Identify and define five types of project costs
What will be an ideal response?
Direct costs, indirect costs, fixed costs, variable costs, and overhead costs are five types of costs. Direct material and labor costs are the costs of materials that are entirely linked to the production of the final product. Indirect costs include any material and labor costs that are necessary to complete a project, but do not become an actual part of the final project. Fixed costs remain constant regardless of changes in the level of project activities. Variable costs vary in direct proportion to changes in the level of project activities. Overhead costs are primarily those indirect costs associated with project implementation.
You might also like to view...
Exceeding expectations about what the customer anticipates about speed of service may be one of the simplest yet most powerful ways of building loyalty
Indicate whether the statement is true or false
According to Adam Smith, countries should specialize in the production of goods for which they have an absolute advantage and then trade these for goods produced by other countries
Indicate whether the statement is true or false.