Explain Why in a Project Only Two of the Three

question 55

Short Answer

Explain why in a project only two of the three project elements (cost, time, and scoop) can be optimized and the third must be adjusted to maintain balance.

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Definitions:

Price Elasticity

The measure of how much the quantity demanded of a good responds to a change in the price of that good.

Substitutability

The degree to which one good or service can be replaced by another in consumption, affecting consumer choices and market competition.

Total Cost

The sum of fixed and variable costs incurred by a business in producing a certain level of output.

Elasticity of Demand

A measure of how much the quantity demanded of a good responds to a change in the price of that good, indicating sensitivity.