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What Are the Two Periods of Time in Which Project

question 18

Essay

What are the two periods of time in which project audits can occur and how do these differ?


Definitions:

Unfavorable Cost Variance

A variance that occurs when the actual cost exceeds the standard cost.

Favorable Cost Variance

A variance that occurs when the actual cost is less than standard cost.

Standard Cost

A predetermined cost of manufacturing, storing, and marketing a product, used for budgeting and performance evaluation.

Variances

Differences between planned or expected financial performances to the actual financial performance.

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