Question $1.$ Select the correct answer for the following questions:

The project's budget should

a$)$ associate resource use with the achievement of organizational goals

b$)$ allow funds to be spent without linkage to achievement

c$)$ not reflect the timing of expenses associated with the use of resources

d$)$ never be changed during project execution

In order to develop a budget, the PM must forecast

a$)$ the resources required

b$)$ when resources will be needed

c$)$ the cost of resources

d$)$ all of the above

A work element whose cost is fully developed would

a$)$ exclude the cost of labor and resources

b$)$ include only the profit and direct costs

c$)$ exclude the cost of special machinery and overheads

d$)$ include direct costs plus overhead and G&A charges

The traditional organizational budget is

a$)$ category$-$oriented

b$)$ project$-$oriented

c$)$ program$-$oriented

d$)$ project$-$oriented or program$-$oriented

$5q,$ costs vary with output.

a$)$ Generaranu

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$q,$

b$)$ Overhead

c$)$ Direct

d$)$ Indirect

$6.$ The $q,$ form of budgeting has the advantage of using individuals closer to the work to provide estmares of resource requirements.

a$)$ top$-$down budgeting

b$)$ work element costing

c$)$ bottom$-$up budgeting

d$)$ iterative budgeting

$7.$ A budget strategy that is based on collecting the judgments and experiences of top and middle managers is referred to as the $$

a$)$ top$-$down budgeting

b$)$ work element costing

c$)$ bottom$-$up budgeting

d$)$ iterative budgeting