Cost budgeting can be best described by which of the following? 1. The process of developing the future trends along with the assessment of probabilities, uncertainties, and inflation that could occur during the project 2. The process of assembling and predicting costs of a project over its life cycle 3. The process of establishing budgets, standards, and a monitoring system by which the investment cost of the project can be measured and managed 4. The process of gathering, accumulating, analyzing, reporting, and managing the costs on an on- going basis

Cost budgeting can be best described by which of the following?

1. The process of developing the future trends along with the assessment of probabilities, 

uncertainties, and inflation that 

could occur during the project 

2. The process of assembling and predicting costs of a project over its life cycle 

3. The process of establishing budgets, standards, and a monitoring system by which the 

investment cost of the project can be measured and managed 

4. The process of gathering, accumulating, analyzing, reporting, and managing the costs on an on-

going basis
by

1 Answer

Answer :

3. The process of establishing budgets, standards, and a monitoring system by which the 

investment cost of the project can be measured and managed
by

Related questions

Cost controls can be best described by which of the following? 1. The process of developing the future trends along with the assessment of probabilities, uncertainties, and inflation that could occur during the project 2. The process of assembling and predicting costs of a project over its life cycle 3. The process of assembling and predicting costs of a project over its life cycle 4. The process of gathering, accumulating, analyzing, reporting, and managing the costs on an on-going basis.

Description : Cost controls can be best described by which of the following? 1. The process of developing the future trends along with the assessment of probabilities,  uncertainties, and inflation that  could ... of gathering, accumulating, analyzing, reporting, and managing the costs on  an on-going basis.

Last Answer : 4. The process of gathering, accumulating, analyzing, reporting, and managing the costs on  an on-going basis.

Which one of the following statements best defines teamwork? a. People working collaboratively towards a common goal. b. Developing skills that will enhance project performance. c. Gathering the right people together to work on a project. d. Establishing vision and direction towards a common purpose.

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Last Answer : a. People working collaboratively towards a common goal.

Which one of the following statements best defines teamwork? a. People working collaboratively towards a common goal.b. Developing skills that will enhance project performance. c. Gathering the right people together to work on a project. d. Establishing vision and direction towards a common purpose

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The methods and regulation used to define goals, plan and monitor tasks and resources, identify and resolve issues, and control costs and budgets for a specific project is known as … a. project management. b. Process Management c. Process d. Activities

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What is the most critical aspect in developing a project plan that meets project specifications within the timeframe and at the lowest costs? Select one: a. Assessing risk managemenc. Emphasizing error prevention and customer satisfaction d. Requiring commitment to quality by all the employees and business partners e. Developing a project execution plan that matches the complexity level of the projectt b. Providing documents that specifically comply with the quality standards in use

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Last Answer : e. Developing a project execution plan that matches the complexity level of the project

A Project control system: 1. Monitors and controls the project's schedule, costs, scope, budgets etc 2. Is a mechanism which reacts to the current project status in order to endure accomplishment of project objectives 3. Is only needed on large mega projects 4. Is a system for controlling and executing project documentation in an uniform and timely manner

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Project reporting can best be defined as: a. informing stakeholders about the project. b. storing and archiving of project information. c. gathering stakeholder feedback. d. collecting project information.

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Project reporting can best be defined as: a. informing stakeholders about the project. b. storing and archiving of project information.c. gathering stakeholder feedback. d. collecting project information.

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Which of the following items should not be includedb) Detailed schedules, budgets and resource allocations c) The life cycle model to be used d) The organisational structure of the development organisation, project responsibilities, managerial objectives and priorities e) None of the above. in the project management plan? a) The techniques and case tools to be used

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Determining the policies that are needed for the smooth execution of a project relates to which of the following agenda items of alignment sessions? Select one: a. Developing a common understanding of the project purpose b. Establishing trust among team members c. Engaging stakeholders in dialogue d. Developing role clarification on projects e. Agreeing on the means and methods for accomplishing the purpose

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What are the 5 major processes of project management? A. Closing, Executing, Planning, Monitoring and Controlling, Initiating (Ans.) B. Starting, Closing, Managing, Planning, Executing C. Initiating, Finishing, Monitoring and Controlling, Executing, Planning D. Starting, Finishing, Executing, Managing, Closing

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Project risk management is best described as: a. managing responses to threats. b. identifying and acknowledging threats and opportunities. c. planning responses to threats. d. minimising threats and maximising opportunities.

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Project risk management is best described as: a. managing responses to threats. b. identifying and acknowledging threats and opportunities. c. planning responses to threats. d. minimising threats and maximising opportunities.

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Assembling project team and assigning their responsibilities are done during which phase of a project management? (A) Initiation (B) Planning (C) Execution (D) Closure

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Last Answer : A) Initiation

Ratios indicate trends in important items and this helps in ----------- a) Forecasting b) Reporting c) Analyzing d) Interpreting

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Last Answer : a) Forecasting

Jim Smith, the project manager for a high-profile project, has permitted the users to add additional features to the systems project. The schedule and costs are now running over. This project suffers from poor standards.

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Last Answer : Ans: False

Which of the following is not one of the major steps involved in the marketing research process? A. Defining the problem and research objectives B. Developing the research plan C. Collecting and tabulating data D. Establishing a marketing information system E. Interpreting and reporting the findings.

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The ____ of project closeout the assessment is to document the best practices and lessons learned for use on future projects.

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The phases of a project life cycle are: a. starting, planning, control and closing. b. concept, definition, development, handover and closure. c. initiation, definition, planning, monitoring and operations. d. concept, definition, implementation and operations.

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The phases of a project life cycle are: a. starting, planning, control and closing. b. concept, definition, development, handover and closure. c. initiation, definition, planning, monitoring and operations. d. concept, definition, implementation and operations.

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___ should be made of all cost factors so as to reflect on all relevant investment and operational costs of the project including contingencies.

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One of the reasons a project life cycle is split into phases ic. mirror the major deployments of resources throughout the project. d. chunk work into time periods of similar durations.s to: a. facilitate formal go/no-go decision making during the project. b. balance the costs of work in each phase of project development.

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One of the reasons a project life cycle is split into phases is to: a. facilitate formal go/no-go decision making during the project. b. balance the costs of work in each phase of project development. c. mirror the major deployments of resources throughout the project. d. chunk work into time periods of similar durations.

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Last Answer : a. facilitate formal go/no-go decision making during the project.

Which of the following is true regarding the project scope statement?A. The project scope statement includes a change control system that describes how to make changes to the project scope. B. The project scope further elaborates the Initiating processes and serves as a basis for future project decisions. C. The project scope statement describes how the team will define and develop the work breakdown structure. D. The project scope statement assesses the reliability of the project scope and describes the process for verifying and accepting completed deliverables.

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)Which of the following is NOT one of the primary needs for good project scheduling? 1. Cutting costs and reducing time 2. Decreasing the time required for decision making 3. Eliminating idle time 4. Developing better trouble shooting procedures.

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Which one of the following statements best defines an estimate? a. An approximation of project time and cost targets, refined throughout the project life cycle. b. A prediction of a future condition or event based on information or knowledge available now. c. The value of useful work done at any given point in a project to give a measure of progress. d. A situation that affects or influences the outcome of the project expressed in time or cost terms

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Which one of the following statements best defines an estimate? a. An approximation of project time and cost targets, refined throughout the project life cycle. b. A prediction of a future condition or event based on information or knowledge available now. c. The value of useful work done at any given point in a project to give a measure of progress. d. A situation that affects or influences the outcome of the project expressed in time or cost terms.

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Last Answer : a. An approximation of project time and cost targets, refined throughout the project life  cycle.

Political unrest, budget overruns, size and complexity of the project Answer: B (8)Decision trees are best used for : 1. Determining the interaction of the amount at stake and the expected value 2. Association of the probabilities with the risk events 3. An illustration of how to see the interactions between decisions and the associated events 4. A flow chart which determines the standard deviation of the risk event

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Last Answer : 3. An illustration of how to see the interactions between decisions and the associated events

The main purpose of the Project Management Plan is to: a. provide justification for undertaking the project in terms of evaluating the benefit, cost and risk of alternative options. b. ensure the project sponsor has tight control of the project manager’s activity. c. document the outcomes of the planning process and provide the reference document for managing the project. d. document the outcome of the risk, change and configuration management processes.

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Last Answer : c. document the outcomes of the planning process and provide the reference document for managing the  project.

The main purpose of the Project Management Plan is to: a. provide justification for undertaking the project in terms of evaluating the benefit, cost and risk of alternatd. document the outcome of the risk, change and configuration management processes.ive options. b. ensure the project sponsor has tight control of the project manager’s activity. c. document the outcomes of the planning process and provide the reference document for managing the project.

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Last Answer : c. document the outcomes of the planning process and provide the reference document for  managing the project.

A ltd is a manufacturing company that has no production resource limitations for the foreseeable future. The Managing Director has asked the company mangers to coordinate the preparation of their budgets for the next financial year. In what order should the following budgets be prepared? (1) Sales budget (2) Cash budget (3) Production budget (4) Purchase budget (5) Finished goods inventory budget (a) (2), (3), (4), (5), (1) (b) (1), (5), (3), (4), (2) (c) (1), (4), (5), (3), (2) (d) (4), (5), (3), (1), (2)

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Last Answer : (b) (1), (5), (3), (4), (2)

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Last Answer : d. list the four phases of the SDLC and the steps that occur in each

Marketing management is ________. A. Managing the marketing process B. Monitoring the profitability of the company’s products and services C. Selecting target markets D. Developing marketing strategies to move the company forward E. The art and science of choosing target markets and getting, keeping, and growing customers through creating, delivering, and communicating superior customer value

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Which of the following is the process of assembling program components, data, and libraries, and then compiling and linking these to create an executable system? a) System building b) Release management c) Change management d) Version management

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Last Answer : a) System building

Following is(are) the responsibility(ies) of the project manager. (A) Budgeting and cost control (B) Allocating resources (C) Tracking project expenditure

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Which one of the following best describes a project stakeholder? a. A party who is concerned about the project going ahead. b. A party with an interest or role in the project or is impacted by the project. c. A party who has a vested interest in the outcome of the project. d. A party who has a financial stake in the organization managing the project.

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Last Answer : b. A party with an interest or role in the project or is impacted by the project.

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When a project manager starts to plan a new project budget, the cost of which project management process group is expected to be lowest? Select one: a. Initiating b. Executing c. Monitoring and controlling d. Closing e. Planning

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Which of the following is least likely to be part of the calculation of the terminal- year incremental net cash flow for an energy-related expansion project? A. An initial working capital investment is now returned as an additional cash inflow B. Disposal/reclamation costs C. Capitalized expenditures D. Salvage value of any sold or disposed assets

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Which one of the following is captured in the Work Breakdown Structure (WBS)? a. The life cycle phases. b. The logical order of tasks. c. The scope of the project. d. Project costs.

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Which one of the following is captured in the Work Breakdown Structure (WBS)? A.The life cycle phases B.The logical order of tasks C.The scope of the project D. Project costs

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Which one of the following is captured in the Work Breakdown Structure (WBS)? a. The life cycle phases. b. The logical order of tasks. c. The scope of the project. d. Project costs

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Five dimensions that must be managed on a project (A) Constraint, Quality, Cost, Schedule, Staff (B) Features, Quality, Cost, Schedule, Staff (C) Features, priority, Cost, Schedule, Staff (D) Features, Quality, Cost, Schedule, customer

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