(a) “Project selection is essentially important in beginning the project management”. Briefly describe 
the basic guidelines to undertake the project selection.
(b) Using an application example to discuss the content of project reporting, the normal reporting lines 
and methods.

Question 1 .

Describe the “ideal” project progress and the “usual” progress. Discuss the difference between the two and what drives a project towards the usual progress as opposed to the ideal. Illustrate with an example from your own experience, where possible.

Question 2.

Describe the intent of following a lifecycle approach to project management and its benefits.

What are the three phases of large project management?

If a project has a net present value equal to zero, then:

(i) any delay in receiving the projected cash inflows will cause the project's NPV to be negative.

(ii) the discount rate exceeds the internal rate of return.

(iii) the project produces cash inflows that exceed the minimum required inflows.

(iv) the initial cost of the project exceeds the present value of the project's subsequent cash flows.

(v) the internal rate of return exceeds the discount rate.