One of the Major Limitations of the Internal Consultant Is

question 15

Multiple Choice

One of the major limitations of the internal consultant is

• A) their lack of understanding of the organization
• B) their access to information
• C) their potential loss of objectivity
• D) their lack of training
• E) none of the above

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Definitions:

Time Variance

The variance between the real duration it takes to finish a task and the initially projected time for its completion.

Total Cost Variance

The difference between the actual costs incurred and the standard (or expected) costs for a given production or project period.

Purchase Price Variances

The difference between the actual cost of goods purchased and the standard cost, used to measure the efficiency of the purchasing function.

Standard Cost

A predetermined cost of manufacturing, selling, or any other business operation, used for budgeting and performance evaluation.