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What is project selection?

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It is the process by which we identify the projects to be implemented based on the priorities of the stakeholders. In order to choose the projects, we make use of models that may be qualitative or quantitative or both.
Whichever models we choose, they need to meet at least some basic criteria. The criteria of choosing a selection model is:-
1) Realism
The model chosen should reflect the reality of the managers? deem and situation. This way we can have a common basis for comprises on of projects
2) Capability
This model chosen should allow the manager to remain focused on the organization abilities and goals it should also enable the manager to consider the likely risks benefits and costs. And provide a way of considering the multiple changes in the environment.
3) Flexibility
The model should be able to accommodate changes within the environment. It should be self adjusting and responsive to the changes in the projects environment with speed and accuracy
e.g. it should be easy to carry out each analysis
4) Ease of use
The model should be easy to use and understand. It should be possible to interpret the results without unnecessarily looking for specialist interpretation. It should also take a shorter time to execute.
Also relates to the case with which the relevant information is required.

5) Cost
The cost of data gathering and modelling should be low , i.e. The cost of choosing the project should be reasonable in relation to the benefits of project selection
6. Ease of computerisation
It should be easy to automate
There are 2 types of model selection
i) Numeric
ii) Non numeric-read on out own (discussed in last class)

Titany answered the question on November 15, 2021 at 07:53

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