A project manager predicts the cost of a project for the upcoming quarter. What is this prediction known as? 1 pointPlanned ExpenseMaterial ExpenseScheduleForecast

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

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

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, 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

A(n) budget is based on one predicted amount of sales or other activity measure.