About Me
CompTIA Project+
1 Project Environment
1-1 Project Management Overview
1-2 Project Life Cycle
1-3 Organizational Structures
1-4 Project Governance
1-5 Project Management Office (PMO)
1-6 Project Management Methodologies
1-7 Project Management Software
1-8 Roles and Responsibilities
1-9 Stakeholder Management
2 Project Initiation
2-1 Project Charter
2-2 Business Case
2-3 Project Selection Methods
2-4 Project Vision and Scope
2-5 Stakeholder Identification and Analysis
2-6 Project Governance and Control
2-7 Project Constraints and Assumptions
2-8 Risk Management Planning
3 Project Planning
3-1 Scope Management
3-2 Work Breakdown Structure (WBS)
3-3 Schedule Management
3-4 Resource Management
3-5 Budget Management
3-6 Risk Management
3-7 Communication Management
3-8 Quality Management
3-9 Procurement Management
3-10 Change Management
3-11 Project Plan Development
4 Project Execution
4-1 Team Building and Leadership
4-2 Communication Management
4-3 Quality Management
4-4 Risk Management
4-5 Change Management
4-6 Procurement Management
4-7 Project Monitoring and Control
4-8 Issue Management
5 Project Monitoring and Controlling
5-1 Performance Measurement
5-2 Earned Value Management (EVM)
5-3 Variance Analysis
5-4 Trend Analysis
5-5 Risk Monitoring and Control
5-6 Change Management
5-7 Issue Management
5-8 Communication Management
5-9 Quality Control
6 Project Closing
6-1 Project Closure Process
6-2 Final Project Documentation
6-3 Lessons Learned
6-4 Stakeholder Satisfaction
6-5 Contract Closure
6-6 Financial Closure
6-7 Project Archiving
7 Professional Responsibility
7-1 Ethics and Professional Conduct
7-2 Project Management Certifications
7-3 Continuing Education and Professional Development
7-4 Legal and Regulatory Considerations
7-5 Cultural Awareness and Diversity
7-6 Sustainability and Social Responsibility
Project Selection Methods

Project Selection Methods

Project Selection Methods are techniques used by organizations to choose which projects to undertake. These methods help in aligning projects with the organization's strategic goals and ensuring that resources are allocated efficiently. Understanding these methods is crucial for effective project portfolio management.

1. Cost-Benefit Analysis

Cost-Benefit Analysis (CBA) is a method that compares the costs of a project to its expected benefits. The goal is to determine whether the benefits outweigh the costs. This method is particularly useful for projects where financial returns are a primary consideration.

Example: A company is considering investing in a new software system. The costs include the software license, training, and implementation. The benefits include increased productivity and reduced operational costs. By comparing these figures, the company can decide whether the project is financially viable.

2. Scoring Models

Scoring Models involve assigning weights to various criteria and then scoring each project based on these criteria. The projects with the highest scores are selected. This method is flexible and can be tailored to the organization's specific needs and priorities.

Example: An organization is evaluating multiple IT projects. Criteria might include strategic alignment, risk level, and resource availability. Each project is scored on a scale (e.g., 1-5) for each criterion, and the scores are weighted according to their importance. The project with the highest weighted score is selected.

3. Payback Period

The Payback Period method calculates the time it will take for the project to recover its initial investment. Projects with shorter payback periods are often preferred as they provide quicker returns and reduce financial risk.

Example: A company invests $100,000 in a new marketing campaign. The campaign is expected to generate $25,000 in revenue each month. The payback period is calculated as $100,000 / $25,000 = 4 months. Since the payback period is short, the project is considered favorable.

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