Cost Planning Quiz_Day2

What is the main objective of cost planning in project management?

• To reduce the quality of project components

• To ignore resource allocation

• To ensure the project is completed within the allocated budget

• To increase the project timeline

What is the role of cost planning in project success?

• Stakeholder Discontent

• Quality Compromises

• Resource Wasting

• Decision-Making

What does budgeting involve in cost planning?

• Estimating and allocating funds for different project activities

• Ignoring financial aspects of the project

• Avoiding variance analysis

• Not tracking expenses

Why is risk management important in cost planning?

• To ignore cost overruns

• To identify potential cost-related risks and develop strategies to mitigate them

• To avoid corrective actions

• To increase project delays

What is the purpose of conducting a feasibility study?

• To ignore project outcomes

• To avoid stakeholder communication

• To increase project costs

• To determine the difficulty in carrying out a designated task

What does economic feasibility assess in a feasibility study?

• The financial viability of the project

• The market demand for the project

• The legal and regulatory compliance of the project

• The technical feasibility of the project

What is the significance of environmental factors in feasibility studies?

• Not considering zoning regulations

• Avoiding regulatory factors

• Ignoring the project's impact on the environment

• Assessing the project's potential impact on air quality, water quality, ecosystems, wildlife, and visual aesthetics

Why is compliance with legal and regulatory requirements crucial in feasibility study planning?

• To avoid resource optimization

• To ensure that construction projects meet environmental and regulatory standards

• To increase project delays

• To ignore stakeholder alignment

What is the purpose of mitigation measures in feasibility studies?

• To avoid environmental impact assessments

• To minimise or completely avoid adverse environmental impacts of a development project

• To increase adverse effects on the environment

• To ignore community engagement

What should an Environmental Impact Assessment (EIA) report include?

• A Non-Technical Summary (NTS) setting out the main findings of the EIA Report in plain English

• Technical discussion and terminology

• Biased information advocating the project

• Avoiding a complete document