There Was No Way That the Study Tour to Italy

question 74

Multiple Choice

There was no way that the study tour to Italy could cost only $1500 for 14 days and 13 nights and include all transportation,meals and hotels,but the smarmy professor knew that students would balk at a higher advertised price.Once they were thousands of miles away from home in a country where none of them spoke the language it would be easier to tell them about unanticipated charges and approach the more realistic price of $3500 per person.This type of:

• A)specification change is a common reason for a cost overrun.
• B)lack of definition is a common reason for a cost overrun.
• C)low initial estimate is a common reason for a cost overrun.
• D)unexpected technical difficulty is a common reason for a cost overrun.

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Definitions:

Sales Forecasting

The process of estimating future sales volume and revenue, based on historical data, market analysis, and current trends.

Three-Month Period

refers to a fixed duration or span of time encompassing ninety days or roughly one quarter of a year.

Marketing Research Concepts

Key principles and methodologies employed to gather, analyze, and interpret data relevant to marketing decision-making.

Conducting Marketing Research

The process of gathering, analyzing, and interpreting information about a market, about a product or service to be offered for sale in that market.