Your team is working on a project that involves building a new software application for a client. The project has a fixed timeline and budget, and the client has requested that you deliver the minimum amount of value necessary to meet their needs. Which of the following situations best describes the project you are working on?

Select one:

When the project scope and requirements are well-defined and unlikely to change.

When the project is operating in a stable, low-risk environment.

When the project has a fixed timeline and budget.

When the project is operating in a dynamic, high-risk environment.