Planning the Project Schedule and Budget

Which advantage of the Historical Comparison Method helps in saving time?

• Reliable

• Time saving

• Useful for benchmarking

• Reflects current market conditions

Which approach offers a baseline for refinement?

• Top-Down Estimating

• Bottom-Up Approach

• Both

• Neither

Which approach is described as cost-effective?

• Top-Down Estimating

• Bottom-Up Approach

• Both

• Neither

What is needed for desired accuracy in budget development?

• Precision

• Speed

• Creativity

• Flexibility

What role do historical records play in budget development?

• They provide benchmarks.

• They predict future trends.

• They determine team roles.

• They set marketing goals.

What is a benefit of combining methods in budget development?

• Enhanced accuracy and flexibility

• Reduced project timelines

• Increased employee morale

• Lowered material costs

Which factor is directly related to the precision needed in budget development?

• Desired accuracy

• Team collaboration

• Market analysis

• Cost reduction

What is the main theme of the document?

• Choosing the Right Budget Development Method

• Improving Team Dynamics

• Enhancing Marketing Strategies

• Reducing Operational Costs

What is the impact of procurement on a budget?

• It increases the timeline of a project.

• It affects the cost and quality of resources.

• It reduces the need for external vendors.

• It eliminates the need for contracts.

Why is procurement important in budget development?

• It reduces the need for contracts.

• It impacts the budget through cost and quality of resources.

• It eliminates the need for vendors.

• It increases project timelines.