Self-Assessment Quiz-WebQuest “Developing a Successful Project Budget”

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Please complete the self-assessment quiz that follows in order to test the knowledge gained through the WebQuest entitled “Developing a Successful Project Budget”.

Q1. A project budget is a tool used by project managers to estimate the total cost of a project. *

False

True

Q2. Why a project budget is important? *

a) It allows a project manager to manage the project’s cost effectively

b) It allows the project manager to determine how much the project is likely to cost.

c) It is what drives project funding

d) All the above

Q3. Financial Literacy is the ability to use basic economic concepts to make decisions about earning, saving, spending, and sharing money. *

True

False

Q4. In order to develop a project budget, you need to take into consideration only the cost categories: indirect costs and direct costs. *

True

False

Q5. Analogous Estimating uses the weighted average of three estimates -- best-case, most likely case and worst case -- to gain a greater degree of control over how the value of a task or activity is calculated. *

True

False

Check the correct answers in the next section!

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