The Purpose of Identifying and Documenting Lessons Learned Is to Capitalize

question 42

Multiple Choice

The purpose of identifying and documenting lessons learned is to capitalize on the knowledge and experience gained on the project in order to

• A) improve performance on future projects.
• B) create a large database of information.
• C) establish a procedure of identification and documentation.
• D) keep project team members busy.

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Definitions:

Overhead

The ongoing business expenses not directly attributable to creating a product or service, such as rent, utilities, and administrative costs.

Standard Labor Hours

The set amount of time expected to be used to complete a specific task or manufacture a product under normal conditions.

Direct Materials Quantity Variance

The difference between the actual amount of direct materials used in production and the standard amount expected to be used, valued at the standard cost.

Overhead

Ongoing business expenses not directly attributed to creating a product or service, such as rent, utilities, and administrative costs.