The Project Objective Should Be

question 109

Multiple Choice

The project objective should be

• A) set and remain the same throughout the project.
• B) ambiguous to promote creativity of the contractor.
• C) clear and concise at the beginning of the project.
• D) include the intangible outcomes the project could expect.

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Definitions:

Market Price

The current price at which an asset or service can be bought or sold.

Profit-Maximizing

A strategic goal of businesses to achieve the highest possible profit through adjusting production levels, pricing strategies, and cost management.

Final Good

A good that is intended for final use by the consumer, distinct from intermediate goods which are used in producing other goods.

Marginal Product

Marginal Product is the additional output produced as a result of utilizing one more unit of a particular input, holding all other inputs constant.