Project Managers Must Assess the Needs of the Organization, the Project

question 59

True/False

 Project managers must assess the needs of the organization, the project, and individuals in determining which communication medium to use, and when.

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Definitions:

Labor Resource Market

A market where individuals offer their labor or services for wages to employers who are in need of those services.

Output Effect

The change in total revenue generated by selling an additional unit of a product or service.

Substitution Effect

The economic understanding that as prices rise or income decreases, consumers will replace more expensive items with cheaper alternatives.

Price of Capital

The cost of using capital assets, which can include interest rates on loans used to purchase the assets or opportunity costs of investing capital elsewhere.