What Is the Project Scope

question 29

Multiple Choice

What is the project scope?

• A) An individual who is an expert in project planning and management, defines and develops the project plan, and tracks the plan to ensure that the project is completed on time and on budget.
• B) Description of the business need (the problem the project will solve) and the justification, requirements, and current boundaries for the project.
• C) A formal, approved document that manages and controls the entire project.
• D) Graphic representation of the processes that capture, manipulate, store, and distribute information between a system and its environment.

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Definitions:

Market Economy

An economic system where supply and demand from consumers and businesses dictate the production and pricing of goods and services.

Supply and Demand

Fundamental economic model based on the idea that the price and quantity of a good or service is determined by the availability (supply) and desire (demand) of that good or service.

Rationing Mechanism

A system used to allocate scarce goods and services using criteria other than price.

Surplus

An excess of supply over demand, resulting in an accumulation of unsold products or unused resources.