In a Project Meeting, If Someone Suggested Using a "Parking

question 12

Multiple Choice

In a project meeting, if someone suggested using a "parking lot," this would refer to:

• A) A decision to put the project on hold
• B) Group agreement to end the meeting and head home
• C) A waiting list for discussion items not on the agenda
• D) Removal of a team member from the project
• E) A warning that the sponsor has withheld resources.

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Definitions:

Direct Labour Rate Variance

The difference between the actual cost of direct labor and the standard cost, which shows how well labor costs are being managed.

Direct Labour Efficiency Variance

The difference between the expected amount of labor hours needed to produce a given level of output and the actual labor hours used.

Favourable Variances

Differences between actual costs and budgeted costs that result in a better-than-expected financial performance, often indicating cost savings or higher revenues.

Large Variances

Significant differences between planned and actual figures in a budget, project, or any performance measurement, indicating greater deviations from expectations.