Multiple Choices
(Choose 1 answer)
Which scenario is an example of planned cost versus actual cost?
A. When planning your project budget, you notice that you need to advertise several job positions. The cost to post the job descriptions to several online job boards is $300.
B. When planning your project budget, you document the planned cost of labor. To do this, you use the
estimated number of hours your team needs to complete the project. As your project progresses, you
document the total hours your team works to determine the total cost of labor for your project. This number may be different from your original cost of labor.
C. When planning your project budget, you gather historical data on costs of materials, resources, and labor to determine how much each will cost. Once you begin procuring these items, you don't update the actual cost.
D. When planning your project budget, you need to factor in unexpected costs that may occur. You decide to reserve 5% of your overall budget as a buffer.
