What action should the project manager take first if it is determined that the project needs to go over budget?a.)Stop outsourcing to project vendorsb.)Send an email message to the project stakeholdersc.)Gain approval from the project sponsord.)Discuss the project budget with project team members

Question 2As a project manager, what three things should you do to control costs and reduce changes to the budget? Select all that apply.1 pointManage changes as they’re made.Ensure budget changes are within scope.Request stakeholder approval on additional costs only after they are incurredEstablish a sign-off plan and inform stakeholders of any expense changes that occur.3.Question 3

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

All of the following are the overall steps a project manager follows to manage change on a project, EXCEPT:Identify the change to clarify the scope of the change, determine who is requesting the change, and decide whether to approve, reject, or defer the change request.Implement the change and update the project schedule, budget, and scope as required as well as communicate about the change.Investigate the change to determine impacts, benefits, and the cost.Integrate the change to the schedule and then get stakeholder approval to integrate the cost of change into the budget.

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

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