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Project Workload and Direct Hours Utilization Rate Quiz

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Project Workload and Direct Hours Utilization Rate Quiz

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Questions and Answers

What is the purpose of comparing the percentage of the total fee allocated to project consultants to industry guidelines?

To ensure the project consultants are compensated fairly and reasonably. (correct)

To evaluate the profitability of the firm.

To determine if the project consultants are charging too much.

To calculate the total project expenses accurately.

Why should project-related, non-reimbursable expenses be identified during the fee-setting process?

To include them in the reimbursable expenses.

To reduce the total project expenses.

To establish a more accurate net operating revenue and net profit. (correct)

To increase the project's profitability.

How does identifying unit costs for non-reimbursable expenses contribute to managing project workload?

By ensuring accurate calculation of net operating revenue.

By increasing the direct hours utilization in projects. (correct)

By adjusting the project schedule based on expenses.

By reducing the overtime hours spent on projects.

What is the potential negative impact of charging hours in excess of those budgeted or allocated to project-related activities?

Consuming profit to cover additional hours Signup and view all the answers

How are overtime hours, which are charged to project-related activities but have no cost related to them, recorded?

As direct labor expense with a zero-cost impact Signup and view all the answers

What might be a reason for a business decision to spend hours to 'catch up' with the project schedule?

To establish reliable historical data Signup and view all the answers

What is a recommended step for firms to take before the start of the coming year?

Establishing performance goals Signup and view all the answers

Which aspect of financial performance is used to develop a competitive hourly billing rate for each member of the firm?

Projected net billing and revenue Signup and view all the answers

What is important for firms to track in order to be as efficient and effective as possible?

Daily project activities Signup and view all the answers

Which factor plays a role in determining the break-even rates for a firm?

Overhead expense Signup and view all the answers