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The Execution Phase Consists of Tools and Techniques from Five

question 67

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The execution phase consists of tools and techniques from five of the nine knowledge areas from the Project Management Institute's project management body of knowledge (PMBOK): Integration Management, Quality Management, Human Resource Management, Communications Management, and Risk Management.


Definitions:

Behavioral Economics

Investigating the influence of psychological, cognitive, emotional, cultural, and social factors on individuals' and institutions' economic decision-making falls within this segment of economics.

Cognitive Biases

Systematic patterns of deviation from norm or rationality in judgment, whereby individuals create their own "subjective social reality."

Behavioral Economics

A field that combines insights from psychology and economics to explore how people make decisions, often deviating from the assumptions of traditional economic theory.

Neoclassical Economics

An economic approach that analyzes market mechanisms and the allocation of resources through supply and demand, focusing on rational choices and equilibrium.

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