The Project Acceptance Criteria Should

question 28

Multiple Choice

The project acceptance criteria should

• A)summarize the need and justification for the project.
• B)state the quantitative criteria expected for the products to be accomplished.
• C)state the major end products or items expected to be produced.
• D)be concise and create a vision for the end result of the project.

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Definitions:

Economic Profit

Revenue minus the opportunity cost of resources used; usually less than the accounting profit.

Accounting Profit

Revenue minus explicit cost.

Factors of Production

The resources used in the creation of goods and services, traditionally categorized into land, labor, capital, and entrepreneurship.

Opportunity Cost

The real cost of an item: what you must give up in order to get it.