Question

Good project management allows firms to efficiently create products and services for local markets and to respond effectively to competitive local markets.

True

False

The critical path is a continuous path through the project network that 1. Starts at the first activity in the project 2. Terminates at the last activity in the project 3. Includes only activities with a slack more than zero.

True

False

To create goods and services, all organizations perform three functions: Marketing, Production/operations, and Finance/accounting.

True

False

Forecasting is defined as the art and science of how to prepare, monitor, and judge the accuracy of future events by not looking at historical data.

True

False

Answer 1

Ans 1)

The answer is true. Good project management does allow companies to flourish in the local markets by introducing new products and services that are demanded by the customers themselves. It can also help in formulating a solution for competitive markets.

Ans 2)

The answer is false. The critical path is the path in which the slack for all the activities that lie on the path is equal to 0

Ans 3)

The answer is true. Any organization needs to perform these three basic functions in order to create products or deliver services.

Ans 4)

The answer is false. Forecasting is used in management to estimate future events which are based on past data.