ENTREPRENEURIAL OPERATIONS
INVENTORY MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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purchasing
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cost control
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supplier selection scorecard
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None of the above
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Detailed explanation-1: -Project cost management is the process of estimating, budgeting and controlling costs throughout the project life cycle, with the objective of keeping expenditures within the approved budget.
Detailed explanation-2: -PMBOK, 6th Edition, Section 7.4, “Control Costs” Control Costs is the process of monitoring the status of the project to update the project costs and managing changes to the cost baseline.”
Detailed explanation-3: -Cost monitoring is the process of tracking and monitoring spending and cost-related activities to ensure that a business or organization remains within budget. Cost monitoring includes the tracking of budgeted expenses, analyzing the effectiveness of spending and evaluating cost-related strategies.
Detailed explanation-4: -Plan your budget. The first step is to plan your budget so you can get granular with your cost estimations and effectively allocate resources. Monitor all expenses. Use change control systems. Manage your time. Track earned value. 01-Oct-2022