Labor Costs in the Project Costs Estimate Are the Estimated

question 20

Multiple Choice

Labor costs in the project costs estimate are the estimated costs for the various types or classifications of ____ and are based on the estimated work time (not necessarily the same as the activity estimated duration) and the dollar labor rate for each.

• A) people who are expected to work on the project
• B) people, even if they are not directly assigned to the project
• C) overhead and direct expenses
• D) subcontractors

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Definitions:

Legal Guardianship

The legal authority granted to an individual to make decisions for and take care of another person, typically a minor or someone unable to manage their own affairs.

Voidable

Voidable refers to a legal status denoting that an agreement or transaction can be affirmed or rejected at the discretion of one of the parties involved.

Ratification

The act of officially approving or confirming an action, agreement, or decision, often after the fact, to make it valid and binding.

Depreciation

The reduction in the value of an asset over time, particularly due to wear and tear.