Question

as a project manager, what does going under budget on a project indicate about your approach to budget management? select all that apply.

Answer 1

As a project manager, going under budget on a project indicates the following about your approach to budget management:

• Either your initial estimates were inaccurate (Option A) or
• That you effectively conserved funds and will likely receive larger budgets for future projects (Option D)

What is project management?

Project management is the process of managing a team's effort to fulfill all project goals within the limits set. This data is often specified in project documentation, which is prepared at the start of the development process. Scope, time, and budget are the key restrictions.

In other words, the objective of project management is to plan and manage a project so that its stated goals and deliverables are met. It entails detecting and controlling risks, as well as cautious resource management, prudent budgeting, and good communication across numerous teams and stakeholders.

This project management procedure is divided into four stages: initiating, planning, executing, and closing. Between the executing and closing stages, some may incorporate a fifth "monitoring and controlling" phase. A project team boosts its chances of success by following each stage.

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Full Question:

As a project manager, what does going under budget on a project indicate about your approach to budget management? select all that apply.

1. That your initial estimates were inaccurate
2. That you could have spent more on the project to provide extra resources
3. That you accurately estimated the total cost of ownership (TCO)
4. That you effectively conserved funds and will likely receive larger budgets for future projects