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1. What is a project budget?
A time-phased plan of project expenditures.
A summary of all the project task cost estimates.
The estimated benefit to the organization once the project is complete.
2. What does each column represent in a project budget spreadsheet?
A spending category – such as travel expenses.
A time period – such as a month.
A cost account center.
3. What is shown on the cumulative project budget summary row on the project spreadsheet?
All planned spending on a project.
A summary of each category of spending, such as personnel costs, travel costs, and purchased items.
The total amount of money planned to be spent on a project up to the designated point in time reflected by the column on the budget.
4. What is best practice method for adding budget reserves to a project budget?
Pad all estimates by adding a percentage to the estimate that is provided by the subject matter expert.
Create a reserve task and assign the reserve budget amount to that task.
Request as much money as you think you can get; anything over the estimates becomes your project reserve.
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