In the System Definition Phase of the SDLC, the First

question 52

Multiple Choice

In the system definition phase of the SDLC, the first major task for an assembled project team is to ________.

• A) design system components
• B) assess the project's feasibility
• C) plan the project
• D) define system goals and scope

---

Definitions:

Economic Profits

Profits calculated by subtracting both explicit and implicit costs from total revenues; also known as supernormal profits.

Implicit Costs

Costs that represent the opportunity costs of using resources owned by the firm for its own production rather than selling those resources.

Economic Profit

The difference between total revenue and the total cost of inputs (including opportunity costs), reflecting the additional gain from business operations beyond breaking even.

Economic Loss

The decrease in financial value or resources due to an event, action, or inaction, encompassing factors such as direct, indirect, and opportunity costs.