11. Coursera - Google Project Management - Module 3.3

As a project manager, you are about to hire a new vendor; however, there are terms in the contract you are unfamiliar with. Who should you contact to better understand the contract? A member of the legal team Another project manager A subject matter expert (SME) Vendor consultant

A member of the legal team

As a project manager selecting a vendor, you first need to outline the details and requirements of your project in order to solicit bids. Which procurement document helps with this task? A non-disclosure agreement (NDA) A Statement of Work (SOW) A work breakdown structure (WBS) A request for proposal (RFP)

A request for proposal (RFP)

As a project manager, what three things should you do to control costs and reduce changes to the budget? Select all that apply. Request stakeholder approval on additional costs only after they are incurred Manage changes as they're made. Establish a sign-off plan and inform stakeholders of any expense changes that occur. Ensure budget changes are within scope.

Adding a buffer and reserves

When is a good time to review the project budget and identify if you need to make any changes? After you meet a milestone After a retrospective After the initiation phase After speaking with the project sponsor

After you meet a milestone

As a project manager, you're interested in working with vendors in a way that is collaborative and places an emphasis on relationships. What procurement management process should you choose? Agile Historical Flexible Traditional

Agile

Once you sign a contract with a vendor, you audit each task, execute quality control, and approve invoices. These are examples of what project manager duty? Assurance Trust-building Relationship building Mentoring

Assurance

It's important to leverage the knowledge of other experts, particularly those who have worked on similar projects. When asking for advice from someone outside of the company, what is critical to do? Set a timeline with the colleague Ask about their historical projects Avoid sharing confidential information Request internal documentation from the experts' projects

Avoid sharing confidential information

Which of the following strategies should you consider when creating your budget? Select all that apply. Baseline your budget Time-phase your budget Document all costs Disregard historical data

Baseline your budget Time-phase your budget Document all costs

What are some potential ethical risks project managers need to be aware of? Select all that apply. Bribery or corruption Interaction with state owned entities Sole-supplier sourcing

Bribery or corruption Fraudulent checks Interaction with state owned entities Sole-supplier sourcing

At what phase in the procurement process would a project manager determine the success of the procurement process? Determination Completing Finishing Controlling

Completing

As a project manager, you host weekly meetings to periodically review vendor performance and work quality. Which procurement process step does this represent? Selecting Completing Initiating Controlling

Controlling

As a project manager creating a budget, you proactively identify factors that may impact expenses. You then take action to minimize the budgetary impact of these factors. What is this task called? Cost control Bottom-up approach Estimating cost Baselining the budget

Cost control

A project manager predicts the cost of a project for the upcoming quarter. What is this prediction known as? Material Expense Forecast Planned Expense Schedule

Forecast

At what point in the project life cycle does the project manager create the project budget? Closing phase Execution phase Planning phase Initiation phase

Initiation phase

Which of the following should a project manager do to ensure an ethical procurement? Work with government officials as long as they seem trustworthy. Alter vendor contracts based upon what you believe is most ethical for the company. Make sure that various stakeholders adhere to governmental policies and adequate corporate social responsibility. Speak to the press if they inquire about product sourcing methods.

Make sure that various stakeholders adhere to governmental policies and adequate corporate social responsibility.

What is the process of obtaining all the materials, services, and supplies a team needs to complete a project? Procurement Time and materials management Vendor sourcing Vendor management

Procurement

Who creates estimates for the project budget? Project manager Project sponsor Team representative Chief Financial Officer (CFO)

Project manager

As a project manager, you determine the cost for items such as software, tools, labor, and equipment. What budgeting term refers to these types of costs? Resource cost rates Contingency budget Cost of quality Reserve analysis

Resource cost rates

Imagine you are in charge of the budget for a project. You understand the stakeholder needs and have budgeted for surprise expenses. Which of the following is a budgeting task you need to do over the course of the project? Cancel planned expenses Rebudget and restart Review and reforecast Procure additional funding

Review and reforecast

Which activity ensures ethical procurement in the initiating phase of a project? Audit each task and cost Execute quality control Focus on the day-to-day relationships with vendors Review government regulations and policies

Review government regulations and policies

What budgeting challenge arises when changes or growth cause additional work the project manager hadn't planned for? Inaccurately accounting for total costs Budget pre-allocation Scope creep Inaccurate budget baseline

Scope creep

Which of the following do you consider an indirect cost in your budget? Wages and salaries Equipment rental costs Training Security

Security

In the procurement process, what step comes after initiating the process? Contract writing Selecting Analyzing Initiating

Selecting

Which three of the following items are examples of direct costs for your project? Staff training Utilities Materials costs General office equipment Wages and salaries of employees and contractors

Staff training Materials costs Wages and salaries of employees and contractors

What should a project manager account for when project budgeting? Select all that apply. Stakeholder needs Surprise expenses Reforecasting throughout the project Competitor prices

Stakeholder needs Surprise expenses Reforecasting throughout the project

As a project manager creating a statement of work (SOW), who do you ask for input and technical knowledge? Key stakeholders Subject matter expert (SME) Vendors Project sponsor

Subject matter expert (SME)

As a project manager, what does going under budget on a project indicate about your approach to budget management? Select all that apply. That you effectively conserved funds and will likely receive larger budgets for future projects That you could have spent more on the project to provide extra resources That you accurately estimated the total cost of ownership (TCO) That your initial estimates were inaccurate

That your initial estimates were inaccurate

Jerome, a program manager at a small, five-person nonprofit company, is responsible for developing a financial literacy program for middle schools. While he has a lot of expertise in financial literacy, he realizes that he needs to find an educator to partner with to help him develop the curriculum. Which of the following is the best option for Jerome to locate an external resource? The nonprofit does not have any educators, so Jerome needs to look outside the nonprofit. By looking outside of the nonprofit, he will find someone with the skill set he needs to help create the program materials and educational course. The nonprofit does not have any educators, so he will need to hire one. He puts up a job posting to hire a new staff member. The nonprofit does not have any educators, so he finds a college student who is studying childhood education and gives them an internship to help create the curriculum.

The nonprofit does not have any educators, so Jerome needs to look outside the nonprofit. By looking outside of the nonprofit, he will find someone with the skill set he needs to help create the program materials and educational course.

What does a statement of work (SoW) describe? The products and services a vendor or contractor will provide for the organization The requirements of an organization's project to be passed on to vendors The agreement among parties that confidential information stays within an organization

The products and services a vendor or contractor will provide for the organization

What does the bottom-up approach entail? Establish the main objectives of a project and keep them within a reasonable framework to ensure the project makes financial sense. Think about all the parts of a project from the beginning to the end that have an associated cost, and add all of that together. Gather insights from experts who worked on a similar project in the past and use their knowledge as a resource. Review past projects that are similar to the current project to get an idea of what the project could involve.

Think about all the parts of a project from the beginning to the end that have an associated cost, and add all of that together.

When budgeting a project, you should consider additional expenses such as warranties, supplies, add-ons, and upgrades. Which budgeting term refers to this concept? Top-down approach Total cost of ownership Bottom-up approach Baseline your project

Total cost of ownership

Fill in the blank: Creating a _____ establishes a cost estimate for your project budget and ensures that you calculate the correct expenses for a set period of time. forecast contingency budget reserve analysis cost of quality

forecast