The First Step in Planning and Scheduling a Project Is

question 95

Multiple Choice

The first step in planning and scheduling a project is to develop the

• A)employee scheduling plan.
• B)PERT/CPM network diagram.
• C)critical path.
• D)work breakdown structure.
• E)variance calculations for each activity.

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Definitions:

Standard Costs

Predetermined or estimated costs that are used as benchmarks for measuring the performance of actual costs in manufacturing or production.

Actual Costs

Actual costs are the real or true costs incurred for materials, labor, and overhead in the production of goods or provision of services, as opposed to estimated or standard costs.

Direct Labor Rate Variance

The difference between the actual cost of direct labor and the expected (or standard) cost, used to analyze labor cost efficiencies or inefficiencies during production.

Standard Costs

Predetermined or budgeted costs serving as benchmarks for measuring performance, commonly used for budgeting and variance analysis.