$1.$

Question $1$

When creating a budget, a project manager must do which of the following? Select all that apply.

$1$ point

Review and reforecast throughout the project

Understand stakeholder needs

Budget for surprise expenses

Approve budget increases

$2.$

Question $2$

Imagine you create a budget and add it to a spreadsheet. You include the estimated costs for contractors who are working on the project based on the expected number of hours they work. What column should you enter this cost in your spreadsheet?

$1$ point

Minimal cost

Actual cost

Limit cost

Planned cost

$3.$

Question $3$

As a project manager, the project sponsor gives you cost estimates with a set amount of money to spend. What challenge for effective budgeting does this represent?

$1$ point

Pre$-$allocated budget

Lack of historical data

Insufficient cash flow

Scope creep

$4.$

Question $4$

Which of the following are steps in the procurement process? Select all that apply.

$1$ point

Controlling

Analyzing

Contract writing

Initiating

$5.$

Question $5$

At the beginning of your project, you solicit bids from vendors to select the one that is best for the project. Which procurement document should you prepare to fulfill this task?

$1$ point

Scope of work $($SoW$)$

Statement of work $($SoW$)$

Request for proposal $($RFP$)$

Non$-$disclosure agreement $($NDA$)$

$6.$

Question $6$

Which of the following justifies sole$-$supplier sourcing?

$1$ point

The company is cautious about exposing trade secrets$.$

The supplier is easy to work with and offers a discount.

The supplier provided material for the past three projects.

The project sponsor asks to only use one particular supplier.

$7.$

Question $7$

Which of the following do you consider an indirect cost in your budget?

$1$ point

Training

Equipment rental costs

Wages and salaries

Security

$8.$

Question $8$

At what phase in the procurement process would a project manager review a vendor$$s performance and determine if they are meeting milestones?

$1$ point

Selecting

Controlling

Investigating

Completing

$9.$

Question $9$

A vendor contract states that it will be paid upon the completion of a set milestone in the project. What type of contract is this?

$1$ point

Time and materials contract

Completion contract

Milestone contract

Fixed contract

$10.$

Question $10$

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$?$

$1$ point

Dependencies

Milestones

Deliverables

Progressions