Chapter 12

Question 1

Law of Diminishing Returns (aka Law of Variable Proportions)

Answer 1

Stats that if on factor of production is increased while other factors remain constant, the overall returns will eventually decrease after a certain point.

Question 2

Informal Acceptance of a projects deliverables

Answer 2

Does not include a sign-off of the completion or even the acknowledgment of the deliverables.

Question 3

Formal Acceptance of a projects deliverables

Answer 3

A process completed by the client of the project and the appropriate members of the project team.
This is the preferred method of client acceptance.
These acceptances are contingent on a project acceptance agreement.

Question 4

The Project Acceptance Agreement

Answer 4

Is typically written very early in the project timeline and in alignment with the defined project deliverables. Project acceptance agreements are typical of application development projects and often consist of a checklist of the required features of the project.