There Are 5 Steps Involved When Defining a Project; Which

question 75

Multiple Choice

There are 5 steps involved when defining a project; which of the following is the second?

• A) Analyze the strategic plan
• B) Analyze the current budget plan
• C) Establish project priorities
• D) Select team members
• E) Define the major objectives to meet the customer's needs

---

Definitions:

Economic Losses

The difference when total costs, including both explicit and implicit costs, exceed total revenues, indicating that resources could be better employed elsewhere.

Economic Profits

The difference between total revenue and total costs, including both explicit and implicit costs, representing excess returns over the firm's opportunity costs.

Purely Competitive Market

A trading environment with a large number of consumers and providers, barrier-free entrance and departure, and a standardized product.

Long-run Equilibrium

A state where all factors of production in an economy are utilized efficiently, market supply equals demand, and no economic forces are pushing for change.