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What is the budget review process?
it is an evaluation process. it compares the actual performance of the business against the projected performance of the business.
How a budget can be controlled?
Regular monitoring against the agreed budget, compliant to the spending and income streams and reviews of under performance
What is strategic audit?
Strategic audits are examinations and evaluations of strategic management processes including measuring corporate performance against the corporate strategy. Whenever a deficiency is noted or performance of an organization is sub-par, the organization may elect to perform a strategic audit. This may be done with in-house auditors, or an audit firm may be contracted to perform the audit. The auditors will audit performance of the organization against the current corporate strategy and seek to identify problems within the current strategy that may be tied or can be traced to poor performance. Upon completion of the audit, a report will be created regarding the auditing firm or group’s findings and submit the report with recommended remedies to the management of the organization. The organization will then seek to implement the proposed remedies with hopes of increasing organizational performance.
Why are control accounts essential in a work breakdown structure or WBS?
They enable project managers to compare earned value against the project's performance in terms of scope, budget, and schedule
Take a sample budget of retail store and write your understanding the store budget?
Methodical control of an organization's operations through establishment of standards and targets regarding income and expenditure, and a continuous monitoring and adjustment of performance against them. = =
Are the Earned value management (EVM) reports available to help the program manager (PM) track the contractor's cost schedule and performance against a Performance Measurement Baseline.?
false
Earned value management (EVM) reports are available to help the program manager (PM) track the contractor's cost schedule and performance against a Performance Measurement Baseline?
false
Earned value management (EVM) reports are available to help the program manager (PM) track the contractor's cost schedule and performance against a Performance Measurement Baseline.?
false
What elements are included in the Performance Measurement Baseline?
The Performance Measurement Baseline includes the project scope, schedule, and cost baseline. It sets the parameters for measuring and monitoring project performance against planned objectives. It is a key component of project management for tracking progress and ensuring project success.
Difference between performance baseline and benchmark?
baseline basis for comparison; a reference point against which other things canbe evaluated benchmark Standard by which something can be measured or judged:
Does general contractors insurance cover against contractor not finishing a job?
Nope. What you are asking about is called a "performance bond".
What is project performance monitoring?
Project performance is measured by comparing the project execution to the performance measurement baseline, which is an approved integrated plan for scope, schedule, and cost for the project, as explained here:• Cost baseline - This is the planned budget for the project over a time period, used as a basis against which to measure, monitor, and control the cost performance of the project. The cost performance is measured by comparing the actual cost to the planned cost over a time period.• Schedule baseline - This is a specific version of the project schedule developed from the schedule network analysis and the schedule model data. This is the approved version of the schedule with a start date and an end date, and it is used as a basis against which the project schedule performance is measured.• Scope baseline - This is the approved project scope that includes the approved project scope statement, the WBS based on the approved project scope statement, and the corresponding WBS dictionary.
In addition to the scope of contract work and the budget for the contract the Performance Measurement Baseline integrates the?
In addition to the scope of contract work and the budget, the Performance Measurement Baseline (PMB) integrates the schedule for project activities. This allows for the assessment of project performance by comparing the planned progress against actual progress. The PMB provides a comprehensive framework for monitoring and controlling project execution, ensuring that resources are allocated effectively and that timelines are adhered to.
If you carry a ghost policy as a sub can you still file against the contractor?
No, you cannot file against the contractor if you carry a ghost policy as a sub. The only way to file against the contractor is via a worker's compensation claim.
What is project monitoring?
Project performance is measured by comparing the project execution to the performance measurement baseline, which is an approved integrated plan for scope, schedule, and cost for the project, as explained here:• Cost baseline - This is the planned budget for the project over a time period, used as a basis against which to measure, monitor, and control the cost performance of the project. The cost performance is measured by comparing the actual cost to the planned cost over a time period.• Schedule baseline - This is a specific version of the project schedule developed from the schedule network analysis and the schedule model data. This is the approved version of the schedule with a start date and an end date, and it is used as a basis against which the project schedule performance is measured.• Scope baseline - This is the approved project scope that includes the approved project scope statement, the WBS based on the approved project scope statement, and the corresponding WBS dictionary.
Is the process of measuring against established standards?
Yes, the process of measuring against established standards is known as benchmarking. It involves comparing performance metrics, practices, or outcomes against recognized best practices or industry standards to assess efficiency and effectiveness. This evaluation helps identify areas for improvement, set performance goals, and drive organizational growth.
The last step in developing a Performance Measurement Baseline (PMB) is to?
The last step in developing a Performance Measurement Baseline (PMB) is to finalize and obtain approval for the PMB from relevant stakeholders. This ensures that all parties agree on the scope, schedule, and budget parameters for project performance measurement. Once approved, the PMB serves as a reference point for tracking project progress and performance throughout its lifecycle. Regular updates and monitoring against the PMB will facilitate informed decision-making and project control.
