Project Managers Must Frequently Decide Whether to Obtain Needed Products

question 11

Essay

Project managers must frequently decide whether to obtain needed products and services from internal sources or from external sources.This decision is often referred to as the make-or-buy decision.Briefly identify and explain at least three reasons that support the decision to "make" the products and at least three reasons that support the decision to "buy" the products.

---

Definitions:

Demand Curve

A graphical representation showing the relationship between the price of a good and the quantity demanded by consumers at various prices.

Total Revenues

The sum of all income generated by a company through its business activities, typically from the sale of goods and services before any costs or expenses are deducted.

Price-Inelastic

Describes a situation where the demand for a good or service is relatively unresponsive to changes in its price.

Demand Curve

A graphical representation showing the relationship between the price of a good or service and the quantity demanded by consumers over a given period.