5

What is the difference between cost estimating and determining the budget?

A

The project manager is only responsible for estimating, not budgeting.

B

Budgeting does not reflect historical models, but estimating does.

C

Estimating approximates expected costs while budgeting focuses on the timing of expenditures.

D

Estimating includes all phases of a project, whereas budgeting concerns only the execution of project work.

6

The make vs. buy decision is part of which procurement process?

A

Procurement Management Plan

B

Conduct Procurements

C

Select Seller

D

Plan Procurement Management

7

When determining a project stakeholder’s "stake," you have determined that they are most concerned how things will run once the project is over. This falls into the category of:

A

Legal rights

B

Ownership

C

Decisions

D

Support and operations

8

According to the PMBOK®, which Project Management Office (PMO) has the highest amount of control over project work?

A

Managing

B

Supportive

C

Controlling

D

Directive