Question
Download Solution PDFA revised estimate is required to be prepared if the sanctioned estimate exceeds
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFExplanation:
Revised Estimate Requirement
A revised estimate is required to be prepared if the sanctioned estimate exceeds a certain percentage of the original approved estimate. This ensures proper financial monitoring and control over the project budget.
Analyzing the Given Options
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Option 1: 0.02 (Incorrect)
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Exceeding the estimate by 2% is too small to require a revised estimate as minor deviations can be adjusted without revision.
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Option 2: 0.05 (Correct)
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Exceeding the estimate by 5% is considered significant enough to warrant a revised estimate. This allows for accurate representation of financial changes.
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It ensures proper authorization and accountability for the increased budget.
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Option 3: 0.08 (Incorrect)
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Waiting until the estimate exceeds 8% might delay corrective actions and lead to inefficiencies in project execution.
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Option 4: 0.1 (Incorrect)
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Exceeding the estimate by 10% is too high and may result in significant financial risks.
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Revising the estimate earlier (at 5%) helps prevent such risks and ensures better financial control.
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