23.4 - Importance of Financial Management in Engineering and IT
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Practice Questions
Test your understanding with targeted questions
What is project budgeting?
💡 Hint: Think about cost estimation.
Why is start-up funding important?
💡 Hint: Consider how businesses begin.
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Interactive Quizzes
Quick quizzes to reinforce your learning
What is the primary purpose of project budgeting?
💡 Hint: What does budgeting help you understand?
True or False: Start-up funding is essential for securing initial financial resources for a new business.
💡 Hint: Consider the beginning of a company.
1 more question available
Challenge Problems
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An engineering firm plans to develop a new software product with an estimated cost of $200,000. They expect to earn $300,000 in revenue. Is this project likely to be financially viable? Justify your answer.
💡 Hint: Consider both costs and expected revenue.
Create a funding plan for a start-up that includes at least three different funding sources. Explain why each source is appropriate.
💡 Hint: Think about the advantages each funding source provides.
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