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

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 are the basic elements that make up a project plan?1 pointTime estimation, effort estimation, buffer, and sub-tasksTasks, milestones, people, documentation, and timeInitiation, planning, managing, and executionStakeholder information, project proposal, tools, and resources

When developing the project budget, it is useful to refer to the project schedule.What information does the project schedule provide?Documentation of costs related to similar deliverablesA helpful reminder of planned project outcomesA list of identified requirements for deliverablesEffort estimates for completing deliverables

As a project manager, you determine the budget, people, and material that you will need for an upcoming project. Which project initiation component are you trying to determine?1 pointSuccess criteriaResourcesGoalsProject charter

Before you start a project, what are the three constraints you need to understand?Select an answer:cost, quality, and timeresources, cost, and timecustomer, budget, and time