Project Planning Putting It All Together Week 3 Quiz Answer

Projection Planning: Putting Information technology All Together

Calendar week iii Quiz Answer

Weekly Challenge iii

Question ane)

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

  • Budget for surprise expenses
  • Approve upkeep increases
  • Review and reforecast throughout the projection
  • Sympathise stakeholder needs

Question 2)

As a project managing director creating a budget, you're thinking about all the parts of a project from beginning to stop—making a listing of every cloth, resource, and contract worker. What do you call this type of budgeting?

  • Buffers and reserves
  • Superlative-down approach
  • Contingency
  • Lesser-up approach

Question 3)

Which scenario is an instance of proactive upkeep management?

  • While planning your project upkeep, y'all gather historical data and consult with manufacture experts. Yous consider fixed costs, add relevant line items, and set aside a 5% reserve for unexpected costs.
  • Y'all're reviewing your budget and realize that it took much longer than you anticipated for a discipline matter expert to complete a chore. The labor price associated with this task is now well over budget. Yous must at present asking a budget increase to cover the cost of the labor.
  • While planning your project budget, you decide that you don't need to add buffers for unexpected costs. Since you've completed several projects like this one in the by and take always come in under budget, you feel you lot don't demand to plan for any actress cost.
  • During your projection, the market experiences a shortage of a resource that's crucial for your project's success. Considering of the shortage, the price of this resources 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 4)

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

  • Analyzing
  • Contract writing
  • Controlling
  • Initiating

Question 5)

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

  • Purpose
  • Scope
  • Target audience
  • Schedule overview

Question six)

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

  • slogan
  • requirements
  • code of ethics
  • motto

Question 7)

To create a well-organized budget, a projection manager includes different types of expenses. Which type of budget expense includes costs for twenty-four hour period-to-day tasks inside a company?

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

Question 8)

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

  • Controlling
  • Investigating
  • Completing
  • Selecting

Question nine)

Which of the post-obit accurately describes total cost of ownership (TCO)?

  • TCO only factors in upfront expenses associated with a product or service.
  • TCO is the dollar amount used to mensurate if a projection is on rail 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 10)

Which of the following statements is typically true regarding budgeting?

  • Information technology's recommended to go either over or under upkeep.
  • It's important to not go under budget, simply information technology's recommended to go over upkeep.
  • It's important to non get over upkeep, but information technology's recommended to go under upkeep.
  • It's important to not go over or under upkeep.

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Extra Questions

Question 11)

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

  • When planning your projection budget, y'all find that you need to annunciate several job positions. The cost to post the job descriptions to several online job boards is $300.
  • When planning your project budget, you demand to cistron in unexpected costs that may occur. Yous decide to reserve v% of your overall budget as a buffer.
  • When planning your project upkeep, you document the planned cost of labor. To do this, you employ the estimated number of hours your team needs to complete the project. Equally your project progresses, you document the total hours your team works to determine the total price of labor for your project. This number may be dissimilar from your original cost of labor.
  • When planning your project upkeep, you lot gather historical information on costs of materials, resources, and labor to determine how much each volition cost. Once yous brainstorm procuring these items, you don't update the bodily cost.

Question 12)

As a projection managing director creating a budget, you proactively identify factors that may touch expenses. You then take activeness to minimize the budgetary impact of these factors. What is this chore called?

  • Baselining the upkeep
  • Estimating cost
  • Cost control
  • Lesser-upwards arroyo

Question 13)

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

  • Functioning management
  • Toll management
  • Budget management
  • Vendor management

Question 14)

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

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

Question 15)

To create a well-organized budget, a projection manager includes different types of expenditures. Which type of budget expense creates a future benefit for a company?

  • Upper-case letter expenses (CAPEX)
  • Indirect expenses
  • Operating expenses (OPEX)
  • Historical expenses

Question sixteen)

At what phase in the procurement procedure would a projection manager define project resources and brand the case for obtaining them?

  • Completing
  • Selecting
  • Controlling
  • Initiating

Question 17)

Which of the following factors can lead to telescopic creep and negatively touch 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 xviii)

As a project director, you lot review your upkeep and detect 1 vendor is costing more anticipated. Yous shift funds and recalibrate the budget to offset this increased vendor cost. What is the budgeting term for this job?

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

Question nineteen)

Which of the following 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 start to the end and adding the costs together
  • Getting quotes from potential vendors

Question 20)

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

  • Protectionist
  • Agile
  • Traditional
  • Robust

Question 21)

Which of the following justifies sole-supplier sourcing?

  • The company is cautious about exposing trade secrets.
  • The supplier provided material for the by three projects.
  • The supplier is like shooting fish in a barrel to work with and offers a discount.
  • The project sponsor asks to just apply one particular supplier.

Question 22)

Make full in the blank: A projection manager needs to alter their budget afterwards making changes to the projection schedule and costs. This is necessary in order 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 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 cost of materials when building a house
  • The cost of software to help manage a project
  • The cost of a chore buffer
  • The price of labor for a project team

Question 24)

Every bit a project manager, the project sponsor gives you cost estimates with a set amount of coin to spend. What challenge for effective budgeting does this represent?

  • Insufficient cash flow
  • Pre-allocated upkeep
  • Lack of historical information
  • Scope creep

Question 26)

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

  • Decision-making
  • Completing
  • Selecting
  • Introducing

Question 27)

When budgeting a project, y'all should consider boosted 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
  • Top-downwardly arroyo

Question 28)

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

  • procurement
  • reserve
  • deliverable
  • dependency

Question 29)

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

  • tools
  • teammates
  • dependencies
  • milestones

Question thirty)

Which of the post-obit may impact ethics in procurement? Select all that use.

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

Question 31)

After receiving multiple bids for your projection, y'all select a vendor you'd like to work with. Y'all're ready to start the contracting process. Which procurement document practice you fill out and ship the vendor?

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