37. What is the first step when completing a reserve analysis?
- Develop a baseline budget
- Review all potential risks to your project
- Categorize different types of costs
- Account for cost of quality
38. At what phase in the procurement process would a project manager decide what supplies and which vendors will be used on the project?
- Investigating
- Selecting
- Controlling
- Assignment
39. Fill in the blank: In project management, the budget is considered a _____—it is a success metric.
- procurement
- dependency
- reserve
- deliverable
40. When creating a budget, a project manager must do which of the following? Select all that apply.
- Review and reforecast throughout the project
- Budget for surprise expenses
- Approve budget increases
- Understand stakeholder needs
41. It’s important to leverage the knowledge of other experts, particularly those who have worked on similar projects. When asking for advice from someone outside of the company, what is critical to do?
- Avoid sharing confidential information
- Request internal documentation from the experts’ projects
- Set a timeline with the colleague
- Ask about their historical projects
42. As a project manager, you research and source for a specific service. You then have to manage that relationship. This is known as what type of procurement?
- Performance management
- Vendor management
- Budget management
- Cost management
43. When assessing ethical versus unethical procurement, what is the first step you should take?
- Use your best judgment and do the required research
- Review contracts with your legal team
- Discuss with a trusted friend
- Reach out to local government officials
44. At what phase in the procurement process would a project manager review a vendor’s performance and determine if they are meeting milestones?
- Completing
- Selecting
- Controlling
- Investigating
45. Which of the following factors can lead to scope creep and negatively affect the budget? Select all that apply.
- Agreements about the project that aren’t officially documented
- Attainable timeframes and deadlines
- Last-minute asks from priority stakeholders
- A vague Statement of Work (SoW)
46. As a project manager, you review your budget and notice one vendor is costing more than anticipated. You shift funds and recalibrate the budget to offset this increased vendor cost. What is the budgeting term for this task?
- Reforecasting
- Reserve analysis
- Setting the baseline
- Cost of quality
47. To create a well-organized budget, a project manager includes different types of expenditures. Which type of budget expense creates a future benefit for a company?
- Historical expenses
- Capital expenses (CAPEX)
- Indirect expenses
- Operating expenses (OPEX)
48. A project manager writes a budget for an upcoming project. They break down the project by important points in the schedule like the completion of a phase. What are these important points known as?
- Progressions
- Deliverables
- Dependencies
- Milestones
