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Budgeting & Project Management > EXAM TERM 1 > Flashcards

EXAM TERM 1 Flashcards

1
Q

Budgeting consists of 3 main activities, what are they?

A

PLAFON
PLanning, FOrecasting, moNitoring

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2
Q

What are the 3 questions to deal with budgeting?

A
  1. Why? Your goal
  2. What activities are needed?
  3. How? Financial/budgeting plan
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3
Q

Choose the correct answers to estimate expenses:
a. Do marketing plan
b. Research
c. Compare with previous activities
d. Use specialists
e. Look at costs of a similar project

A

B, C, D, E

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4
Q

Below is NOT the way to estimate revenues/profit:
a. Use sales targets
b. Compare to different projects
c. Use a specific format

A

b

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5
Q

Starting with the money that is available for the project and divide this to the activities you planned is called?
a. Bottom-Up
b. Top-Down

A

B. Top Down

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6
Q

What are five monitoring aspects for a project?

A

Time, Money, Quality, Information, Organisation

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7
Q

The overview of a business’s assets and liabilities (the capital) at a certain point in time is called?

A

Balance Sheet

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8
Q

What is a different name of PROFIT & LOSS statement?

A

Statement of operating income & expenses

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9
Q

The turning point at which loss turns into profit is known as?

A

break-even point/sales

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10
Q

The temporary collaboration of a group of people from various fields of expertise with the aim of reaching a predetermined result with budget & time frame is called?

A

Project

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11
Q

Everyone rowing in the same direction from project members into project team is called?

A

Team building

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12
Q

Competence combines 4 aspects, what are they?

A

Knowledge, Skills, Behaviour, Attitude

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13
Q

In belbin teams role, there are 3 categories. What are they?

A

Thinking, Action, and People

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14
Q

Which of these elements are included in ‘Action’ inside belbin role?
a. Shaper
b.Monitor Evaluator
c. Resource Investigator
d. Coordinator
e. Completer Finisher
f. Plant
g. Implementer
h. Team Worker
i. Specialist

A

A, E, G,

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15
Q

Which of these elements are included in ‘People’ inside belbin role?
a. Shaper
b.Monitor Evaluator
c. Resource Investigator
d. Coordinator
e. Completer Finisher
f. Plant
g. Implementer
h. Teamworker
i. Specialist

A

C, D, H

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16
Q

Which of these elements are included in ‘Thinking’ inside belbin role?
a. Shaper
b.Monitor Evaluator
c. Resource Investigator
d. Coordinator
e. Completer Finisher
f. Plant
g. Implementer
h. Team Worker
i. Specialist

A

B, F, I

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17
Q

Which of these options are the CORRECT reasons of why we should plan for the project?
a. To organise the activities of the project and the team.
b.To determine the duration of a project
c. To determine the costs of a project (budgeting)
d. To determine what the consequences of canceling are.
e. To monitor the progress of the project

A

A, B, C, and E

18
Q

There are 5 keys to success in a project. What are they?

A
  1. Why = the purpose
  2. What = the requirements
  3. How = the plan
  4. Who = the team
  5. Tracking = control
19
Q

There are 6 phases in project management, what are they?

A
  1. Concept
  2. Definition
  3. Design
  4. Preparation
  5. Realisation
  6. Aftercare
20
Q

What is the product of ‘Concept’ phase?

A

Project Proposal

21
Q

What is the product of ‘Definition’ phase?

A

Project Plan

22
Q

What is the product of ‘Design’ phase?

A

Preliminary Design

23
Q

What is the product of ‘Preparation’ phase?

A

Detailed Design

24
Q

What is the product of ‘Realisation’ phase?

A

Project Results

25
Q

A good planning starts with 2 things, what?

A

The BRIEF and the DE-BRIEF

26
Q

The most important bit of information issued by a client or project sponsor to the project manager is known as?

A

The Brief

27
Q

The project manager produces a summary after all questions have been answered is called?

A

The De-Brief

28
Q

There is a one way/method to approach a task/issue, what is that?

A

S.O.S Method

29
Q

What does S.O.S Method stands for?

A

S = Situation Analysis
O = Objective
S = Strategy

30
Q

Projects are divided into different phases, where you create ‘stepping stones’. How do we create it in project management?

A

By making Work Breakdown Structure (WBS)

31
Q

What is Work Breakdown Structures (WBS)?

A

A schematic overview of project activities

32
Q

What does budgeting mean?

A

Budgeting is a financial plan for future activities, mostly for short-term; one year

33
Q

Which of these options are the reasons we do budgeting:
a. planning, to achieve a goal
b. control and monitor expenses & achievements
c. communication and coordination
d. give mandate/direction and
qualification/competence
e. Control afterwards; confront plan and
outcome

A

ALL TRUE

34
Q

There are 2 ways of budgeting, what are they?

A

Top down & Bottom up

35
Q

What’s inside the business plan or annual reports?

A
  1. Start up Balance Sheet
  2. Estimated ending Balance Sheet
  3. Forecast Profit & Loss Account
  4. Estimated Cash Flow
36
Q

The turning point between loss and profit is called?

A

Break even analysis

37
Q

Incur irrespective of the fact of sales/production is called?
a. Variable income
b. Fixed Assets
c. Variable cost
d. Fixed cost

A

D. Fixed Cost

38
Q

What is annual reports?

A

A comprehensive report detailing a company’s activities throughout the preceding year

39
Q

The purpose of annual reports?

A

To provide users such as shareholders and potential investors with information of a company’s operations and financial performance.

40
Q

What are the advantages of having a large firm? (mention 4)

A
  1. Improves brand recognition and advertising benefits
  2. Creates greater investment in research and development
  3. Permits global reach
  4. Facilitates expertise and systems development
41
Q

What are the disadvantages of having a large firm? (mention 4)

A
  1. Leads to lower employee satisfaction
  2. Leads to resistance to innovation
  3. Leads to coordination problems
  4. Leads to high formalisation
  5. Highly scrutinised

Budgeting & Project Management (1 decks)

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