Practice - Contingency
Practice Questions
Test your understanding with targeted questions
What is a contingency budget?
💡 Hint: Think about why projects need some extra money set aside.
Why is cost tracking important in managing a contingency budget?
💡 Hint: Consider what could happen if we don’t check our expenses regularly.
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Interactive Quizzes
Quick quizzes to reinforce your learning
What is the primary purpose of a contingency budget?
💡 Hint: Recall the definition of contingency in project management.
True or False: A contingency budget should be the same for all projects.
💡 Hint: Think about what might influence the percentage allocated.
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Challenge Problems
Push your limits with advanced challenges
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.
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.
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Reference links
Supplementary resources to enhance your learning experience.