In Earned Value Management,schedule Variance Is Defined As

question 16

Multiple Choice

In earned value management,schedule variance is defined as:

• A)The difference between the earned value and the actual cost.
• B)The difference between the earned value and the planned value.
• C)The difference between the actual cost and the planned value.
• D)The difference between the cost and schedule performance indices multiplied by the budgeted cost at completion.

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Definitions:

Indirect Materials

Materials used in the production process that are not directly traceable to a finished product, such as lubricants for machinery.

Work in Process Inventory

The inventory account that tracks the costs associated with incomplete products in a manufacturing process.

Customized Production

The process of manufacturing products tailored to individual specifications or customer requirements.

Indirect Labor

Labor costs not directly associated with the production of goods, such as maintenance and cleaning.