A Negative Cost Variance Indicates the Project Is Over Budget

question 64

True/False

A negative cost variance indicates the project is over budget.

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Definitions:

ROG

Receipt of Goods; the process of receiving and documenting the arrival of goods from a supplier.

Outstanding Balance

The total amount of money that is owed and still payable on a loan, credit card, or other financial accounts.

Invoice

A document itemizing and recording a transaction between a seller and a buyer.

Payment

Payment refers to the transfer of money or goods from one party to another in exchange for goods, services, or to fulfill a legal obligation.