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HomeBlogProject ManagementSelecting The Right Project in PMP: A Quantitative Approach
Before the initialization of any project, a number of activities takes place. Initialization of the project depends on the organizational objectives. One of the main reasons to start the project is to cater to the company’s business needs. The product may change due to the customers’ requirements and also due to the technology updates. These updates lead the organizations to remove an old system and introduce a new one. Enroll in a PMP full course to advance your career
Project–
The standard definition of project, as stated in the guide of Project Management PMBOK, 5th Edition, “a project is a temporary endeavor undertaken to create a unique product, service or result”.
A project must be managed in a scholarly manner to get proper results. A project defines the beginning and ending time, and therefore it has limited scope and resources. A project has operations, which have specific goals. As per the guidelines of the project management PMBOK, 5th Edition, the key reasons for creating a project are as follows-
Know more about importance of project charter.
Selection of the Right Project–
The most important task before embarking on a project is to do the Feasibility Study. This study is all about whether the project is possible to implement if it is in the context. The project basically requires the ‘resources’ and ‘investment’. One should proceed only if all the requirements in the project are in line with the resources. For this reason, Feasibility Study is important. While performing Feasibility study, we much focus on 2 entities-
To address the first one, following are the studies performed by the bodies to study Feasibility-
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Project Selection Criteria:
Many things have to be considered while selecting a project. The project selection depends on the criteria set by the organization. Here is a list of criteria for selection of the project:
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Methods of Project Selection:
While doing feasibility study, the selection team also focuses on measuring the values of analysis. Their findings should be in terms of the proper financial metrics. They can use appropriate Project Selection methods to measure the values of the product, service and the output of the project. Let us talk about a few Finance related terms, which will be useful to measure the values.
Through a balanced integration of the above techniques, organizations can select their projects using Quantitative Approach, which will also help you validate your decisions based on accurate calculations.
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