Imagine you are in charge of the budget for a project. You understand the stakeholder needs and have budgeted for surprise expenses. Which of the following is a budgeting task you need to do over the course of the project?

• Rebudget and restart

• Cancel planned expenses

• Review and reforecast

• Procure additional funding

Imagine you create a budget and add it to a spreadsheet. You include the estimated costs for contractors who are working on the project based on the expected number of hours they work. What column should you enter this cost in your spreadsheet?

• Planned cost

• Actual cost

• Limit cost

• Minimal cost

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

• Pre-allocated budget

• Lack of historical data

• Insufficient cash flow

• Scope creep

In the procurement process, what step comes after initiating the process?

• Selecting

• Initiating

• Contract writing

• Analyzing

At the beginning of your project, you solicit bids from vendors to select the one that is best for the project. Which procurement document should you prepare to fulfill this task?

• Request for proposal (RFP)

• Scope of work (SoW)

• Non-disclosure agreement (NDA)

• Statement of work (SoW)

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

• Union contract negotiations

• Interaction with state-owned entities

• Sole-supplier sourcing

• Bribery or corruption

To create a well-organized budget, a project manager includes different types of expenses. Which type of budget expense includes costs for day-to-day tasks within a company?

• Operating expenses (OPEX)

• Reserve expenses

• Capital expenses (CAPEX)

• Fixed expenses

At what phase in the procurement process would a project manager decide what supplies and which vendors will be used on the project?

• Controlling

• Selecting

• Investigating

• Assignment

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

• A vague Statement of Work (SoW)

• Last-minute asks from priority stakeholders

• Attainable timeframes and deadlines

• Agreements about the project that aren’t officially documented

A project manager predicts the cost of a project for the upcoming quarter. What is this prediction known as?

• Planned Expense

• Schedule

• Forecast

• Material Expense