GFEBS Project Systems Course
Questions and Answers | Latest Update |
2024/2025 | 100% Pass
What is the primary function of project systems in financial management?
✔✔ The primary function is to manage and track financial transactions and resources associated
with specific projects.
How does project systems help in project planning?
✔✔ It helps by providing tools for budgeting, scheduling, and defining project milestones and
resources.
What is a project definition in the context of project systems?
✔✔ A project definition outlines the scope, objectives, and structure of a project, including tasks,
timelines, and resource requirements.
How does a project system support cost management?
✔✔ It supports cost management by tracking project expenditures, monitoring budget variances,
and forecasting future costs.
1
,What is the role of project milestones in project systems?
✔✔ Project milestones are key points in the project timeline that indicate significant progress or
completion of important phases.
How does a project system facilitate resource allocation?
✔✔ It facilitates resource allocation by assigning and monitoring the use of resources such as
personnel, equipment, and materials throughout the project.
What is the purpose of a work breakdown structure (WBS) in project systems?
✔✔ The purpose of a WBS is to decompose the project into manageable sections or tasks,
making it easier to plan, execute, and control.
How does a project system handle project reporting?
✔✔ It handles project reporting by generating reports on project status, financial performance,
and progress against milestones.
What is the significance of project budgeting in project systems?
2
,✔✔ Project budgeting is significant as it helps in planning and controlling project costs, ensuring
that expenditures align with the project’s financial plan.
How does project systems manage project documentation?
✔✔ It manages documentation by storing and organizing project-related documents, such as
contracts, reports, and correspondence, in a centralized system.
What is the role of project forecasting in project systems?
✔✔ Project forecasting helps predict future project costs, resource needs, and potential risks
based on current project data.
How does a project system support project execution?
✔✔ It supports project execution by providing tools for monitoring progress, managing changes,
and ensuring that project activities are completed as planned.
What is the function of a project network in project systems?
✔✔ A project network visualizes the sequence and interdependencies of project tasks, aiding in
scheduling and resource planning.
3
, How does a project system assist in risk management?
✔✔ It assists in risk management by identifying potential risks, assessing their impact, and
providing tools for mitigating and monitoring those risks.
What is the importance of integrating project systems with other financial systems?
✔✔ Integration is important as it ensures consistency and accuracy of financial data across
different systems and improves overall project management efficiency.
How does project systems contribute to stakeholder communication?
✔✔ It contributes by providing timely and accurate information on project status, financial
performance, and other key metrics to stakeholders.
What is a project contract in the context of project systems?
✔✔ A project contract outlines the terms and conditions agreed upon between parties involved in
the project, including scope, deliverables, and payment terms.
How does a project system facilitate change management?
✔✔ It facilitates change management by tracking changes to project scope, schedule, and
budget, and assessing their impact on the overall project.
4
Questions and Answers | Latest Update |
2024/2025 | 100% Pass
What is the primary function of project systems in financial management?
✔✔ The primary function is to manage and track financial transactions and resources associated
with specific projects.
How does project systems help in project planning?
✔✔ It helps by providing tools for budgeting, scheduling, and defining project milestones and
resources.
What is a project definition in the context of project systems?
✔✔ A project definition outlines the scope, objectives, and structure of a project, including tasks,
timelines, and resource requirements.
How does a project system support cost management?
✔✔ It supports cost management by tracking project expenditures, monitoring budget variances,
and forecasting future costs.
1
,What is the role of project milestones in project systems?
✔✔ Project milestones are key points in the project timeline that indicate significant progress or
completion of important phases.
How does a project system facilitate resource allocation?
✔✔ It facilitates resource allocation by assigning and monitoring the use of resources such as
personnel, equipment, and materials throughout the project.
What is the purpose of a work breakdown structure (WBS) in project systems?
✔✔ The purpose of a WBS is to decompose the project into manageable sections or tasks,
making it easier to plan, execute, and control.
How does a project system handle project reporting?
✔✔ It handles project reporting by generating reports on project status, financial performance,
and progress against milestones.
What is the significance of project budgeting in project systems?
2
,✔✔ Project budgeting is significant as it helps in planning and controlling project costs, ensuring
that expenditures align with the project’s financial plan.
How does project systems manage project documentation?
✔✔ It manages documentation by storing and organizing project-related documents, such as
contracts, reports, and correspondence, in a centralized system.
What is the role of project forecasting in project systems?
✔✔ Project forecasting helps predict future project costs, resource needs, and potential risks
based on current project data.
How does a project system support project execution?
✔✔ It supports project execution by providing tools for monitoring progress, managing changes,
and ensuring that project activities are completed as planned.
What is the function of a project network in project systems?
✔✔ A project network visualizes the sequence and interdependencies of project tasks, aiding in
scheduling and resource planning.
3
, How does a project system assist in risk management?
✔✔ It assists in risk management by identifying potential risks, assessing their impact, and
providing tools for mitigating and monitoring those risks.
What is the importance of integrating project systems with other financial systems?
✔✔ Integration is important as it ensures consistency and accuracy of financial data across
different systems and improves overall project management efficiency.
How does project systems contribute to stakeholder communication?
✔✔ It contributes by providing timely and accurate information on project status, financial
performance, and other key metrics to stakeholders.
What is a project contract in the context of project systems?
✔✔ A project contract outlines the terms and conditions agreed upon between parties involved in
the project, including scope, deliverables, and payment terms.
How does a project system facilitate change management?
✔✔ It facilitates change management by tracking changes to project scope, schedule, and
budget, and assessing their impact on the overall project.
4
