Define the Program Evaluation and Review Technique (PERT)

question 23

Essay

Define the program evaluation and review technique (PERT).

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Definitions:

Sunk Costs

Costs that have already been incurred and cannot be recovered or refunded, and thus should not factor into future decision-making processes.

Fixed Costs

Fixed expenditures that are unaffected by changes in production or sales volumes, like rent, wages, and insurance costs.

Marginal Cost

The cost incurred by producing one additional unit of a good or service.

Crafters Fair

An event where artisans and craftspeople showcase and sell their handmade goods, often featuring a variety of unique items.