An Understanding of the Different Selection Models used to Select Projects in an Organization

Authors : Crispin George

Volume/Issue : Volume 5 - 2020, Issue 3 - March

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Strategic management and project selection form the bedrock in the alignment of projects with organizational strategies and objectives. Organizations that are undertaking projects are putting so much time and resources to ensure that such projects are successful. The success of a project starts from idea conception unto the selection process and the actual implementation of the project. Taking the wrong approach at any of these stages can lead to project failure. The selection process is so prominent in dictating the outcome of the project. Projects should be seen helping the organization to achieve its goals and objectives. Therefore, in a situation where a particular project is not in that direction, then it becomes clear for management to drop off such project. In addition, management has limited resources that should be shared amongst these projects. Thus, there is the need for project to be selected based on certain criteria that should be set by the project selecting committee. The selection of these projects, helps management to concentrate resources on the ones that have direct link to the organizational goals and objectives. In essence, this concept helps management to prioritize their operations and hence put the organization in a very good footing to meet their overall strategic goals.

Keywords : Senior Management; Profitability Model; Scoring Model; Numeric Model; Nonnumeric Model.


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