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- 1. Multiple Choice
What is the purpose of budgeting in the planning process?
To forecast resource requirements for the project
To measure the difference between actual and planned resource use
To determine the project's action plan
To gather data for cost estimation
- 2. Multiple Choice
What are some considerations in developing a project budget? (multiple answers)
Project objectives and target market analysis
Forecasting resource requirements and cost estimation
Task dependencies and resource allocation
Top-down and bottom-up budgeting strategies
- 3. Multiple Choice
In resource allocation, what does the term 'critical path' refer to?
The most challenging tasks in the project
A sequence of tasks determining the project's minimum duration
The least important tasks in the project
Task dependencies within the project
- 4. Multiple Choice
What is the benefit of using iterative budgeting in an organization?
It allows for more accurate and realistic budgets
It reduces the workload of senior management in the budgeting process
It allows individual departments to set their own budgets without oversight
It eliminates the need for communication between senior management and individual departments.
- 5. Multiple Choice
What is crunching or crashing in project management?
A method to allocate resources effectively
A technique to expedite a project's completion
A strategy to manage task dependencies
A process to develop a project budget
- 6. Multiple Choice
What are some considerations in developing a project budget?
Project objectives and target market analysis
Forecasting resource requirements and cost estimation
Task dependencies and resource allocation
Top-down and bottom-up budgeting strategies
- 7. Multiple Choice
What are the different cost categories in budgeting?
Direct (or Variable) Cost, General & Administrative Cost (G&A), and Indirect (or Fixed) Cost
Project objectives, task dependencies, and resource allocation
Top-down and bottom-up budgeting strategies
Category budgeting and program budgeting
- 8. Multiple Choice
What is the purpose of resource leveling?
To increase hands-on management in resource allocation
To use just-in-time inventory for resource allocation
To even out peaks and valleys of resource requirements
To create more personnel problems in project management
- 9. Multiple Choice
Which factor is crucial to consider during resource allocation to ensure project success?
Project documentation
Team preferences
Stakeholder communication
Project priorities and goals
- 10. Multiple Choice
What is the purpose of budgeting in the planning process?
To forecast resource requirements for the project
To measure the difference between actual and planned resource use
To determine the project's action plan
To gather data for cost estimation
- 11. Multiple Choice
What is a potential challenge of poor resource allocation in project management?
Improved team collaboration
Increased project efficiency
Project delays and cost overruns
Simplified project scheduling
- 12. Open Ended
Differentiate between Top-down and Bottom-up approach of budgeting.
- 13. Open Ended
Write a note on Program/Activity Budgeting.
- 14. Multiple Choice
What is the main objective of crashing a project?
To optimize the use of physical resources
To minimize waste in the manufacturing process
To bring the project back on track and reduce project duration
To increase the overall efficiency of the project team
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