What is a minimum-cost schedule

Question

BlackTom AI · Accepted Answer

The question asks: 'What is a minimum-cost schedule'.
Option provided: 'A schedule created by reducing the project duration in a cost-effective manner'.
First, consider what a minimum-cost schedule typically means in project management; it usually refers to achieving the project goals while minimizing total cost, which often involves considering trade-offs between time, resources, and expenses.
This option emphasizes reducing the project duration as the primary driver for minimizing cost, which can be true in some contexts (e.g., by compressing the schedule to avoid longer-duration expenses), but it might be incomplete because cost minimization can also involve optimizing resource usage, labor rates, or scope adjustments, not solely shortening duration.
Additionally, in many frameworks, minimum-cost schedule is defined as the schedule that meets the project requirements at the lowest possible total cost, given constraints, which may incorporate duration but is not defined only by duration reduction.
Thus, this option captures a key mechanism (reducing duration to lower costs) but may oversimplify the concept by focusing exclusively on time reduction rather than a holistic cost optimization.
Because the answer options are missing in the provided data, there is no other choice to compare; this limits the ability to assess alternative definitions or nuanced interpretations, which would be essential to determine whether the statement comprehensively defines a minimum-cost schedule or merely describes a common approach in some scenarios.

QANT_630-VA1-2025SP-VR Quiz 13 (Project Cost Management)

What is a minimum-cost schedule

View Explanation

Log in for full answers

Similar Questions

An activity with positive slack can be delayed without impacting the overall project completion time.

Assume that an activity can begin only after two other activities are completed. If the earliest completion time of one predecessor is twenty days, and the earliest completion time of the other predecessor is seventeen days, then the earliest start time of this activity must be twenty days.

Why do network diagrams typically precede Gantt charts in complex projects?

As a project manager of a construction project, you need to use a tool to routinely monitor project timeline against the baseline, update WBS and track schedule. Which of the following is the most appropriate?

Part 1Which of the following was NOT a network planning method developed in the 1950s? A. the program evaluation and review technique (PERT) B. the network project analysis technique (NPAT) C. the critical path method (CPM)

What is the amount of time an activity may be delayed without delaying a succeeding activity or the project finish date?

More Practical Tools for Students Powered by AI Study Helper

Homework AI Solver

Stylized AI Paper Writer

Plagiarism Checker Assistant

Citation AI Academic Writing Tool

In-Class Translation Assistant

AI Note Generator

AI Quiz Answers

Past Exam Questions from University Test Bank

Smart Practice Assistant

Adaptive Practice

Making Your Study Simpler

QANT_630-VA1-2025SP-VR Quiz 13 (Project Cost Management)

What is a minimum-cost schedule

View Explanation

Log in for full answers

Similar Questions

An activity with positive slack can be delayed without impacting the overall project completion time.

Assume that an activity can begin only after two other activities are completed. If the earliest completion time of one predecessor is twenty days, and the earliest completion time of the other predecessor is seventeen days, then the earliest start time of this activity must be twenty days.

Why do network diagrams typically precede Gantt charts in complex projects?

As a project manager of a construction project, you need to use a tool to routinely monitor project timeline against the baseline, update WBS and track schedule. Which of the following is the most appropriate?

Part 1Which of the following was NOT a network planning method developed in the​ 1950s? A. the program evaluation and review technique​ (PERT) B. the network project analysis technique​ (NPAT) C. the critical path method​ (CPM)

What is the amount of time an activity may be delayed without delaying a succeeding activity or the project finish date?

More Practical Tools for Students Powered by AI Study Helper

Making Your Study Simpler

Part 1Which of the following was NOT a network planning method developed in the 1950s? A. the program evaluation and review technique (PERT) B. the network project analysis technique (NPAT) C. the critical path method (CPM)