The Project Objective Must Be Agreed Upon by

question 57

Multiple Choice

The project objective must be agreed upon by

• A) the stakeholders.
• B) the sponsor and the organization performing the project.
• C) the project team.
• D) those responsible for each of the project tasks to be completed.

---

Definitions:

Labor Rate Variance

The difference between the actual hourly wage paid to workers and the standard or expected wage rate, multiplied by the total hours worked.

Standard Amount

A benchmark or norm set for the quantity or cost of inputs in producing a specific product or in carrying out a process.

Actual Output

The real, quantifiable production achieved within a given time period, often compared against planned or potential output.

Labor Efficiency Variance

The difference between the actual labor hours worked and the expected labor hours, multiplied by the standard labor rate, indicating efficiency in labor use.