Project Budgeting Practice Exam

About Project Budgeting
The Project Budget is a tool used by project managers to estimate the total cost of a project. A project budget template includes a detailed estimate of all costs that are likely to be incurred before the project is completed.

A project budget is the total projected costs needed to complete a project over a defined period of time. It's used to estimate what the costs of the project will be for every phase of the project. The project budget will include such things as labour costs, material procurement costs and operating costs.

Project Budgeting has gained immense popularity across the globe resulting in huge demand for certified professionals.

Why is Project Budgeting important?
The importance of budgeting in project management lies in the ability to prevent unnecessary costs and to allocate the correct amount of the budget to each corresponding need. As the mantra goes, “Time is Money”, and nothing is more harmful to the successful development of a project than a badly configured budget.

The budget serves as a planning tool and helps the organization to create a trajectory for how they will proceed with the project from start to finish. As the team moves along the map and starts to implement the project, they can use the budget to determine if they're on track to meet their goals.

Benefits include
•    Establishing Guidelines - Having a budget allows you to establish the main objectives of a project.
•    Cost Estimating - Once a budget is in place, the project manager and cost estimator can then determine how much money can be spent on each component of the project.
•    Prioritizing - Another advantage to having a project budget is that it will allow you to prioritize the different parts of the project.
•    Future Planning - In the event that the budget shows funding to be inadequate to cover the necessary costs to complete the entire project, having a budget in place will make easier to plan for future costs.

Certified Project Budgeting professionals, executives and managers are in high demand in companies across the globe.

Important Concepts for Project Budgeting Practice Exam

• Project Budget Basics
• Work Breakdown Structure
• Capital and Operating Costs
• Estimation Techniques
• Addressing Resource Usage and Constraints
  

Who should take the Project Budgeting Exam?
•    Project management professionals
•    Entrepreneurs or Innovators
•    Anyone who wants to assess their project management skills
•    Project managers and senior executives
•    Project management consultants
•    Professionals working in outsourced companies responsible for project management
•    Anyone who wants to learn the skills required for project management
•    Individuals who encounters project management within their day-to-day job
•    Students

Project Budgeting Practice Exam Objectives

Project Budgeting exam focuses on assessing your skills and knowledge in managing costs and budgets for a project.

Project Budgeting Practice Exam Pre-requisite

There are no prerequisites for the Project Budgeting exam. Candidate should be well versed  in managing costs and budgets for a project to clear the exam.

Project Budgeting Certification Course Outline
1. Project Budget Basics
2. Work Breakdown Structure
3. Identity Standard Costs
4. Capital and Operating Costs
5. Estimation Techniques
6. Resources Costs
7. Budget Communication to Stakeholders
8. Addressing Resource Usage and Constraints

Exam Format and Information
Certification name – Project Budgeting Certification
Exam duration – 60 minutes
Exam type - Multiple Choice Questions
Eligibility / pre-requisite - None
Exam language - English
Exam format - Online
Passing score - 25
Exam Fees  - INR 1199