What Are the Three General Factors That Affect Successful PM

question 17

Multiple Choice

What are the three general factors that affect successful PM?

• A)time, cost, and scope
• B)creep, scope and time
• C)cost, management, and creep
• D)time, management and creep

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Definitions:

Diminishing

A principle often referring to diminishing returns, where additional inputs result in progressively smaller increases in output.

Marginal Product

The additional output resulting from the use of one more unit of a production input, holding all other inputs constant.

Production Function

An economic model that describes the relationship between the inputs a firm uses and the output it creates.

Competitive

Relates to a market situation where multiple sellers are trying to appeal to the same customers, often leading to innovation and better prices.