The Technical Challenges That the Project Has to Face Are

question 57

Multiple Choice

The technical challenges that the project has to face are typically at their lowest during the:

• A)Conceptualization phase.
• B)Planning phase.
• C)Execution phase.
• D)Termination phase.

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Definitions:

Labor Efficiency Variance

The difference between the actual labor hours used and the standard hours expected for the production level achieved.

Materials Quantity Variance

The difference between the actual quantity of materials used in production and the standard quantity expected, multiplied by the standard cost per unit of material.

Standard Material

The predetermined quantity and cost of materials expected to be used in producing a unit of product, used as a benchmark for cost control.

Materials Price Variance

The difference between the actual cost of materials and the expected (standard) cost of materials used in production.