In-House Development,in Which Systems Are Developed or Other IT Work

question 103

Short Answer

In-house development,in which systems are developed or other IT work is done in-house,possibly with the help of consulting companies or ________.

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Definitions:

Price Variances

The difference between the actual cost and the standard cost of goods or services.

Direct Labor Cost Variance

The difference between the budgeted or expected cost of direct labor and the actual cost incurred.

Flexible Budget

A budget that adjusts or flexes with changes in volume or activity levels of the business.

Unfavorable Variance

A financial term describing a situation where actual costs exceed budgeted or planned costs.