Practice Quiz

Projects in Controlled Environments Foundation Practice Test

Category - Foundation

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Which of the following are optional when calculating the budget?

  1. Costs of Project Management activities
  2. Risk Budget
  3. Change Budget
  4. Cost Tolerances
  1. 1, 2
  2. 1, 4
  3. 2, 3
  4. 3, 4
Explanation

Answer: C - A Risk Budget and a Change Budget are both optional.

Key takeaway: Risk Budgets and Change Budgets exist when it is anticipated that there will be requests for change/off-specifications and/or risks that fall outside of the specified tolerances for risk. It is important not to fund either of these actions by utilising surplus tolerances or with a 'suck it and see' mentality. The procedures are there precisely to prevent that sort of scope creep.

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