Question

In: Operations Management

A good example of “level-of-effort (LOE)” is a)budget forecast b)budget control c)contract management d) cost analysis

A good example of “level-of-effort (LOE)” is

a)budget forecast

b)budget control

c)contract management

d) cost analysis

Solutions

Expert Solution

Ans: Option b: Budget control

Explanation: Level of effort are the term used for ongoing work in project management that is not on the critical path or activity which will not produce a project deliverable. The level of effort activities can’t be late and the project manager should put the activity on the project schedule. Some examples of level of effort are project management, team lead, partner management, customer relationship, communication, administration, financial, maintenance, internal controls etc. Financials include administering budgets and financial controls. Estimates of level of efforts are based on passage of time. For example if a project management activity has a time span of 8 months. It si considered 25% complete after two months. It is common for level of effort to continue throughout the entire schedule of the project. For example Budget control is an ongoing activity and will span from end to end of a project.


Related Solutions

(a) What is a budget? (b) How does a budget contribute to good management?
(a) What is a budget? (b) How does a budget contribute to good management?
15.      What does sensitivity analysis refers to? a. control. b. what-if situations. c. variable costs only. d....
15.      What does sensitivity analysis refers to? a. control. b. what-if situations. c. variable costs only. d. fixed costs only. Cheesy Company The Company is considering the introduction of a new product with the following price and cost characteristics Sales price $150 each Variable cost $60 each Fixed cost $135,000 per year The company expects to sell 2,000 units for the year. 16.      Refer Cheesy Company. How many units must be sold to break even? a.     900 b.   2,250 c.   2,000 d....
List what the a.) independent and b.) dependent variables are and c.) experimental and d.) control...
List what the a.) independent and b.) dependent variables are and c.) experimental and d.) control group are in the following study. A study wanted to look at the effects of coffee on students' performance in school. The researchers gave one group of students one cup of coffee a day and gave another group a glass of warm water.
1. (a) What is cost behavior analysis? (b) Why is cost behavior analysis important to management?...
1. (a) What is cost behavior analysis? (b) Why is cost behavior analysis important to management? 2. (a) Scott Winter asks your help in understanding the term "activity index." Explain the meaning and importance of this term for Scott. (b) State the two ways that variable costs may be defined. 3. Contrast the effects of changes in the activity level on total fixed costs and on unit fixed costs. 4. J. P. Alexander claims that the relevant range concept is...
what do you understand by a) inventory management b) materials management c) inventory control
what do you understand by a) inventory management b) materials management c) inventory control
The Cost-Value-Profit analysis is a necessary tool for forecasting as well as for management control. The...
The Cost-Value-Profit analysis is a necessary tool for forecasting as well as for management control. The authors present a paper which includes a number of techniques and methods based on understanding patterns of evolution characteristics of costs. discuss why it is useful only in special circumstances. USING COST-VOLUME-PROFIT ANALYSIS IN DECISION MAKING by GABRIELA BUŞAN, IONELA-CLAUDIA DINA
a.     Sales budget b.     Inventory, purchases, and cost of goods sold budget c.     Operating expense budget...
a.     Sales budget b.     Inventory, purchases, and cost of goods sold budget c.     Operating expense budget d.     Budgeted income statement Data: Operating expenses include sales commission – 10% of Sales Insurance Expense – $400 Depreciation Expense – $1,200 Rent Expense – $1000 Utility Expense – $800 Michael’s Enterprise sells washing machines. Actual sales for the month ended June 30 were $30,000. Manuel expects sales to increase 7% in July and increase another 4% over July sales in August. Cash sales...
Aston International Products Ltd manufactures four products A, B, C and D. The budget for the...
Aston International Products Ltd manufactures four products A, B, C and D. The budget for the upcoming financial year is as follows: Details A B C D Total $’000 $’000 $’000 $’000 $’000 Direct materials 20,000 10,000 12,000 24,000 66,000 Direct labour 6.000 4,000 7,000 8,000 25,000 Variable overheads 2,000 1,000 3,000 6,000 12,000 28,000 15,000 22,000 38,000 103,000 Sales 50,000 19,000 18,000 52,000 139,000 Contribution 22,000 4,000 (4,000) 14,000 36,000 Fixed costs (8,000) (6,000) (2,000) (7,000) (23,000) Profit/(loss) 14,000...
If MR > MC, output should a. expand. b. contract. c. remain constant. d. expand or...
If MR > MC, output should a. expand. b. contract. c. remain constant. d. expand or contract depending on whether P > AC.
To convert the circuit for F(A,B,C,D) = AB'C' + BC'D + AB'D to a 3 level...
To convert the circuit for F(A,B,C,D) = AB'C' + BC'D + AB'D to a 3 level NAND circuit would require: factor AB' from AB'C' + AB'D factor B' from AB'C' + AB'D factor D from BC'D + AB'D factor C' from AB'C' + BC'D none of these
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT