Chapter Quiz: Budget Planning and Forecasting
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Question 1 of 15
1. Question
What is the primary purpose of budget planning in project management?
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Question 2 of 15
2. Question
Which of the following is a technique for estimating project costs?
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Question 3 of 15
3. Question
What does the bottom-up cost estimation approach involve?
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Question 4 of 15
4. Question
What is the main advantage of using the top-down approach for cost estimation?
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Question 5 of 15
5. Question
Which of the following is used to track differences between actual and planned budget costs?
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Question 6 of 15
6. Question
Why is variance analysis important in budget management?
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Question 7 of 15
7. Question
Why is variance analysis important in budget management?
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Question 8 of 15
8. Question
What is earned value management (EVM) used for?
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Question 9 of 15
9. Question
What is a contingency fund in project budgeting?
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Question 10 of 15
10. Question
Why is budget monitoring crucial during the project lifecycle?
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Question 11 of 15
11. Question
Budget planning helps define how project resources are allocated
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Question 12 of 15
12. Question
The bottom-up approach to cost estimation involves estimating costs for the entire project at once.
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Question 13 of 15
13. Question
Earned value management (EVM) is primarily used to track project progress against the timeline
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Question 14 of 15
14. Question
Variance analysis helps identify and correct discrepancies between actual and planned costs
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Question 15 of 15
15. Question
Contingency funds are not necessary if the project has a fixed budget.
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