The Attempt to Recognize and Manage Potential and Unforeseen Trouble

question 57

Multiple Choice

The attempt to recognize and manage potential and unforeseen trouble spots that may occur when a project is implemented is known as

• A) risk forecasting.
• B) risk management.
• C) contingency planning.
• D) scenario analysis.
• E) disaster protection.

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Definitions:

Job-Order Costing

An accounting method that tracks costs individually for each job, suitable for manufacturing jobs that are distinct and not identical.

Indirect Labor

Labor costs associated with support work that cannot be directly linked to the production of goods or services, such as maintenance and supervision.

Manufacturing Overhead

All indirect costs associated with the manufacturing process, excluding direct materials and direct labor costs.

Work in Process

Inventory that includes goods in the process of being manufactured but are not yet completed.