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Practice Questions
Test your understanding with targeted questions related to the topic.
Question 1
Easy
What is a contingency budget?
💡 Hint: Think about why projects need some extra money set aside.
Question 2
Easy
Why is cost tracking important in managing a contingency budget?
💡 Hint: Consider what could happen if we don’t check our expenses regularly.
Practice 4 more questions and get performance evaluation
Interactive Quizzes
Engage in quick quizzes to reinforce what you've learned and check your comprehension.
Question 1
What is the primary purpose of a contingency budget?
- To increase project costs
- To provide a buffer for unexpected costs
- To limit resource allocation
💡 Hint: Recall the definition of contingency in project management.
Question 2
True or False: A contingency budget should be the same for all projects.
- True
- False
💡 Hint: Think about what might influence the percentage allocated.
Solve and get performance evaluation
Challenge Problems
Push your limits with challenges.
Question 1
Consider a hardware project where initial estimates were $200,000. If unforeseen issues cause costs to increase by 30%, how much of the contingency budget would cover this increase?
💡 Hint: Calculate 30% of the initial budget to find the additional cost.
Question 2
Analyze a scenario where a contingency budget was poorly handled, leading to project delays. What strategies could have been employed to prevent this situation?
💡 Hint: Focus on the importance of tracking and being proactive.
Challenge and get performance evaluation