The project selection is the process of assessing each of the project ideas and thus by evaluating the project ideas selecting the process of the project with the highest priority (Project Selection – Overview, 2018). The project selection stage is the preliminary stage of the project. The selection of the mission is totally constructed on the brief description of the venture. So, in every case, a brief description of the project is required for the project selection process.
As the project selection process is included in the project management it will intersect with some existing project management process. Thus in this document, the knowledge areas which are intersecting with the project selection process will be discussed. Also, the activities which are needed for the project selection process will be evaluated. Further, for each of the activity the inputs, outputs and tools and techniques will be identified and described in this document.
The project selection process is mainly going to intersect with the integrated management knowledge area of project management (Larson & Gray, 2015). The mixing administration is a process of the project administration which makes sure that several of the processes are able to work together. It actually implies that numerous processes which are used in a particular project must be coordinated. This process of coordination in the integration management is achieved by trade-offs (Project Integration Management: Definition, Processes & Example – Video & Lesson Transcript | Study.com, 2018). To coordinate with all the aspects of the project the process of the integrated management must create a number of deliverables. Integration administration is encompassed of the development plan enlargement, project plan accomplishment and the integrated change control. The project plan development helps in coordinating and integrating all the plans of the project which will create the coherent and consistent document. The project plan execution will carry out the whole plan of the project as per the determined plan, strategy and the activities. The integrated change control changes the coordination across the project.
A project might be consisting of various types of method of completion but it is very much essential to pick the best method for the project execution. This process of picking the best method for project execution is known as the project selection process. To ensure that the best project method is picked up during the project selection process some group of activities is needed to be included in this process.
The first assessed activity is the benefits measurement activity. The benefit measurement activity is the comparison of the project value among various types of project methods (Project Selection Methods for Project Management Professionals, 2018).
The next activity for the project selection method is the mathematical approach. This type of approach is used for the large type of projects. This mathematical approach is the cost-benefit analysis of the various types of project methods.
Next considered activity is the opportunity cost. The opportunity cost is the assessment of the profit generated from each of the project processes.
The fourth assessed activity for the project selection process is the scoring. The scoring activity is the process of producing a list of the targets or the requirements which are very much important for the organization with the project which is undertaken (Scoring Model for Project Selection | Testing Brain, 2018). This score sheet can be used when a decision-related problem occurs in the project. Using the scoring activity the project can be assessed against the key requirements of the organization. This assessment includes the availability of the resources, time constraints, opportunity cost and the development skill potential.
The last assessed activity for the project selection is the six sigma methodology. The methodology of the six sigma can effectively increase the efficiency of the project. This analyses various type of project process and by analysing that the six sigma assesses the inefficient process of a particular project process (Frequently Asked Questions, 2018). In the slow times of the project, the six sigma is able to identify problems of a project process and procedures.
For the benefits measurement activity, main input requirement is the venture contract. The project charter is important for the benefits measurement activity because the project charter can provide the material about the development possibility announcement, project objectives and the participants of the project (Project Charter, 2018). All of the project scope, project objectives and the project participants are very much important for the evaluation of the project benefit. So as a whole the assignment agreement is an important input for the project. The next required input is the project schedule. A long-scheduled project can decrease the benefit of the project, thus this input is required in this case. Another input required is the enterprise environmental factor. The first tool required for the benefits measurement is the benchmarking. Benchmarking helps to determine which project executing method is better (Improving project system performance through benchmarking, 2018). Product analysis is the next technique for the benefits measurement. It helps to analyse the output of the product, thus selects the best project execution process. Another technique for the benefits measurement is the analytical technique. This helps to forecast the potential outcome of the project. The main outcomes of the benefits measurement are the scheme certificate apprise, development strategy updates and work performance information.
For the cost-benefit analysis, the main inputs required are the arrangement contract, development plan and the organizational process assets. The scheme agreement and the project schedule is already described in this document. The administrative development resources are the standardized guidelines of the project. The main tools for the cost-benefit analysis are the benchmarking tools, inspection and product analysis. In this case, the inspection is the process of inspecting the project briefly. Thus it will help to define the venture cost which is required for the cost-benefit analysis. The production of the cost-benefit scrutiny will provide plan updates, cost efficiency of the venture and administrative course possessions update.
The main input required for the opportunity cost is the project charter, administrative development possessions and the initiative conservational factor. Tools and the techniques required for the opportunity cost is the effective meetings, analytical techniques and the product analysis. The output of the opportunity cost will provide potential figure costs of the selected project process and with that, it will provide the information of the work information and informs about the project management plan.
For the scoring, main inputs are the project charter, project schedule and the approved change requests. In the case of the tools and techniques project management information system, product analysis and the inspections. The main output of the scoring will provide work performance information, project management updates and project document updates.
For the six sigma methodology, the main inputs are the project charter, project schedule and the administrative development 2possessions. The main tools and techniques used by the in the six sigma methodology analytical techniques, expert judgments and product analysis. The output of the six sigma methodology will provide a project document update, work performance material and the development administration proposal update.
Conclusion:
From the brief description of the above article, it can be concluded that the project selection process has a huge impact in the case of the project management. It is assessed that the project selection is the preliminary stage where the methodology for a project has been selected. In this paper, a brief about the project selection method has been discussed. The knowledge area intersection of the project manager with the project selection method has been discussed thoroughly in this document. Following that, the activities which are required for the project selection has been elaborated properly in this paper. The assessed activities required some inputs provide relevant outputs to determine the methodology for a particular project and to calculate the output some tools are also required. For this reason, the inputs for the activities, tools used for assessing the outputs and the output itself have been identified and described properly in this document.
References:
Pmi.org. (2018). Improving project system performance through benchmarking. [online] Available at: https://www.pmi.org/learning/library/improving-project-system-performance-benchmarking-8160 [Accessed 10 Nov. 2018].
Larson, E. W., & Gray, C. F. (2015). A Guide to the Project Management Body of Knowledge: PMBOK (®) Guide. Project Management Institute.
www.tutorialspoint.com. (2018). Project Charter. [online] Available at: https://www.tutorialspoint.com/management_concepts/project_charter.htm [Accessed 10 Nov. 2018].
Study.com. (2018). Project Integration Management: Definition, Processes & Example – Video & Lesson Transcript | Study.com. [online] Available at: https://study.com/academy/lesson/project-integration-management-definition-processes-example.html [Accessed 10 Nov. 2018].
Simplilearn.com. (2018). Project Selection Methods for Project Management Professionals. [online] Available at: https://www.simplilearn.com/project-selection-methods-article [Accessed 10 Nov. 2018].
Scoring Model for Project Selection | TestingBrain. (2018). Retrieved from https://www.testingbrain.com/project-management/scoring-model-of-project-selection.html
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