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Project Selection Methods
February 7, 2009 | Author: PM Hut | Filed under: Project Management Definitions
Project Selection Methods
By Moises Ortiz
Project Selection Methods are used to select and prioritize projects within the organization. Selection Methods will let you know if the project is too risky or if it won’t make enough money, it it’s strategic or isn’t likely to succeed.
The PMBOK Guide defines 2 categories of Project Selection Methods:
- Benefit measurement models compare projects by the benefit they bring to the company. Comparative approaches include methods such as Return on Investment (ROI) or Benefit Cost Ratio (BCR).
- Mathematical models use complex mathematical formulas that attempt to predict the project’s success. Some of these methods apply calculus and linear programming to solve for maximizations. These methods are also known as constrained optimization.
Moises Ortiz is a project manager with strong experience in the IT field. He’s been working for many multinational corporations leading IT projects and helping them align their IT strategy to the overall business goals.
He holds a Bachelor’s degree in Electronic Systems Engineering from Instituto Tecnológico y de Estudios Superiores de Monterrey and can be contacted at his personal web page at www.moisesortiz.com.
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