Question

Describe how projects are selected for purchase and/or implementation within an organization of familiarity to you.

Answer 1

Choosing projects for implantation is not a easy task, management should think in different ways. To reach long term objectives of the organization projects are very important and supportive. To select the best project we have different techniques or methods like payback period method, profitability index method, internal rate of return method, average rate of return method. These methods are useful to identify the best one from different project proposals and we should concentrate on some key points apart from these methods, those are

Check whether project associated with organizational strategy or not

It is very important to select projects which are most suitable to organizational then only, company can succeed.

So company should ensure that the project aligns with organization strategy.

Identification of correct owner or project champion

To complete projects successfully, champion is very important, with effective champion who have more responsibility, talent only can lead the project.

Doing organizational assessment

To estimate the project effort and success based on this project, we should conduct organizational assessment, this will useful to get better understanding on project and its uses.

Evaluate the available resources

To complete projects successfully, resources are very important. so we should check weather resources are available to compete projects and predict the future requirements clearly.