Explain How Project Management Software Helps Managers to Plan and Track

question 29

Essay

Explain how project management software helps managers to plan and track projects.

Recognize the financial measures used to gauge a manager's performance in a profit center.

Distinguish between direct and indirect expenses and their impact on departmental performance.

Understand the concept of operating income, both before and after support department allocations.

Identify how support department allocations impact a division's financial performance.

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Definitions:

Budget Period

A specific timeframe, usually a fiscal year or quarter, within which financial planning and expenditure occur.

Payroll Deductions

The amounts withheld from an employee's salary by the employer, covering taxes, insurance premiums, and other designated expenses.

Variable Expenses

Expenses that change in proportion to the activities of a person or business, such as utility bills or cost of goods sold.

Proof Box

A container used by photographers to hold and display proofs of photographs for clients.