A Project Life Cycle Is Useful Because ______

question 81

Multiple Choice

A project life cycle is useful because ______.

• A)it provides a graphic representation of how the project is expected to perform
• B)it can be used to evaluate the project budget
• C)it can be used to evaluate the actual project costs
• D)it can be used to evaluate the efficacy of the project's plan

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Definitions:

Production

The process of creating, growing, manufacturing, or improving goods and services.

Production Possibility Curve

A graphical representation showing the maximum combination of goods and services that can be produced with a given set of resources and technology.

Comparative Advantage

The aptitude of any individual, corporation, or country for producing a good or offering a service at an opportunity cost that is reduced in comparison to that of the competition.

Specialization

The process of focusing resources on the activities that lead to the greatest efficiency and output in production or services.