  • Estimating cost
  • Price command
  • Lesser-upward approach

Question xiii)

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

  • Performance management
  • Cost management
  • Budget management
  • Vendor management

Question 14)

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

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

Question 15)

To create a well-organized budget, a projection director includes unlike types of expenditures. Which blazon of upkeep expense creates a future benefit for a visitor?

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

Question sixteen)

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

  • Completing
  • Selecting
  • Controlling
  • Initiating

Question 17)

Which of the post-obit factors can atomic number 82 to scope creep and negatively affect the budget? Select all that apply.

  • A vague Statement of Work (SoW)
  • Last-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 eighteen)

As a projection managing director, you review your upkeep and notice 1 vendor is costing more than anticipated. Y'all shift funds and recalibrate the budget to kickoff this increased vendor price. 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 projection budget?

  • Reviewing by 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 near all the parts of your project from the beginning to the end and adding the costs together
  • Getting quotes from potential vendors

Question 20)

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

  • Protectionist
  • Agile
  • Traditional
  • Robust

Question 21)

Which of the post-obit justifies sole-supplier sourcing?

  • The visitor is cautious about exposing trade secrets.
  • The supplier provided cloth for the by three projects.
  • The supplier is easy to piece of work with and offers a discount.
  • The project sponsor asks to but use 1 particular supplier.

Question 22)

Fill in the blank: A project managing director needs to alter their upkeep later making changes to the project schedule and costs. This is necessary in social club to _____.

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

Question 23)

Which three costs are examples of resource cost rates?

  • The toll of materials when building a business firm
  • The cost of software to assist manage a projection
  • The cost of a job buffer
  • The price of labor for a projection team

Question 24)

As a project manager, the project sponsor gives you cost estimates with a ready amount of money to spend. What challenge for constructive budgeting does this represent?

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

Question 26)

At what phase in the procurement procedure would a project director 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 as warranties, supplies, add-ons, and upgrades. Which budgeting term refers to this concept?

  • Bottom-up arroyo
  • Total cost of ownership
  • Baseline your projection
  • Top-down approach

Question 28)

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

  • procurement
  • reserve
  • deliverable
  • dependency

Question 29)

Fill up in the bare: Typically, a project manager organizes a upkeep past _____. And then, the projection managing director lists tasks alongside each task's associated costs.

  • tools
  • teammates
  • dependencies
  • milestones

Question 30)

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

  • Blackmail or corruption
  • Interaction with land-owned entities
  • Sole-supplier sourcing
  • Union contract negotiations

Question 31)

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

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