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Question

If a project budget is over funded, it will often __________.
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Identify the statement that is not correct regarding a project budget.
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Test 2 Chap 7

QuestionAnswer
If a project budget is over funded, it will often __________. produce waste and encourage slack management
Identify the statement that is not correct regarding a project budget. The budget is not an expression of organizational policy
In order to develop a budget, the PM must forecast __________. All of the above (the resources required, when resources will be needed, the cost of resources)
The traditional organizational budget is __________. category-oriented
The authors identify __________ estimation errors as the two types of generic estimation errors. random and systematic
The pattern of deviations in cost and usage used for exception reporting to management is called __________. variances
__________ costs vary with output. Direct
Unless the project manager is familiar with the firm’s __________ it will be very difficult to exercise budget control. accounting system
The __________ form of budgeting has the advantage of using individuals closer to the work to provide estimates of resource requirements. bottom-up budgeting
A possible reason for the poor record of project cost overruns is __________. all of the above (scope creep, optimistic estimates, unaware of some costs)
Created by: bmarietto
 

 



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