Formal Planning and Control Tools

question 42

Multiple Choice

Formal planning and control tools

• A)enable a project to have sufficient technical support for project management and development.
• B)enable a project manager to properly document and monitor project plans.
• C)portray a project as a network diagram with numbered nodes representing project tasks.
• D)consist of ways to link the work of the implementation team with users at all organization levels.
• E)enable senior management to track the development of systems.

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Definitions:

Marginal Revenue

The additional income received from selling one more unit of a good or service; it is an important concept for determining the optimal level of output for a company.

Purely Competitive Firm

A company operating in a market where there are many buyers and sellers, the products are homogeneous, and there are no barriers to entry or exit.

Average Revenue

The revenue a company generates per unit of output sold, calculated by dividing total revenue by the number of units sold.

Perfectly Elastic Demand Curve

A demand curve with infinite elasticity, where consumers are willing to purchase any amount of a product at a certain price, but none at any slightly higher price.