Comparing Alternatives - Basic concepts comparing alternatives
7 important questions on Comparing Alternatives - Basic concepts comparing alternatives
When are projects independent?
When is a project justifiable/acceptable/economically acceptable?
What is a basic rule/principle in comparing alternatives?
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What [3] things also have to be considered in ensuring a comparable basis?
- Operational performance factors (output capacity, speed, thrust, reliability, setup time)
- Quality factors (number of defect-free units, reject rate)
- Useful life, capital investment required, revenue changes, various annual expenses or cost savings.
What do economical analyses of mutually exclusive alternatives focus on?
What are [2] rules for comparison of mutually exclusive alternatives?
- When revenues and other economic benefits are present and vary among alternatives choose the alternative that maximizes overall profitability | Select the alternative that has the greatest positive equivalent worth at i = MARR and satisfies all project requirements.
- When revenues and other economic benefits are not present or are constant among the alternatives, consider only the costs and select the alternative that minimizes total cost | Select the alternative that has the least negative equivalent worth at i = MARR and satisfies all project requirements.
What are staged projects?
The decision can be made in stages.
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