Fill in the blank: A project manager needs to alter their budget after making changes to the project schedule and costs. This is necessary in order to _____.1 pointre-baseline the budget to track project progress of costsre-baseline the budget to track project progress of tasksbaseline the budget to track project progress of reservesbaseline the budget to track project progress of costs
Question
Fill in the blank: A project manager needs to alter their budget after making changes to the project schedule and costs. This is necessary in order to _____.1 pointre-baseline the budget to track project progress of costsre-baseline the budget to track project progress of tasksbaseline the budget to track project progress of reservesbaseline the budget to track project progress of costs
Solution
The correct answer is: "re-baseline the budget to track project progress of costs".
When a project manager makes changes to the project schedule and costs, they need to re-baseline their budget. This is necessary to accurately track the project's progress in terms of costs. The term "re-baseline" refers to the process of setting a new baseline for the project's budget after changes have been made. This new baseline will then be used as a reference point for tracking and controlling project costs.
Similar Questions
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
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
The cost baseline is developed during which process?Develop scheduleDetermine budgetEstimate costsMonitor & control project work
Which of the following is critical for the final step of creating your budget baseline?Multiple choice question.Define work (what).Identify a time-phased budget to complete a work package (cost).Identify a single person responsible for units of work (who).Identify time to complete a work package (how long).Identify monitoring points for measuring progress (how well).Identify resources needed to complete a work package (how much).
Which of the following is not a method of creating a project budget?Top-down budgetingComparison budgetingActual budgetingRoll-up budgeting
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