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Free Practice Quiz Question List

4 Project Resources and Budgeting Online Quiz Questions

Use this free practice quiz with 20 questions to review 4 Project Resources and Budgeting, test your knowledge, and prepare for your next test or exam.

20 questions
01
Written response
1 point

In the example, a $28,000\$28{,}000 estimate receives a $2,800\$2{,}800 contingency reserve and a further authorized $2,000\$2{,}000 management reserve. What is the total authorized budget?

02
True or false
1 point

True or false: A project cost estimate should be based on the planned work and supporting assumptions, rather than simply on how much money is available.

  1. A

    True

  2. B

    False

03
Choose one
1 point

A project team wants to clarify who performs, approves, advises on, or receives information about each work item. Which planning tool should it use?

  1. A

    A resource calendar records staff and equipment availability.

  2. B

    A responsibility matrix clarifies who performs, approves, advises on, or receives information about work.

  3. C

    A cost estimate forecasts the likely cost of the planned work.

  4. D

    A funding profile shows when project funds are expected to be available.

04
Choose one
1 point

A team has limited detail about a new project but has reliable cost data from a similar completed project. Which estimating method best fits this situation?

  1. A

    Add estimates for individual activities or work packages.

  2. B

    Use the cost of a similar completed project and adjust for differences.

  3. C

    Apply a cost rate to a measurable quantity, such as installed units.

  4. D

    Combine optimistic, most likely, and pessimistic estimates using a weighted formula.

05
Written response
1 point

A project team estimates installation costs by multiplying the number of units by a cost per installed unit. What estimating method is it using?

06
Choose one
1 point

While reviewing an estimate, a project manager finds a vendor service cost included in a work package and repeated as a separate line. What is the best correction?

  1. A

    Count the vendor service both within the work package and again as a separate cost.

  2. B

    Leave overhead out even when it applies to the project.

  3. C

    Include applicable direct and indirect costs using consistent rates, and remove any duplicate cost.

  4. D

    Add an automatic reserve percentage to every estimate, regardless of risk.

07
Choose one
1 point

A project has an approved cost estimate, but its funding is released in stages. How should the team develop a budget that helps ensure funds are available when needed?

  1. A

    Allocate the whole approved budget to the first period so all funds are immediately recorded.

  2. B

    Assign costs to the activities and periods when they are expected, then check the schedule and funding profile together.

  3. C

    Wait until project completion to decide when funding is needed.

  4. D

    Set funding periods without reference to the project schedule.

08
Written response
1 point

A three-point estimate has an optimistic cost of $6,000\$6{,}000, a most likely cost of $9,000\$9{,}000, and a pessimistic cost of $12,000\$12{,}000. Using the weighted estimate O+4M+P6\frac{O+4M+P}{6}, what is the estimated cost in dollars?

09
Fill in the blank
1 point

To update the forecast of total cost at completion, combine actual costs with the expected cost of .

10
Choose all
1 point

A project manager is reviewing budget performance during execution. Which actions are consistent with sound budget management? Select all that apply.

  1. A

    Compare actual spending and work completed against the plan at regular intervals.

  2. B

    Change the cost baseline as soon as any difference appears, without approval.

  3. C

    Explain material differences, such as extra labor or late procurement.

  4. D

    Obtain authorization before changing the approved baseline.

11
Choose one
1 point

One specialist is scheduled for two critical tasks at the same time, and the resource plan shows no additional specialist is available. Which response directly addresses the conflict by changing when the work occurs?

  1. A

    Keep both tasks scheduled at the same time and assume the specialist can do both.

  2. B

    Adjust the sequence or timing of tasks to reduce the conflict.

  3. C

    Remove the resource availability assumptions from the plan.

  4. D

    Treat the schedule as unchanged even if the specialist is unavailable.

12
Choose one
1 point

A project manager is beginning to identify staffing and equipment needs for a set of deliverables. Which project planning element is the most useful starting point for identifying the activities that require resources?

  1. A

    The total funding available for the project

  2. B

    The project’s work breakdown structure

  3. C

    A list of staff holidays

  4. D

    The amount of reserve already approved

13
Choose one
1 point

A team needs to check whether a specialist and a piece of equipment will be available during a planned activity. Which planning tool is designed to record this availability?

  1. A

    A cost estimate

  2. B

    A work breakdown structure

  3. C

    A resource calendar

  4. D

    A cost baseline

14
Choose one
1 point

A project team has detailed plans for its work packages. It estimates the cost of each package separately and then adds those amounts to produce a project estimate. Which estimating method is the team using?

  1. A

    Bottom-up estimating

  2. B

    Analogous estimating

  3. C

    Parametric estimating

  4. D

    Three-point estimating

15
Choose all
1 point

Select all items that are appropriate to record in a resource calendar.

  1. A

    Staff assignments

  2. B

    Equipment reservations

  3. C

    Holidays

  4. D

    Supplier lead times

  5. E

    The project’s cost estimate

  6. F

    Actual spending totals

16
True or false
1 point

True or false: A cost estimate and a budget are interchangeable terms for the same project-management document.

  1. A

    True

  2. B

    False

17
True or false
1 point

True or false: Planning project resources separately from the project’s scope and schedule can overlook effects that resource changes may have on cost and timing.

  1. A

    True

  2. B

    False

18
Written response
1 point

What project-planning tool records information such as staff assignments, equipment reservations, holidays, and supplier lead times? Enter the tool name.

19
Fill in the blank
1 point

In the budgeting example, the project receives an amount specifically for identified uncertainties. This is described as a .

20
Open ended
1 point

A project team is preparing to carry out a new work package. Describe the information the team should determine about its resource needs before committing to the work, including how it should check whether resources will be available when required.