Question 1 1. Classify the following statements as True/False. 1.1 The "iron law" of the project life cycle can be summarised as follows: "problems downstream are sympt of neglect upstream". 1.2 Customer requirements are defined during the "definition" phase of the project life cycle. 1.3 The project manager should integrate the contributions of each participant in the project. 1.4 A WBS is a time-phased schedule of work tasks. 1.5 The work breakdown structure is determined during the "concept" phase of the project life cycle. Question 2 2.1 List three factors that need to be considered when evaluating an asset for investment purposes. 2.2 Indicate the difference amongst the following financial statements: - Balance sheet - Cash-flow statement - Statement of changes in equity - Income statement Question 3 3. Britney has a lemonade stand and she sells lemonade in her neighbourhood. Her business has a fixed cos R250 per month and it costs her R1.75 to produce a glass of lemonade. Britney decided to sell each glas lemonade for R3.20. Calculate the following: i. Break-even volume per month ii. How many glasses of lemonade does John need to sell in order to make a profit? iii. The increase in profit if the monthly sales of 800 units is increased by 7.5%. 3 ENM2601 Question 4 1. You have been appointed Project Leader of a project to be undertaken by your company. Use the inform the table below to develop a project-network diagram