The importance of Budget Setting

A project budget is the estimated monetary resources needed to achieve the project's ________ and _________.

• objectives, deadlines

• goals, objectives

When reviewing a project budget, you need to consider all of the potential and projected costs needed to complete the project.

• True

• False

You break the budget down by ________, which are important points within the project schedule that indicate progress and usually signifies the completion of a deliverable or phase of the project, and list activities and tasks alongside their associated costs.

• milestones

• tasks

____________ are important points within the project schedule that indicate progress and usually signifies the completion of a deliverable or phase of the project, and list activities and tasks alongside their associated costs.

• Timelines

• Milestones

Breaking the budget down by milestones, ensures that you calculate the correct expenses for a particular period of time.

• True

• False

Calculating the correct expenses for a particular period of time is considered a __________, which is a cost estimate or a prediction over a period of time.

• forecast

• budget

Budgets usually contain items such as labor, operating costs, and costs associated with obtaining necessary _______like hardware, software, or equipment.

• materials

• resources

The importance of a project budget focuses on more than just saving money. In project management, a budget is considered a deliverable. It is a success metric. The project budget is a tool to ________exactly what is needed and when it is needed with stakeholders.

• communicate

• demonstrate

Project metrics are the crucial measures that help you evaluate project _______. As a successful project manager, you should always track your team’s progress and guide their efforts toward achieving your high-priority goals, projects, and initiatives.

• performance

• timelines

The importance of a project budget focuses on more than just saving money.

• True

• False