Which of the following statements are true?

1. The conventional decision rule for the IRR is to reject a project when its IRR exceeds its discount rate.
2. A project that requires an upfront investment of $1 million dollars and a follow-up investment in three years of $500,000 that, in addition to these, is expected to generate a stream of positive operating cash flows of $250,000 for the next 8 years is an example of unconventional cash flows.
3. The profitability index is a good decision and ranking criterion when faced with a budget constraint, as it presents the value of a project per dollar invested.