The Importance Of Project Selection Process

872 Words4 Pages
In the world of fierce competition between businesses, some of the utmost important decisions that organizational leaders are faced with are decisions related to the projects they agree to undertake. Every organization has to determine how to make their product or service stand out, this typically leads to project proposals. The majority of organizations have a process, some formal and some informal, to select and prioritize projects. Once a project proposal has been submitted to the organization, there are various factors that need to be considered before the project is to officially begin. The selection process is a process to assess each project idea and ultimately help leaders select projects that further meet the organizational goals. The process of project selection can be simple or more involved depending on what the organization uses as a method for selection. This selection will lead to how well the project is executed. Consequently, choosing a project selection method is of the greatest importance. Non-numeric Models Non-numeric models are from times during the early adoption of project management and are considered to be simpler than other methods. Organizations, without a strict process for project selection, would use non-numeric models for decisions relating to projects when…show more content…
That said the disadvantages that might affect the project team of the non-numeric model are unstated or no criteria of profitability or viability of the project, part of the three objectives is frequently undefined, a project that lacks input or has too many stakeholders. Finally, in non-numeric models there is not a ranking system to help the organization prioritize projects which could affect the viability of the project’s
Open Document