As a project manager setting a budget, you factor in unexpected costs that may arise during the project. What budgeting strategy does this refer to?1 pointSetting a baselineBottom-up approachLeveraging expertsAdding a buffer and reserves

Question 3As 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 pointInsufficient cash flowLack of historical dataPre-allocated budgetScope creep

As a project manager, what does going under budget on a project indicate about your approach to budget management? Select all that apply.1 pointThat you effectively conserved funds and will likely receive larger budgets for future projectsThat you could have spent more on the project to provide extra resourcesThat you accurately estimated the total cost of ownership (TCO) That your initial estimates were inaccurate

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

What budgeting challenge arises when changes or growth cause additional work the project manager hadn’t planned for?1 pointBudget pre-allocationInaccurately accounting for total costsInaccurate budget baselineScope creep

As a project manager, you think about where your budget might exceed estimates and how the project might get off track. Which project planning component are you implementing? 1 pointProject budget planProject scheduleRisk management planRisk reviews