What Is a Project

question 29

Multiple Choice

What is a project?

• A)A temporary activity undertaken to create a unique product, service, or result
• B)The application of knowledge, skills, tools, and techniques to project activities in order to meet or exceed stakeholder needs and expectations from a project
• C)Any measurable, tangible, or verifiable outcome, result, or item that is produced to complete a project or part of a project
• D)Representation of key dates when a certain group of activities must be performed

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Definitions:

Materials Price Variance

The difference between the actual cost of materials purchased and the expected cost at standard pricing, indicating cost management efficiency.

Standard Quantity

The predetermined amount of materials or inputs that should be used in the production of a single unit of goods, serving as a benchmark for efficiency.

Actual Output

The real production quantity completed within a specific period.

Standard Price

The pre-determined cost that is expected to be paid for a specific item or service under normal conditions.