Which of the following is a possible method for compiling progress claims?Question 18Select one:Using a percentage of profit and marginUsing the actual costs incurred in a specific periodSetting a fixed amount for each element of the projectUsing the accepted price breakdown to assess the percentage of work completed.
Question
Which of the following is a possible method for compiling progress claims?Question 18Select one:Using a percentage of profit and marginUsing the actual costs incurred in a specific periodSetting a fixed amount for each element of the projectUsing the accepted price breakdown to assess the percentage of work completed.
Solution
The possible method for compiling progress claims from the options provided is "Using the accepted price breakdown to assess the percentage of work completed."
Here's a step-by-step explanation:
-
Progress claims are typically compiled based on the amount of work completed on a project. This is often assessed as a percentage of the total work to be done.
-
The accepted price breakdown of a project provides a detailed outline of the costs associated with each element or phase of the project.
-
By comparing the work completed in each phase against the accepted price breakdown, you can determine the percentage of work completed.
-
This percentage can then be used to compile a progress claim, which is a request for payment proportional to the amount of work completed.
Therefore, the method that fits best with this process is "Using the accepted price breakdown to assess the percentage of work completed."
Similar Questions
What method is used to determine the value of a progress claim on-site?
The best method for assigning costs to the baseline under the percent complete rule is to establish ___________ over the duration of the work package.Multiple choice question.frequent checkpointsgo/no-go decisionssequential milestones
Eclipse Energy Co. has a manufacturing process where the finished goods at the end of the period amount to 12,000 units, valued at $600,000. Additionally, there are 3,000 units in the closing work-in-progress (WIP) inventory, valued at $90,000.Calculate the percentage completion of the closing WIP, considering the following information:Finished goods: 12,000 units valued at $600,000Closing WIP: 3,000 units valued at $90,000Opening WIP: 2,000 units valued at $50,000Total production costs for the period: $700,000Number of units started during the period: 15,000 unitsQuestion 10Answera.40%b.60%c.70%d.50%
create a progress claim example document
A technique that iterates the project schedule many times to calculate a distribution of possible project completion dates is:2 MarksMonte Carlo AnalysisMontford analysisPareto Cost chartDeming Analysis
Upgrade your grade with Knowee
Get personalized homework help. Review tough concepts in more detail, or go deeper into your topic by exploring other relevant questions.