SCOPE MANAGEMENT

A1: Answer: b

Scope definition is defined by PMI as ''decomposing the major deliverables into smaller, more manageable components to provide better control.''

A2: Answer: a

The chart of accounts is the system used to monitor project costs as defined by PMI.

A3: Answer: c

A stakeholder is an individual or organization that is involved in or may be affected by project activities.

A4: Answer: c

The actual payback period is between two years and three years. It is the point where the net or cumulative cash flows equal zero. This occurs between year 2 and 3 and is 2 and 29/30 of a year from the first cash flow. Cumulative cash flow in years are: 1, -500,000; 2, -290,000; 3, +10,000.

A5: Answer: b

The net cash flow is the total of all the ...

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