This site contains information for your preparation of PMI's PMP (Project Management Professional) certification exam. I have also Included topics on how to pass the exam and some mock exams.
Saturday, October 27, 2007
Project Selection Method Key Terms - Opportunity and Sunk Cost
Opportunity Costis:
The opportunity given up by selecting one project over another.
Sunk Cost is:
Non-recoverable project spent on the existing or last project. This is not related to bad debt as bad debt is over budget).
Project selection helps a project manager in manageing a projct by helping in taking various decison of Organisation and also gives other option during problems.
Project selection helps a project manager in manageing a projct by helping in taking various decison of Organisation and also gives other option during problems.
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