What Is a Project

question 296

Multiple Choice

What is a project?

• A)a temporary activity undertaken to create a unique product, service, or result
• B)the application of knowledge, skills, tools, and techniques to project activities in order to meet or exceed stakeholder needs and expectations from a project
• C)any measurable, tangible, verifiable outcome, result, or item that is produced to complete a project or part of a project
• D)the representation of key dates when a certain group of activities must be performed

---

Definitions:

Value Added

The increase in worth of a product or service as a result of a particular process, often characterized by the difference between the price of the finished product and the cost of the inputs involved in making it.

Raw Materials

Basic materials extracted from natural resources or produced through agriculture, which are used in the production of goods and services.

Injection

Any spending other than by households or any income other than from resource earnings; includes investment, government purchases, exports, and transfer payments.

Circular Flow

An economic model that illustrates the continuous movement of goods, services, and money between producers and consumers in an economy.