The Steps in the CPM Project Planning Process Are

question 34

True/False

The steps in the CPM project planning process are:
1. Specify each individual activity.
2. Sequence the activities.
3. Draw a network diagram.
4. Estimate the completion time for each activity.
5. Identify the critical path (longest path through the network).
6. Update the CPM diagram as the project progresses.

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Definitions:

Relevant Inputs

Factors or resources that directly impact the production process or decision-making in a specific context.

Decreasing-cost Industry

An industry where the cost per unit of output decreases as the scale of production increases.

Long-run Equilibrium Price

The price level at which the quantity supplied equals the quantity demanded, achieved over a period where all inputs can be varied by producers.

Increase in Demand

A situation where there is a rise in consumers' desire to purchase goods or services, leading to higher quantity demanded at every price level.