What Is the Application of Knowledge, Skills, Tools, and Techniques

question 96

Multiple Choice

What is the application of knowledge, skills, tools, and techniques to project activities in order to meet or exceed stakeholder needs and expectations from a project?

• A) Project management
• B) Project management software
• C) Scope
• D) None of these

Recognize the importance of cash flow timing and its effect on project viability through the payback method.

Understand the principles and applications of the Net Present Value (NPV) and Equivalent Annual Annuity (EAA) method for evaluating projects.

Identify and explain the limitations and advantages of the replacement chain method in capital budgeting.

Calculate and interpret the Internal Rate of Return (IRR), NPV, and Profitability Index (PI) for different projects.

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Definitions:

Streamline

To simplify or eliminate unnecessary steps in a process to increase efficiency and improve performance.

Purchasing Process

The sequence of steps followed by an organization to acquire goods or services, starting from the identification of the need to the receipt and approval of the item.

Cash Equivalents

Short-term, highly liquid investments that can be easily converted into a known amount of cash.

Highly Liquid

An asset or investment that can be quickly converted into cash without much loss in value, ensuring easy accessibility of funds.