Budgeting

Question 1

From the [x] perspective, costs are recognized when the invoice is received.

Answer 1

accountant

Question 2

From the [x] perspective, costs are recognized when the check is issued (cash flow).

Answer 2

controller

Question 3

[x] budgeting is when the WBS or action plan identify elemental tasks and those responsible for executing these tasks estimate resource requirements.

Answer 3

bottom-up

Question 4

Do you have to be more careful about the impact of budget cuts for J-Curve (Type 2) project lifecycles?

Answer 4

Yes

Question 5

The advantages of bottom-up budgeting include it being more accurate in the detailed tasks and greater participation leading to increased [x].

Answer 5

Morale

Question 6

From the [x] perspective, costs are recognized upon commitment against budget (commitment).

Answer 6

PM

Question 7

The disadvantages of bottom-up budgeting include the risk of overlooking ___________ and being overruled by _________.

Answer 7

Tasks and Management

Question 8

An advantage in top-down budgeting is that errors in funding [x] need not be individually identified.

Answer 8

small tasks

Question 9

[x] budgeting is based on collective judgement and experiences of top and middle managers as well as overall project cost being estimated by estimating costs of major tasks.

Answer 9

Top-down