After All of the RFPs Have Been Received, Either the IT

question 123

Multiple Choice

After all of the RFPs have been received, either the IT governance committee or the project team will evaluate the proposals in order to select the best software package.Things that must be considered would include:

• A)The match of the system and the user needs to the features of the software
• B)Testimonials from other customers who use the software
• C)Reputation and reliability of the vendor
• D)All of the above

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Definitions:

Economic Payoff

The financial return or reward received from an investment or decision, measured in terms of profit or loss.

Equity

Fairness; everyone gets his or her fair share. Since people can disagree about what is “fair,” equity is not as well defined a concept as efficiency.

Rational Decision

The choice made by logically considering all available information, potential costs, and benefits to achieve the optimal outcome.

Bounded Rationality

A concept suggesting that decision-making is limited by the information available, cognitive limitations of the mind, and the finite amount of time available to make a decision.