Question

The __ is the actual cost incurred to complete each task's actual work up to the status date

a) Actual Cost (AC)
b) Budgeted Cost (BC)
c) Earned Value (EV)
d) Planned Value (PV)

Answer 1

The Actual Cost (AC) is the actual cost incurred to complete each task's actual work up to the status date. It represents the amount of money spent on the project so far(option a).

Step-by-step explanation:

The option a) Actual Cost (AC) is the actual cost incurred to complete each task's actual work up to the status date. It represents the amount of money spent on the project so far. It includes the costs of labor, materials, and any other resources used.

For example, let's say a project was allocated a budget of $10,000, but by the status date, the actual cost incurred was $8,000. This means that $8,000 has been spent on the project up to that point.

The Actual Cost is an important metric in project management as it allows project managers to track and compare the actual expenses against the budgeted costs.