Project Management - Project Selection

This section will take you through the importance and methods of project selection.

Life wouldn't be super interesting if you can put all what you like in one bucket and all what you pick only give you positive vibes. Even in business, you cannot accept all the projects that is directed to you, may be due to lack of resources or potential financial losses or limitations in capacity.

Hence, organizations would evaluate all possible opportunities and proceed with only shortlisted ones depending on different criteria.

Project Selection is a process to assess each available project idea & select the project with the highest priority.

Criteria for Project Selection Models

1. Realism – Reality of manager’s decisions

2. Capability – Ability to simulate different scenarios & optimize the decision

3. Flexibility – Provide valid results within the range of conditions

4. Ease to Use – Reasonably convenient, easy execution & easily understood

5. Cost – Data gathering and modeling cost must be low relative to the cost of the project

6. Easy Computerization – Must be easy and convenient to gather, store and manipulate data in the model

Project selection models can be identified and described under two major categories namely,

1. Non-numeric Project Selection Models

2. Numeric Project Selection Models

Non-Numeric Project Selection Models

Numeric Project Selection Models

Purindu B Jayatilake

MSc Eng (Reading), MBA, BSc (Hons) Eng, ACMA (UK), CGMA

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