Project Planning Putting It All Together Week 3 Quiz Answer

Project Planning: Putting It All Together

Week 3 Quiz Answer

Weekly Claiming 3

Question 1)

When creating a upkeep, a project director must exercise which of the following? Select all that utilize.

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

Question 2)

Every bit a projection manager creating a budget, y'all're thinking about all the parts of a project from beginning to terminate—making a list of every cloth, resource, and contract worker. What do you call this type of budgeting?

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

Question 3)

Which scenario is an example of proactive budget direction?

  • While planning your project upkeep, you gather historical data and consult with industry experts. Yous consider fixed costs, add relevant line items, and set aside a 5% reserve for unexpected costs.
  • Yous're reviewing your budget and realize that it took much longer than you lot anticipated for a subject matter adept to consummate a task. The labor toll associated with this task is now well over budget. You must at present request a budget increase to cover the price of the labor.
  • While planning your project budget, yous decide that you don't demand to add buffers for unexpected costs. Since you've completed several projects similar this i in the past and have always come in under upkeep, yous feel yous don't need to program for whatsoever extra cost.
  • During your project, the market experiences a shortage of a resource that's crucial for your project's success. Because of the shortage, the toll of this resources increases. This is something you did non await, nor plan for, and must now figure out how y'all can afford to consummate your project.

Question 4)

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

  • Analyzing
  • Contract writing
  • Decision-making
  • Initiating

Question 5)

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

  • Purpose
  • Scope
  • Target audience
  • Schedule overview

Question 6)

"Honesty, responsibleness, respect, and fairness are the values . . ." begins what type of saying of the Project Management Plant 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 upkeep, a project managing director includes different types of expenses. Which type of budget expense includes costs for day-to-solar day tasks inside a company?

  • Operating expenses (OPEX)
  • Stock-still expenses
  • Reserve expenses
  • Capital expenses (CAPEX)

Question 8)

At what phase in the procurement process would a projection managing 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 merely factors in upfront expenses associated with a product or service.
  • TCO is the dollar amount used to measure out if a project is on rails 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 get either over or under budget.
  • It's important to not go nether budget, simply information technology's recommended to go over budget.
  • It's important to not go over upkeep, but it's recommended to go under budget.
  • It'south important 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 cost?

  • When planning your project budget, y'all notice 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 project budget, you need to gene in unexpected costs that may occur. You decide to reserve 5% of your overall upkeep as a buffer.
  • When planning your project upkeep, you document the planned cost of labor. To exercise this, you lot apply the estimated number of hours your team needs to consummate the project. Every bit your project progresses, you lot document the total hours your team works to make up one's mind the total cost of labor for your projection. This number may be dissimilar from your original cost of labor.
  • When planning your project budget, you gather historical information on costs of materials, resources, and labor to determine how much each volition price. One time y'all begin procuring these items, you don't update the actual price.

Question 12)

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

  • Baselining the budget
  • Estimating toll
  • Cost control
  • Lesser-upwards approach

Question 13)

Every bit a project director, you research and source for a specific service. Y'all so have to manage that relationship. This is known as what blazon of procurement?

  • Operation management
  • Cost management
  • Upkeep management
  • Vendor management

Question 14)

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

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

Question xv)

To create a well-organized budget, a project manager includes different types of expenditures. Which type of budget expense creates a hereafter do good for a visitor?

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

Question xvi)

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

  • Completing
  • Selecting
  • Controlling
  • Initiating

Question 17)

Which of the post-obit factors can lead to scope pitter-patter and negatively affect the budget? Select all that apply.

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

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More than Related Questions

Question 18)

As a projection managing director, y'all review your budget and detect one vendor is costing more than anticipated. You shift funds and recalibrate the upkeep to first this increased vendor cost. What is the budgeting term for this task?

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

Question nineteen)

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

  • Reviewing past projects that are similar to yours to get an thought 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 first 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 articulate workstreams, hard deadlines, and financially protects your project against unforeseen circumstances. Which procurement approach should yous choose?

  • Protectionist
  • Active
  • Traditional
  • Robust

Question 21)

Which of the following justifies sole-supplier sourcing?

  • The visitor is cautious about exposing trade secrets.
  • The supplier provided material for the past three projects.
  • The supplier is easy to piece of work with and offers a discount.
  • The project sponsor asks to only use one item supplier.

Question 22)

Fill in the bare: A project manager needs to alter their budget after 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 budget to rails project progress of tasks
  • baseline the budget to rail project progress of reserves
  • baseline the budget to rails projection progress of costs

Question 23)

Which 3 costs are examples of resource cost rates?

  • The price of materials when building a house
  • The cost of software to assist manage a project
  • The cost of a chore buffer
  • The cost of labor for a projection squad

Question 24)

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

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

Question 26)

At what stage in the procurement procedure would a projection manager cheque 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 every bit warranties, supplies, add-ons, and upgrades. Which budgeting term refers to this concept?

  • Bottom-upwardly approach
  • Total cost of ownership
  • Baseline your project
  • Meridian-downward approach

Question 28)

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

  • procurement
  • reserve
  • deliverable
  • dependency

Question 29)

Make full 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 following may touch ethics in procurement? Select all that utilise.

  • Bribery or corruption
  • Interaction with land-endemic entities
  • Sole-supplier sourcing
  • Marriage contract negotiations

Question 31)

After receiving multiple bids for your project, you lot select a vendor you'd like to piece of work with. You're ready to get-go the contracting procedure. Which procurement document practice you fill up out and transport the vendor?

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