The First Appearance of Standard Approaches to Managing Projects Including

question 76

Multiple Choice

The first appearance of standard approaches to managing projects including scope statements and WBS occurs in which of the following Project Management Maturity Model Levels?

• A) Ad hoc project management
• B) Formal application of project management
• C) Institutionalization of project management
• D) Management of project management system
• E) Optimization of project management system

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Definitions:

Pareto Efficient

An economic state where resources are allocated in a way that it is impossible to make any one individual better off without making at least one individual worse off.

Public Good

A commodity or service that is provided without profit to all members of a society, either by the government or a private individual or organization.

Private Good

An economic product or service that is consumed by an individual or a specific group, characterized by its exclusivity and rivalry in consumption.

Utility Function

A mathematical representation that assigns a value to every possible choice to represent the level of satisfaction or happiness it provides the consumer.