Assessing Business Attractiveness — Practice Quiz

Nature of product, scale of operations, budget, skilled labour availability, and industry standards

Technology selection depends on the nature of product, scale of operations, budget constraints, availability of skilled labour, and industry standards.

It improves speed, accuracy and competitiveness

Modern technology improves speed, accuracy and competitiveness, although it may increase fixed costs.

Because modern technology increases fixed costs

Modern technology improves efficiency but increases fixed costs, so cost-benefit analysis helps judge whether the benefits are worth the cost.

Idea → Research → Feasibility Study → Design → Prototype → Testing → Modification → Production → Launch

The product development timeline follows this exact sequence from idea to launch.