When Resources Such as Overtime, Extra Equipment, and Additional Staff

question 20

Multiple Choice

When resources such as overtime, extra equipment, and additional staff result in higher costs, what should a project manager do?

• A)Hire additional staff and acquire additional resources.
• B)Terminate the project.
• C)Make a tradeoff between the extra costs associated with crashing and the benefits of a reduced project completion time.
• D)Look for a new sponsor of the project.
• E)Delay the project until economic conditions change.

Understand the role of external assessments and the practice of independence in nonprofit board governance.

Identify and use appropriate statistical measures to describe data distribution properties.

Differentiate between descriptive and inferential statistical techniques.

Understand and apply measures of linear relationship between two variables.

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Definitions:

AVC Curve

Stands for Average Variable Cost Curve, a graphical representation that shows the average variable costs of production at different levels of output.

ATC Curves

The graphical representation of the relationship between average total costs and output levels in the short run for a firm.

Diseconomies of Scale

Diseconomies of scale occur when a business expands to the point where the costs of managing and coordinating operations increase, leading to a rise in the average costs.

Economies of Scale

Cost advantages reaped by companies as a result of scale of operation, leading to a reduction in the per-unit cost of production.