Community Post

Community Post

Substantial Completion

The date at which the work or building project, or a designated portion of the work or building project thereof is sufficiently complete, in accordance with the construction contract documents, so that the owner may use or occupy the work or building project or designated portion thereof for the intened use for which it is originally designed and intended for.

This would include the completion of all life saftey systems, weathertight envelope, and adequate protection of building occupants and or equipment is ensured from hazzards posed by additional or possible construction activities or other potential harmful conditions that may exist or become evident during the final work effort to complete the project per the construction contract documents.

This date is then certified by the architect to the owner or client. From this date a number of other provisions are started such as warranty, guaranties, and liabilities

Read more: http://wiki.answers.com/Q/What_is_the_definition_of_substantial_completion#ixzz1PLGLlpYm

Product Scope

The product scope description can be used as an input to the Scope Definition process when the project charter and/or preliminary project scope statement are missing.

Utility Theory: Encyclopedia of Management

Quoted from http://www.enotes.com/management-encyclopedia/utility-theory:

Utility Theory: Encyclopedia of Management

Utility Theory

• Utility theory provides a methodological framework for the evaluation of alternative choices made by individuals, firms and organizations. Utility refers to the satisfaction that each choice provides to the decision maker. Thus, utility theory assumes that any decision is made on the basis of the utility maximization principle, according to which the best choice is the one that provides the highest utility (satisfaction) to the decision maker.

UTILITY THEORY IN CONSUMER BEHAVIOR

Utility theory is often used to explain the behavior of individual consumers. In this case the consumer plays the role of the decision maker that must decide how much of each of the many different goods and services to consume so as to secure the highest possible level of total utility subject to his/her available income and the prices of the goods/services.