Q: You have assessed the risks and created a schedule for an upcoming project. What is the final component to consider in the planning phase of this project?
or
Q: You’ve evaluated the risks and planned the timeline for a forthcoming project. What is the last thing this project’s planners need to think about?
- Team Building
- Task management
- Celebration
- Budget
Explanation: When it comes to the planning phase of a project, the “Budget” is often the last component to take into consideration after the risk assessment and the creation of a schedule of activities. To effectively manage financial resources for the whole of the project’s lifetime, it is essential to develop a complete budget. As part of the process, it is necessary to estimate the costs associated with the different activities, resources, and possible hazards associated with the project. This helps to guarantee that the project remains within its budgetary limitations. Good project management must have a budget that is well established since this facilitates the prevention of financial overruns.
