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Which document is essential for comparing budgeted fees against actual fees expended?
Fee projection chart
Gantt chart
Meeting minutes
Inspection report
The correct answer is: Fee projection chart
The fee projection chart serves as a critical tool for comparing budgeted fees against actual fees expended. This document outlines the anticipated costs for a project, broken down by different phases or tasks. By providing a clear projection of what each stage of the design work is expected to cost, the fee projection chart allows for an easy side-by-side comparison with the actual expenses that occur. As the project progresses, managers can refer to the fee projection chart to identify discrepancies, assess areas where costs are over budget, and make informed decisions about future spending. This financial oversight is essential in maintaining project alignment with the overall budgetary constraints. While the other documents listed have their roles, they do not serve the primary function of tracking and comparing financial expenditures directly. A Gantt chart is primarily used for scheduling and timeline management, meeting minutes capture the discussions and decisions made during meetings, and inspection reports detail the quality and standards of work completed, but none of these focus specifically on budget management in the same way that a fee projection chart does.