Dr. NICHOLAS WATSON

Introduction

One of the biggest decisions that any organization would have to make is related to the projects they would undertake. Once a proposal has been received, there are numerous factors that need to be considered before an organization decides to take it up.

The most viable option needs to be chosen, keeping in mind the goals and requirements of the organization. How is it then that you decide whether a project is viable? How do you decide if the project at hand is worth approving? This is where project selection methods come in use.

Choosing a project using the right method is therefore of utmost importance. This is what will ultimately define the way the project is to be carried out.

But the question then arises as to how you would go about finding the right methodology for your particular organization. At this instance, you would need careful guidance in the project selection criteria, as a small mistake could be detrimental to your project as a whole, and in the long run, the organization as well.

Selection Methods

There are various project selection methods practised by the modern business organizations. These methods have different features and characteristics. Therefore, each selection method is best for different organizations.

Although there are many differences between these project selection methods, usually the underlying concepts and principles are the same. CONTINUE READING HERE