Under the Precedence Diagramming Method, the Most Common Relationship Between

question 29

Multiple Choice

Under the Precedence Diagramming Method, the most common relationship between two activities which implies a logical sequence is called:

• A) Finish-To-Start (FS)
• B) Start-To-Start (SS)
• C) Finish-To-Finish (FF)
• D) Start-To-Finish (SF)
• E) none of these

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Definitions:

Economies of Scale

Cost advantages that enterprises obtain due to their scale of operation, leading to a decrease in per unit cost with an increase in production.

Least Cost

The process of minimizing expenses involved in producing a good or service while maintaining its quality and efficiency.

Minimum Efficient Scale

The smallest amount of production a company can achieve while still taking full advantage of economies of scale with regards to minimizing its costs.

Long-Run ATC

The average total cost of production when all inputs, including capital, are variable and the scale of production can change.