For Any External Resources That Are Used on the Project

question 43

Multiple Choice

For any external resources that are used on the project, such as subcontractors, consultants, or vendors, the ____ will define requirements regarding documentation, approvals required, and distribution and include such requirements in subcontracts or purchase orders.

• A) customer
• B) project organization
• C) project manager
• D) project team

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Definitions:

Economic Profits

The difference between a firm's total revenue and its total costs, including both explicit and implicit costs, indicating the extra income earned over what could have been earned in the next best alternative.

Accounting Profits

The sales revenues minus the expenses of a firm over a designated time period, usually one year. Accounting profits typically make allowances for changes in the firm’s inventories and depreciation of its assets. No allowance is made, however, for the opportunity cost of the equity capital of the firm’s owners, or other implicit costs.

Zero

Zero is a numerical value representing the absence of any quantity or magnitude; it plays a central role in mathematics and economics.

Corporate Form

A legal structure for a business, recognized by law as separate from its owners, with its own rights, privileges, and liabilities.