25. Which activity ensures ethical procurement in the initiating phase of a project?
- Execute quality control
- Audit each task and cost
- Review government regulations and policies
- Focus on the day-to-day relationships with vendors
26. 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)
- Capital expenses (CAPEX)
- Reserve expenses
- Fixed expenses
27. At what phase in the procurement process would a project manager determine the success of the procurement process?
- Controlling
- Finishing
- Completing
- Determination
28. As a project manager creating a budget, you’re thinking about all the parts of a project from beginning to end—making a list of every material, resource, and contract worker. What do you call this type of budgeting?
- Contingency
- Bottom-up approach
- Buffers and reserves
- Top-down approach
29. A document that keeps confidential information within the organization is known as what?
- Statement of work (SoW)
- Non-disclosure agreement (NDA)
- Scope of work (SoW)
- Request for proposal (RFP)
30. “Honesty, responsibility, respect, and fairness are the values…” begins what type of saying of the Project Management Institute that serves as a guide to how they do procurement and other business?
- Requirements
- Slogan
- Code of ethics
- Motto
31. At what phase in the procurement process would a project manager make payments, set up logistics, and ensure service agreements are being met?
- Selecting
- Initiating
- Controlling
Completing
32. Time and materials contracts are usually paid monthly, based on hours worked. What is a fixed contract?
- A contract paid when certain milestones are reached
- A contract paid to a specific vendor
- A contract paid for a certain amount of time
- A contract paid internally to team members
33. Which of the following statements is typically true regarding budgeting?
- It’s important to not go over or under budget.
- It’s recommended to go either over or under budget.
- It’s important to not go over budget, but it’s recommended to go under budget.
- It’s important to not go under budget, but it’s recommended to go over budget.
34. A project manager creates a budget. They determine the amount of buffer funds the project likely needs for completion. What is this budget component?
- Expected estimation
- Reserve analysis
- Risk funding
- Surprise expense
Shuffle Q/A 3
35. Imagine you are working on a project. It progresses as expected, but you would like to assess the budget to identify whether any budget items need to be revisited. When should you take this budgeting action?
- Project completion
- Project flow meeting
- Any project pause
- A project milestone
36. As a project manager, you’re seeking a procurement approach that outlines clear workstreams, hard deadlines, and financially protects your project against unforeseen circumstances. Which procurement approach should you choose?
- Traditional
- Protectionist
- Agile
- Robust
