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4. Introit Limited is expected to have the following costs and usage of resources Requ a) Calculate the following variances (i) Direct material usage (ii) Direct material price (iii) Direct labour efficiency (iv) Direct labour rate (v) Variable overhead efficiency (vi) Variable overhead spending (vii) Fixed overhead volume (viii) Fixed overhead spending [2] [2] [2] [2] [2] [2] [3] [3] b) What are ideal standards? What are currently attainable standards? Of these two variances which one is adopted by most companies and why? [7] semestec 12017i201s 5. Consider the project to be completed by Spyglass Pharmi ceuticals. They have been asked to develop the next contact lens - with dual colouring lenses. The project's activity times given below, uses the Uncertain Times 3 times estimate approach. As project manager: a) Calculate the relevant early and late start times for the activities in this project. [10] b) Determine which activities have slack times. [7] c) Determine the critical path that the engineers at Spyglass must take to complete this project within 24 hours. [6] d) Can the project be completed within the 24 hours suy gested? [2] 6. Every project has five (5) basic processes. a) List these five (5) basic processes. [5] b) Describe these five (5) processes of project management. [5] c) Which of these five (5) processes is known as the "heart of the matter"? [3] d) Give a brief description of the purposes of each of these components in a project charter: (i) Procurement (ii) Risk (iii) Communications [6] e) List and define the three (3) factors of production. [3] f) Explain the role of technology and entrepreneurs in the utilization of the economy's factors of production. [3]

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