WGU C722 Unit 3 Project Selection Criteria and Models (questions and answers)complete

Realistic - ________ is the model selection criteria that accurately reflects the way the organization does business. It is appropriate for the level of resources, capabilities, and external environment of the organization. Capable - ________ is the model selection criteria that uses factors that are relevant to the organization. We would not expect one model to cover all dimensions of a project, we would want to use models that cover their dimension comprehensively. Flexible - __________ is the model selection criteria that should provide accurate measures across a reasonable range of conditions. Easy to use - __________ is the model selection criteria that provides results in a reasonable amount of time. Results should be easily understood by the decision makers. Low cost - __________ is the model selection criteria that where costs of gathering data and running the model should be low relative to the scale of the project. Comparable - __________ is the model selection criteria that should be usable across a range of projects such that the outcomes of the model can be used to compare projects. Non-numeric project selection models - _________ focus on selection criteria that are not limited to traditional numeric performance measures (return on Investment [ROI], profit, revenue, etc.). Some examples are: - Competitive necessity - Operating necessity - Sacred cowCompetitive Necessity - The _________ non-numeric project selection criteria requires a project proposal, which includes justification, cost, and time estimates, as well as documented outcomes. The decision of whether to approve or disapprove the project is based on whether implementing the project will ensure the viability of the company in the competitive market.