Project Management

SUMMARY: The right project has to be selected before resources are allocated. After careful market analysis, demand analysis, technical analysis and financial analysis, the project manager selects a project from the various alternatives in hand. The project manager considers a selection criterion that better meets the objectives and interests of the organization. The project selection model should be realistic, capable, cost effective, flexible, easy to use and easily computerized.

Project selection models can be of two types: numeric and non numeric. Non - numeric models do not use quantitative numbers whereas numeric models use mathematical equations and numbers to arrive at a selection criterion. Sacred cow, extention of Product Line, Operating Necessity, Competitive Necessity, Comparative Benefit and Q-Sort Technique are some of the non numeric techniques.