.How Do You Select Project

L
ife is full of
CHOICES
People make CHOICES everyday
And so does a COMAPNY.
Like Choosing Dinner. Like choosing career.
Some are easy. Some are serious.

Companies have several
project opportunities.
Make sure projects will

yield benefits.
They can't invest in all
projects.
Good returns of investment.
They are often

selective.
Ensure Projects are safe.
Project selection is an integral part of

transforming the business.
Why business select projects?
Poor Results
Selecting a wrong
project could result
in poor results.
Lost Focus
Prevent the
organization from
working on more
important issues.
Wastage
Wasting of
resource & effort .
© Projectsmind.com
Project level issues due Poor
Performance
to wrong selection ? Cost Overrun

& Delays
Loss of
Interest
High Stress
Level
Blame Game
© Projectsmind.com
How to
Select
IDEA
GROWTH
PROFIT
BUSINESS
PROJECT?
SUCCESS
Project Selection Process
Business Feasibility Project

Need Study Selection
Step-1 Step-2 Step-3

Market Demand, Company
Project Viable? Success Benefits measurement,
Need, Customer Request ,
probability ? Expertise ? Comparative approach,
Technology changes,
Resources ? Capability ? Constraints optimization
Legal Policy.
Based on studies, & using Project Selection
Methods, Project Selection Committee
select a project.
Project Selection Method
Based on Economic Models Based on Math Models
Benefit Constraint
Measurement Optimization
 Cost Benefit Analysis  Linear
 Present Value  Nonlinear
 Net Present Value  Dynamic
 Internal Rate of Return (IRR)  Integer
 Payback Period  Multi-objective algorithms

What
happens
after
Project
Selection?
4 Steps of Project Launch
LAUNCH
Develop Project Charter.
PROJECT SELECTION
Select which project to
FEASIBILITY work on.
Check feasibility &

chance of success.
IDEAS/BUSINESS NEED
Evaluate the Idea and
company needs.
Project Charter
 Formally authorize a project or a project  Document initial requirements, needs &
phase expectations of stakeholders
 Project Statement Of Work

Tools & Techniques
 Business Case
 Expert Judgment
 Agreements  Facilitation Techniques
 Project Charter
 Enterprise Environmental Factors
 Organizational Process Assets
Expert Judgment refers to input received from the

knowledgeable and experienced parties also
called subject matter experts (SMEs).
Facilitation Techniques – Techniques such as problem
solving, conflict resolution and brainstorming are used
to help the team to develop project charter.
A formal short document that states a
project exists and provides project
managers with written authority to
begin work.
Create a common understanding of its

KNOWLEDGE goals, objectives and resource
requirements before the project is
scoped out in detail.
IDEA A project charter should always

include an overview, an outline of
scope, an approximate schedule, a
budget estimate, anticipated risks, and
LEARN key stakeholders.
Companies select
PROJECT A
multiple projects.
PROFIT
Different project require

GROWTH
different approach. PROJECT D

PROJECT B STARTUP
Multiple methodology to
BUSINESS
execute project.
SUCCESS
PROJECT C PROJECT E
Incorrect approach often
leads to project failure.

Key Definitions
Benefit
Measurement Functional
Project Charter Project Selection Life Cycle Cost
Organization
Method
A project charter is Are based on Where each Project selection is Development cost
a formal short measuring the employee has one the process of + Maintenance
document that benefits in taking clear manager evaluating and cost + Support
states a project up the project and /superior. Staff choosing projects cost
exists and provides comparing the members are that both align
project managers results against grouped by with an
with written other projects or a specialty, such as organization's
authority to begin strategy marketing, IT, objectives and
work. Benchmark. Manufacturing, maximize its
and Accounting performance. cost
Next :
How we manage
projects?
GET IN TOUCH
@projectsmind
www.projectsmind.com

.How Do You Select Project

Uploaded by

Copyright:

Available Formats

.How Do You Select Project

Uploaded by

Document Information

Original Description:

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

.How Do You Select Project

Uploaded by

Copyright:

Available Formats

L

Like Choosing Dinner. Like choosing career.

Some are easy. Some are serious.

Make sure projects will

They are often

Project selection is an integral part of

to wrong selection ? Cost Overrun

Business Feasibility Project

Step-1 Step-2 Step-3

 Present Value  Nonlinear

 Net Present Value  Dynamic

 Internal Rate of Return (IRR)  Integer

 Payback Period  Multi-objective algorithms

Check feasibility &

 Project Statement Of Work

Expert Judgment refers to input received from the

Create a common understanding of its

IDEA A project charter should always

Different project require

different approach. PROJECT D

leads to project failure.

You might also like