What Do Gantt Charts and PERT Charts Have in Common

question 119

Multiple Choice

What do Gantt charts and PERT charts have in common?

• A)They are both tools for computer-aided design (CAD).
• B)They are both common scheduling tools for complex situations.
• C)They are both tools used for evaluating potential site locations.
• D)They both are useful in making sure that all resources are available at the start of a complex project.
• E)They are communications tool for explaining production needs to suppliers.

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Definitions:

Short Run

A period in economics during which at least one input is fixed and cannot be changed. It contrasts with the long run, where all inputs can be adjusted.

Long Run

A period in economic analysis during which all factors of production and costs are variable, allowing for full industry adjustment.

ATC

Average Total Cost, which is the total cost of production divided by the number of goods produced, representing the cost per unit of output.

Break-Even Point

The point where total costs equal total revenue, meaning no profit or loss is incurred.