Importance Of Project Selection Process

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One of the biggest decisions organizations have to make is related to the projects they agree to undertake. Once a project proposal has been submitted to the organization, there are many factors that need to be considered before the project is approved to begin. The selection process is a process to assess each project idea and select the project with highest priority. It can be simple or more involved depending on what the organization uses a method for selection. Choosing a project using the right method is therefore of the greatest importance. Nonnumeric models are from earlier days of project management and are considered to be simpler than other methods. When looking into nonnumeric models and the characteristics that an organization would use these selection models for are things like operating necessity, competitive necessity, creating new product line items, and executive’s new great passion or simply deciding to move on one project over another …show more content…

All the project selection methods described are essential for efficient business planning. As stated by Vandersluis (2001) “the reasoning as to why most projects fails is that companies tend to get involved in projects that are out of their league or they have no process for determining the appropriateness of taking on a project or not.” Having a good plan in the beginning, with clearly defined objectives will help guide organizations through successful business projects. The methods described can be carried out in various combinations. It is in the organizations best interest to try different methods that meets their needs and able the organization to make the most informed decisions while considering a wide range of factors rather than concentrating on just a few. Careful consideration in project selection, no matter what method is used, will go far in making organizations more

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