What Are the Inputs and the Steps in Applying Earned

question 42

Essay

What are the inputs and the steps in applying earned value management as a project management tool?

---

Definitions:

Ideal Economic Efficiency

Achieving the optimum level of output and resource allocation where no individual or preference can be made better off without making someone else worse off.

Monopolist

A market participant that is the sole seller of a good or service, with significant control over its price.

Output Increase

Refers to a rise in the quantity of goods or services produced by an individual, company, or economy over a given period.

Economies of Scale

The decrease in unit cost that results from enhanced scale of operations, highlighting how companies can save on costs per unit by expanding their production scope.