A project manager included contingency reserves and management reserves in the total budget of a high-risk project. He also made certain earned value measurement calculations. Which of the following is incorrect?
A. Contingency reserves are not part of the project cost baseline. B. Management reserves are not part of the project cost baseline. C. The project manager needs to get approval before spending management reserve. D. Reserves are usually included in the total budget of a project.
A. Contingency reserves are not part of the project cost baseline.
Emily is worried about her project because many of her tasks are slowly moving and two critical tasks may have the chance of slippage. She conducts a thorough resource analysis and finds out that there are five resources who will be free next week. She would like to use this as an opportunity to assign those resources to finish her tasks early and prevent the project completion date from slipping. This is an example of?
A. Management reserves B. Resource leveling C. Crashing D. Fast tracking
Your project sponsor has asked you to add 30% contingency to your project budget as a hedge against any unforeseen costs that could exceed the currently forecasted expenses, but has not provided any additional detail about why this is required. What do you do?
A. Add 30% to the management reserves. B. Ask the sponsor to elaborate the risks that are behind the request. C. Rebaseline the project budget. D. Add 30% to the total budget.
B. Ask the sponsor to elaborate the risks that are behind the request.