ECONOMICS

Detailed explanation-1: -Project objectives are what you plan to achieve by the end of your project. This might include deliverables and assets, or more intangible objectives like increasing productivity or motivation. Your project objectives should be attainable, time-bound, specific goals you can measure at the end of your project.

Detailed explanation-2: -There are three basic types of control mechanisms-cybernetic, go/no-go, and post-performance.

Detailed explanation-3: -The purpose of Project Monitoring and Control (PMC) (CMMI-DEV) is to provide an understanding of the project’s progress so that appropriate corrective actions can be taken when the project’s performance deviates significantly from the plan.