Cost budgeting can be best described by which of the following?1. The process of developing the future trends along with the assessment of probabilities, uncertainties, and inflation thatcould occur during the project2. The process of assembling and predicting costs of a project over its life cycle3. The process of establishing budgets, standards, and a monitoring system by which the investment cost of the projectcan be measured and managed4. The process of gathering, accumulating, analyzing, reporting, and managing the costs on an on-going basis

As a project manager, you determine the cost for items such as software, tools, labor, and equipment. What budgeting term refers to these types of costs?1 pointContingency budgetCost of qualityResource cost ratesReserve analysis

Which of the following describes the Actual budgeting method? Does not include overhead costsConsiders historical budgetsAllows for cost overagesEstimates a value for each project activity

Which of the following statements below regarding the process of developing a project budget is true?The project manager should refer to the responsibility matrix when developing the budget.Overhead costs show the costs of external resources utilized by the project.The project manager may refer to budget estimates from prior projects.Budgeting for effort includes the costs for all non-people resources.

The first step in managing a project is:Group of answer choicesDefining the timeframe of a projectUnderstanding what you are trying to achieve i.e, its purpose.Just starting it - you don't need a plan.Defining the costs of a project

When budgeting a project, you should consider additional expenses such as warranties, supplies, add-ons, and upgrades. Which budgeting term refers to this concept? 1 pointBottom-up approachTotal cost of ownershipTop-down approachBaseline your project