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When a project is on time and on budget but fails to reach the project objectives, this is described as:
Poor project management
0%
Performance Risk
0%
Scope creep
0%
A, B, and C
0%
A and C
❌
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Some of the methods for estimating budgets are:
Analogous and Parametric estimating
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Guess and add a contingency
❌
All of the above
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Asking SME’s and consulting suppliers
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A and B
✅
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Major components of a project budget are:
Employee wages, consultant services, equipment, overheads
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Fixed overheads, benefits, subcontractor, and supplies
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Employee wages, materials, overheads, and services
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Fixed and variable labour, fixed and variable material
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What is a Gantt Chart?
A timeline that is used as a project management tool to illustrate how the project will run
✅
A table that shows what each task looks like
❌
A project management tool
❌
A map of how you will complete a project
❌
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Some of the benefits of effective project budgeting are:
By knowing how much money is available for each project activity, you can easily pinpoint areas that need attention
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A, B, and C
❌
A and C
✅
The budget is an effective management tool to see if you’re on track to meet goals.
❌
It’s great for your career
❌
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The main source of information to prepare a project budget is:
Project Sponsor
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Project Scope
50%
Project Charter
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Project Risk
0%
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Why do many projects fail to meet budgets?
A, B, and C
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Inflation
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A and C
0%
Poor budgeting and management
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Changing project goals
0%
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Which project management tool would you use to identify the critical path?
Network Diagram
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Project Control Plan
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WBS
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Bar Chart
0%
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Poor planning often leads to:
Costs to go over the budget and the main cause of Cost risk
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All of the above
0%
Activities taking longer than expected and the main cause of Schedule risk
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Scope creep
0%
B and C
0%
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A project schedule is an important activity because:
Tools like the Gantt chart tells us when the key activities occur.
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It links all the activities, dates, durations, milestones, and resources to deliver the project.
0%
It is a great communication tool
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It is essential in gaining approval to do a project.
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