PERT/Cost

question 53

Multiple Choice

PERT/Cost:

• A)finds the penalty costs if a project is not completed on time
• B)compares the actual budget with the planned budget
• C)shows management where to focus attention during the project
• D)a and b only
• E)b and c only

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Definitions:

Allocation of Resources

The process of distributing available resources among various competing needs or uses to achieve desired objectives.

Political Decision Making

The process by which governments and political groups determine policies, allocate resources, and make crucial societal choices.

Collective Decision Making

The process by which a group of individuals reach a decision collectively, often through discussion and consensus.

Economic Questions

Fundamental queries about how societies allocate scarce resources among competing uses, typically including what to produce, how to produce, and for whom to produce.