5 Project managers should turn customer needs into requirements. The sum of these requirements is: Commercial Organizational Functional Scope Technical 6 Functional requirements: Should be simple Are technology driven Tell what the service will do Indicate the associated costs Tell how a service is performed 7 Technical requirements: Tell how a service is performed Tell what the service will do Indicate the associated costs Should be simple Are technology driven 8 The project selection tool that converts future costs into today's costs using the time value of money is: Benefit-to-cost ratio comparison Payback method Net Present Value Internal rate of return simple conversion method