If Done Correctly, Creating a Dashboard of Indicators Provides a Project

question 28

True/False

If done correctly, creating a dashboard of indicators provides a project manager, their team and other stakeholders with a way of monitoring a project's progress at a glance by consolidating, arranging and summarising key performance measures in visual representations.

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Definitions:

Static Budget

A financial plan that does not change or adjust over the period, regardless of any changes in business activity levels.

Flexible Budget

A budget that adjusts to changes in activity or production levels, allowing for more accurate budgeting.

Actual Results

The actual outcomes or figures achieved by a business, contrasting with forecasts or budgeted amounts.

Revenue Variance

The difference between the actual revenue for the period and how much the revenue should have been, given the actual level of activity. A favorable (unfavorable) revenue variance occurs because the revenue is higher (lower) than expected, given the actual level of activity for the period.