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​Describe How a Prioritized Set of System Requirements Is Developed

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Essay

​Describe how a prioritized set of system requirements is developed in the traditional system development life cycle (SDLC).


Definitions:

Resources

Assets and inputs used to produce goods and services, such as time, labor, capital, and natural resources.

Factor Market

The marketplace for services of the factors of production (labor, land, capital) where these are bought and sold.

Circular-Flow Diagram

A visual representation emphasizing the economic interactions and monetary flow between households and firms within various markets.

Households

Units of individuals living together, typically sharing living expenses, and making joint decisions on consumption and financial matters.

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