The First Step in the Nominal Group Technique Is to

question 16

Multiple Choice

The first step in the nominal group technique is to

• A)Have participants vote on their preferred alternative solution
• B)Have participants share their ideas out loud
• C)Make sure participants have enough time to write their ideas down
• D)Make sure everyone agrees on the problem definition
• E)Make sure all ideas are recorded before any voting takes place

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Definitions:

Payback Period

The amount of time it takes for an investment to generate an amount of income or cash equivalent to the cost of the investment.

Discount Rate

The interest rate used to determine the present value of future cash flows, guiding investment and financing decisions by reflecting the opportunity cost of capital.

NPV

An abbreviation for Net Present Value, it assesses the worth of future cash flows in today's dollars, subtracting the initial investment.

PI

A mathematical constant representing the ratio of a circle's circumference to its diameter, approximately 3.14159.