The Key Elements of Project Control Includes All the Following

question 98

Multiple Choice

The key elements of project control includes all the following except

• A) time management.
• B) cost management.
• C) material management.
• D) communication.

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Definitions:

Utility Maximization

The economic principle that individuals or firms attempt to allocate their resources in a manner that maximizes their satisfaction or profit.

Marginal Utility

The supplementary enjoyment a consumer experiences when they consume an extra unit of a good or service.

Budget Constraints

Budget constraints represent the limitations on the spending choices of consumers based on their income and the prices of goods and services.

Total Utility

The overall satisfaction a consumer receives from consuming a particular quantity of goods or services.