Understanding Project Selection Criteria For Projects
Earlier, I looked at all that you need to know about project selection criteria for projects. In this article, I want to look at some of the factors that should be considered when it comes to project selection criteria. Follow me as we are going to look at that together in this article.
What project selection is …
Project selection is the act of choosing a project from among competing proposals. Project selection criteria are standards and measurements an organization uses to select and prioritize projects. The organization’s strategic goals provide a source for at least one dimension of selection criteria.
Other selection criteria may be qualitative or quantitative. Qualitative criteria deal with the project’s suitability with the Organisation’s capabilities, whole quantitative criteria may specify financial targets that the project must meet.
As a professional project manager, you will not be responsible for selecting the projects that your organization will pursue, but you need to understand the methodologies that decision-makers use when choosing the projects to pursue, prioritize, and when.
Typical example…
A financial services organization considering a project proposal to integrate its customer and financial databases may develop the following project selection criteria:
- Links to the Organisation’s strategic goals of obtaining a technological advantage over the competition
- Qualitative criteria- feasible to produce using only internal resources.
- Quantitative criteria: meet or exceed the defined internal goal of increasing new sales by 10 percent.Do you enjoy this article, add Our Posts to your Reading List.
Action Point
PS: I know you might agree with some of the points that I have raised in this article. You might not agree with some of the issues raised. Let me know your views about the topic discussed. We will appreciate it if you could drop your comment. Thanks in anticipation.
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