Project Planning: Putting It All Together Quiz Answers Week 3

 

Greetings!! Today, we'll publish the complete week's worth of quiz answers from Coursera's Project Planning: Putting It All Together course. This is the third of six courses that will provide you the knowledge and abilities you need to apply for entry-level project management positions. Project managers play a key role in planning, implementing, and leading critical projects to help their organizations succeed.

Project Management Scope   

Project management is a versatile field that encompasses a wide range of industries and job titles. Here are some of the most common positions related to project management and their probable earnings:

• Project Coordinator: A project coordinator is responsible for assisting the project manager in planning, organizing, and executing projects. The average salary for a project coordinator is around $55,000 to $65,000 per year.
• Project Manager: A project manager is responsible for leading and managing projects from start to finish. They oversee project timelines, budgets, resources, and team members. The average salary for a project manager is around $75,000 to $120,000 per year, depending on the industry, location, and level of experience.
• Program Manager: A program manager is responsible for overseeing multiple related projects and ensuring that they align with the organization's strategic objectives. The average salary for a program manager is around $110,000 to $150,000 per year.
• Portfolio Manager: A portfolio manager is responsible for managing a group of programs and projects and ensuring that they align with the organization's overall strategic goals. The average salary for a portfolio manager is around $130,000 to $170,000 per year.
• Director of Project Management: A director of project management is responsible for overseeing all aspects of the project management function within an organization, including project and program management, resource allocation, risk management, and stakeholder engagement. The average salary for a director of project management is around $150,000 to $200,000 per year.
• Chief Project Officer: A chief project officer is the highest-ranking project management executive within an organization and is responsible for developing and executing the organization's project management strategy. The average salary for a chief project officer is around $200,000 to $300,000 per year.

It's important to note that these salaries are estimates and can vary based on factors such as industry, company size, location, and level of experience.

About the Course:

This is the third course in the Google Project Management Certificate program. This course will explore how to map out a project in the second phase of the project life cycle that's the project planning phase. You will look at the essential elements of a project plan, as well as how to establish precise time estimates and define milestones. The preparation and management of a budget as well as the management of the procurement processes will be covered later. Then, you will learn how to utilise a risk management plan to communicate and address risks, as well as tools that will help you in identifying and managing various types of risk. Last but not least, you'll look at how to create and maintain a communication strategy, as well as how to arrange project documents. You will continue to get instruction and practical methods for doing these tasks from current Google project managers as they demonstrate the most effective project management tools and resources for the work at hand.

What will you learn:

• Define the phases of the project planning process and their components
• Determine the appropriate tools and procedures for creating a project plan and risk management strategy
• Describe the process of estimating, monitoring, and maintaining a budget
• Create a communication strategy and describe how to implement it

Project Planning: Putting It All Together Weekly Challenge 3

Question 1)

When creating a budget, a project manager must do which of the following? Select all that apply.

• Budget for surprise expenses
• Review and reforecast throughout the project
• Understand stakeholder needs
• Approve budget increases

 

Question 2)

As a project manager creating a budget, you’re thinking about all the parts of a project from beginning to end—making a list of every material, resource, and contract worker. What do you call this type of budgeting?

• Bottom-up approach
• Buffers and reserves
• Top-down approach
• Contingency

 

Question 3)

Which scenario is an example of proactive budget management?

• While planning your project budget, you gather historical data and consult with industry experts. You consider fixed costs, add relevant line items, and set aside a 5% reserve for unexpected costs.
• You’re reviewing your budget and realize that it took much longer than you anticipated for a subject matter expert to complete a task. The labor cost associated with this task is now well over budget. You must now request a budget increase to cover the cost of the labor.
• While planning your project budget, you decide that you don’t need to add buffers for unexpected costs. Since you’ve completed several projects like this one in the past and have always come in under budget, you feel you don’t need to plan for any extra cost.
• During your project, the market experiences a shortage of a resource that’s crucial for your project’s success. Because of the shortage, the price of this resource increases. This is something you did not expect, nor plan for, and must now figure out how you can afford to complete your project.

 

Question 4)

Which of the following are steps in the procurement process? Select all that apply.

• Contract writing
• Controlling
• Initiating
• Analyzing

  

Question 5)

Which section of the statement of work (SoW) includes details about what the service entails and may include major project activities?

• Scope
• Purpose
• Target audience
• Schedule overview

 

 

Question 6)

“Honesty, responsibility, respect, and fairness are the values . . .” begins what type of saying of the Project Management Institute that serves as a guide to how they do procurement and other business?

• code of ethics
• slogan
• requirements
• motto

  

Question 7)

To create a well-organized budget, a project manager includes different types of expenses. Which type of budget expense includes costs for day-to-day tasks within a company?

• Operating expenses (OPEX)
• Fixed expenses
• Reserve expenses
• Capital expenses (CAPEX)

  

Question 8)

At what phase in the procurement process would a project manager review a vendor’s performance and determine if they are meeting milestones?

• Controlling
• Investigating
• Completing
• Selecting

  

Question 9)

Which of the following accurately describes total cost of ownership (TCO)?

• TCO factors in expenses associated with a product or service over its lifetime.
• TCO only factors in upfront expenses associated with a product or service.
• TCO is the dollar amount used to measure if a project is on track or not.
• TCO is the additional room in the budget for unexpected costs.

  

Question 10)

Which of the following statements is typically true regarding budgeting?

• It’s important to not go over or under budget.
• It’s recommended to go either over or under budget.
• It’s important to not go under budget, but it’s recommended to go over budget.
• It’s important to not go over budget, but it’s recommended to go under budget.

 

 

Extra Questions

 

Question 11)

Which scenario is an example of planned cost versus actual cost?

• When planning your project budget, you document the planned cost of labor. To do this, you use the estimated number of hours your team needs to complete the project. As your project progresses, you document the total hours your team works to determine the total cost of labor for your project. This number may be different from your original cost of labor.
• When planning your project budget, you notice that you need to advertise several job positions. The cost to post the job descriptions to several online job boards is $300.
• When planning your project budget, you need to factor in unexpected costs that may occur. You decide to reserve 5% of your overall budget as a buffer.
• When planning your project budget, you gather historical data on costs of materials, resources, and labor to determine how much each will cost. Once you begin procuring these items, you don’t update the actual cost.

 

Question 12)

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
• Baselining the budget
• Estimating cost
• Bottom-up approach

  

Question 13)

As a project manager, you research and source for a specific service. You then have to manage that relationship. This is known as what type of procurement?

• Vendor management
• Performance management
• Cost management
• Budget management

 

Question 14)

A document that keeps confidential information within the organization is known as what?

• Non-disclosure agreement (NDA)
• Statement of work (SoW)
• Scope of work (SoW)
• Request for proposal (RFP)

  

Question 15)

To create a well-organized budget, a project manager includes different types of expenditures. Which type of budget expense creates a future benefit for a company?

• Capital expenses (CAPEX)
• Indirect expenses
• Operating expenses (OPEX)
• Historical expenses

  

Question 16)

At what phase in the procurement process would a project manager define project resources and make the case for obtaining them?

• Initiating
• Completing
• Selecting
• Controlling

  

Question 17)

Which of the following factors can lead to scope creep and negatively affect the budget? Select all that apply.

• A vague Statement of Work (SoW)
• Last-minute asks from priority stakeholders
• Agreements about the project that aren’t officially documented
• Attainable timeframes and deadlines

Conclusion

 

With any luck, this post will help you quickly and easily uncover Week 3 assessment answers for Coursera's Project Planning: Putting It All Together Quiz. If this article has been helpful to you in any way, please let your friends and family know on social media about this wonderful training. Be patient with us as we release a tonne more free courses along with the exam/quiz solutions, and keep checking our QueHelp Blog for updates.