You have been told that there are schedule and cost variances in determining the project budget. Explain how you would use the schedule variance and cost variance to control costs in the budget?

For 4 Marks

SCHEDULE EQUIPMENT REMUNERATION Design and print Hire equipment, furniture, and dcor (R50 000); Hire and pay staff (R40 000) programmes (R5 000); Design and print Install equipment, maps and venue furniture, and dcor locations (R1 500) (R2 000) VENUE CATERING INVITATIONS AND Set menu and pay PROMOTION Search venues and get quotes (R2 500) caterer (R40000) Design invitations Book venue and pay deposits (45 000) and promotional material (R15 000) Run promotional campaign R8 000) Manage correspondence and bookings (R8 000) SCHEDULE EQUIPMENT REMUNERATION Design and print Hire equipment, furniture, and dcor (R50 000); Hire and pay staff (R40 000) programmes (R5 000); Design and print Install equipment, maps and venue furniture, and dcor locations (R1 500) (R2 000) VENUE CATERING INVITATIONS AND Set menu and pay PROMOTION Search venues and get quotes (R2 500) caterer (R40000) Design invitations Book venue and pay deposits (45 000) and promotional material (R15 000) Run promotional campaign R8 000) Manage correspondence and bookings (R8 000)