Completing and Settling Each Contract After Any Open Items or Settlements

question 62

Multiple Choice

Completing and settling each contract after any open items or settlements are resolved refers to which of the following Project Procurement Management processes?

• A)Plan Procurements
• B)Conduct Procurements
• C)Administer Procurements
• D)Close Procurements
• E)Plan Exit Strategy

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Definitions:

Opportunity Cost

Represents the value of the next best alternative forgone when a decision is made to choose one option over others.

Factors Of Production

Factors of production are the inputs needed for the creation of a good or service, including land, labor, capital, and entrepreneurship.

Unemployment Of Resources

Unemployment Of Resources refers to a situation where factors of production, such as labor and capital, are not being used in the production process.

Production Possibilities Curve

A graphical representation of the maximum quantities of two goods or services that an economy can produce when utilizing its resources fully and efficiently.