___________ Is Described as Follows: CPM Is Usually Used for Projects

question 21

Multiple Choice

___________ is described as follows: CPM is usually used for projects with predictable task times. CPM is a deterministic model that does not take into account variation in the completion time, so only one number is used for an activity's time estimate.

• A) Specify each individual activity
• B) Draw a network diagram
• C) Update the CPM diagram as the project progresses
• D) Sequence the activities
• E) Estimate the completion time for each activity

---

Definitions:

Purely Competitive Industry

Characterized by many firms selling identical products, where no single firm can influence the market price, ensuring competition based on price.

Short-Run Costs

Costs that vary with the level of output in the short term, where some inputs are fixed.

Fertilizer

A substance, either chemical or organic, introduced to soil or land to improve its fertility and boost the growth of plants.

Purely Competitive Industry

Markets where many sellers are offering a homogeneous product, and no single seller can influence the price.