You Work as a Project Manager for BlueWell Inc

question 74

Multiple Choice

You work as a project manager for BlueWell Inc. You are working with your team members on the risk responses in the project. Which risk response will likely cause a project to use the procurement processes?

• A) Acceptance
• B) Mitigation
• C) Exploiting
• D) Sharing

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Definitions:

Implicit Costs

The opportunity costs associated with a company's use of resources that are not directly paid for or billed.

Implicit Cost

The opportunity costs that are not directly paid or incurred but represent the loss of alternative benefits when resources are used in a particular way.

Capital

A resource, such as equipment or buildings, used to produce goods and services.

Implicit Costs

The opportunity costs that are not directly paid for or visibly incurred in financial transactions but represent real costs to economic actors.