A Journey from Project Selection to Project Winding Up
| A Journey from Project Selection, through Implementation, till Project Winding-Up
Selection of a Project:
Project Selection is a process to assess each project idea and select the project with the highest viability and highest priority. Often there will be a number of suggested projects but not enough resources, money or time to undertake all of the projects. Choosing a project using the right method is therefore of utmost importance.
By following the Project Selection Stage one follows a step by step objective method for prioritizing projects - this can be used to explain to stakeholders the reasoning behind why a particular project has been selected.
Project Selection is often conducted by the stakeholders or a committee of senior managers in the organization based on the report generated by the project manager. Top down budgeting is done, based on available data from the similar projects being formulated by senior managers/consultants having experience in similar projects. The major function of the selection process is to ensure that several conditions are considered before a commitment is made to undertake any project. The conditions vary widely from firm to firm but several are quite common: i. Is the project potentially profitable? Does it have chance of meeting the ROI hurdle rate? ii. Does the firm have or can it easily acquire, the knowledge and skill to carry out the project successfully? iii. Does the project involve building competencies that are considered consistent with the firm’s strategic plan?
The selection process for choosing a particular project is broadly categorized as: i. Preliminary Activities : To identify the potential of the proposed project, if it is having synergy with the existing business i.e. horizontal integration, or if there is any scope for vertical integration. It also consists of conducting a market research, analysis for strength of competitors, psyche of the prospective consumers,price of the
Selection of a Project:
Project Selection is a process to assess each project idea and select the project with the highest viability and highest priority. Often there will be a number of suggested projects but not enough resources, money or time to undertake all of the projects. Choosing a project using the right method is therefore of utmost importance.
By following the Project Selection Stage one follows a step by step objective method for prioritizing projects - this can be used to explain to stakeholders the reasoning behind why a particular project has been selected.
Project Selection is often conducted by the stakeholders or a committee of senior managers in the organization based on the report generated by the project manager. Top down budgeting is done, based on available data from the similar projects being formulated by senior managers/consultants having experience in similar projects. The major function of the selection process is to ensure that several conditions are considered before a commitment is made to undertake any project. The conditions vary widely from firm to firm but several are quite common: i. Is the project potentially profitable? Does it have chance of meeting the ROI hurdle rate? ii. Does the firm have or can it easily acquire, the knowledge and skill to carry out the project successfully? iii. Does the project involve building competencies that are considered consistent with the firm’s strategic plan?
The selection process for choosing a particular project is broadly categorized as: i. Preliminary Activities : To identify the potential of the proposed project, if it is having synergy with the existing business i.e. horizontal integration, or if there is any scope for vertical integration. It also consists of conducting a market research, analysis for strength of competitors, psyche of the prospective consumers,price of the