What are the processes to monitor actual expenses

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1) What are the processes to monitor actual expenses and to control costs across the work team?

2) What is the process for monitoring, expenses, expenditure, income and costs on an agreed cyclical basis to identify cost variations and expenditure overruns?

3) What reports do we use to monitor budget performance and what information do they tell you? What are acceptable budget variances and what are some of the actions we might take when actual costs are higher than planned costs?

4) What is the context in which contingency plans can be implemented? Give two examples of contingency plans relevant to your work team which when enacted assist in ensuring that financial requirements are met?

Reference no: EM132984320

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