For Overhead Variances, the Difference Between the Flexible Budget Amounts

question 24

Multiple Choice

For overhead variances, the difference between the flexible budget amounts and actual costs incurred is called the:

• A) Efficiency variance
• B) Budget variance
• C) Favourable variance
• D) Quantity variance

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Definitions:

Successors

In project management, these are tasks or activities that follow others and are dependent on the completion of preceding tasks for their start or finish.

Dependency

A situation where the outcome or occurrence of one event or task is contingent upon another within a project or process.

Milestone

A significant event or point in a project, program, or portfolio that marks a major achievement or a phase of progress.

Resource Calendar

A calendar that documents the availability, working hours, holidays, and assignments of resources necessary for project completion.