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Date Submitted: 05/04/2016 02:25 AM
Selecting Projects
Ron Oliver
Strayer University
Managing Project Teams
BUS 380
Professor Jim Schoeck
April 19, 2016
Selecting Projects
An organization cannot adopt every proposed project. Doing so likely would overwhelm the resources of the enterprise. The single most important factor considered when selecting a project is the business case. It justifies why the project should be considered and how it will be successful. Cost and work are estimated by the stakeholders with metrics applied based on the anticipated benefits to the project. The benefits of the cost and work are measured against the possible risks and roadblocks. Risks can include time, construction at the site, or size of a project. The project manager should seek assistance from organization experts or information from past similar projects to provided data to the business case proposal. This input can provide a solid case for or against taking on the project. The business case should also include the organizations goal statement and steps that will be taken to achieve them. More importantly, organizations with formal processes for project selection often require the development of a business case. This is a document that presents the justification for the project and recommends whether or not it should proceed to the initiation stage. The business case, when completed, goes before a decision-making body. For large projects, this could include senior-level leaders, company directors, or a strategic- planning council. Such a group conducts comparative evaluations of business cases for multiple projects. For smaller projects, decision authority rests within a department or work group. Those making the final decision should recognize the advocacy-related biases that underlie the recommendations in a business case and, consequently, should demonstrate diligence in their review.
The business case info is the key to the project management plan and is created by the project sponsor. A...