Assessment Questions - Managing Budgets and Business Cases

Which of the following is a key step in managing a budget in a TD department?

• Ignoring expenses

• Tracking and monitoring expenditures

• Avoiding budget reviews

• Overestimating income

A strategic plan for a TD initiative should include:

• Goals and objectives

• Budget and resources

• Timeline and milestones

• All of the above

Financial data can be used to support a business case for a TD project by:

• Demonstrating potential cost savings and return on investment

• Highlighting employee satisfaction

• Focusing only on qualitative benefits

• Ignoring budget constraints

The structure and purpose of a business case are:

• To outline the justification, benefits, costs, and risks of a proposed project or investment.

• To describe the daily operations of a business.

• To provide a list of company employees.

• To summarize the annual financial report.

Cost-benefit analysis plays what role in creating a business case?

• It helps evaluate the financial viability of a project.

• It determines the marketing strategy.

• It sets the project timeline.

• It assigns team members.

The manager should include which elements in the business case to justify the initiative?

• Objectives, costs, benefits, risks, and timeline

• Only the project timeline

• Employee satisfaction surveys

• Marketing strategies only

Which of the following is an effective plan to improve budget management and align spending with strategic goals when a department's annual budget has consistently exceeded projections?

• Increase discretionary spending to boost morale.

• Implement regular budget reviews and align expenditures with strategic priorities.

• Ignore budget overruns and focus on revenue generation.

• Reduce all departmental activities regardless of strategic importance.