The Most Common Mistake Made When Monitoring Data Is to Gather

question 53

Multiple Choice

The most common mistake made when monitoring data is to gather information that is clearly related to project performance but __________.

• A)is so volatile that trends cannot be detected
• B)has little or no probability of changing significantly between collection periods
• C)is too unusual to use
• D)cannot be captured in the mechanized PMIS

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Definitions:

Income Elasticity

A measure of how much the demand for a good or service changes in response to a change in the income of consumers.

Demand Is Elastic

A situation where the quantity demanded of a product changes significantly with a change in its price.

Total Revenue

The overall amount of money earned by a firm from the sale of its products or services before any costs are subtracted.

Point Elasticity

A measure of elasticity that uses the slope measurement.