Expectations, Standards, Supportive Organizational Culture, and Constraints Must Be in Place

question 74

True/False

Expectations, standards, supportive organizational culture, and constraints must be in place before project implementation; if not, the effectiveness of the evaluation process will suffer.

---

Definitions:

Numeraire

A unit of account in which prices are expressed in an economic model, facilitating comparison and calculation.

Competitive Equilibrium Price

The price level at which the quantity supplied equals the quantity demanded in a competitive market, ensuring no excess supply or demand.

Utility Function

A mathematical representation of how a set of goods and services are converted into utility or satisfaction for the consumer.

Numeraire

A standard unit of account in economic modeling used to measure relative prices.