Project selection methods IV This article will cover the following project selection methods Break Even Analysis Working Capital Ratio Law of Diminishing return Make or Buy decision making Break Even Analysis An analysis to determine the point at which revenue received equals the costs associated with receiving the revenue. For example, if a business sells fewer than 300 garments each month, it will make a loss, if it sells more, it will be a profit. With this information, the business managers will then need to see if they expect to be able to make and sell 300 garments per month. […]

Project selection methods II This article will cover Benefits Measurement methods in detail. Benefit measurement methods include comparative methods, scoring models, and cash flow analysis. They are used as project selection tools to determine which project to proceed with or to determine which project among a list of projects should be undertaken. Cost – Benefit Analysis :Already covered Scoring Models Cash flow Analysis Technique Scoring Models Another project selection technique in the benefit measurement category is a scoring model, or weighted scoring model. Weighted scoring model is used not only to choose between projects but also to choose between competing

Project selection methods I Project selection methods help organizations decide among alternative projects and determine the tangible benefits to the company of choosing or not choosing the project. Project selection methods will vary depending on the company, the people serving on the selection committee, the criteria used, and the project. Most organizations have a formal, or at least semi-formal, process for selecting and prioritizing projects. In my organization, a steering committee is responsible for project review, selection, and prioritization. A steering committee is a group of people comprising senior managers and sometimes mid level managers who represent each of the

We are into third and last article on Scope Management. In the previous two articles we have covered Plan Scope Management, Collect Requirements, Define Scope and Create WBS processes and we are left with two more processes namely Validate Scope and Control Scope. Let us start looking at them. Validate Scope is the process in which the completed deliverables are accepted formally. Each and every deliverable is verified and accepted. Verified deliverables are reviewed with customer to ensure that they are developed as per agreed objectives and completed to the satisfaction. In order to get the deliverables verified against agreed

We have covered Planning Scope and Collect requirements in our previous article and we will continue looking into Scope management in this article also. Next in line with scope management is Define Scope. Define Scope is the process of developing detailed description of project. Inclusions and exclusions of the requirements will be mentioned here. Out of all collected requirements which requirements have to be included or excluded from the scope is mentioned in detailed here. In order to develop detailed requirement description we need the already prepared requirement documents, Scope management plan as inputs to this process. Along with them

PROJECT SCOPE MANAGEMENT “Scope” is a common term we use in our day to day life. I mean in our day to day professional life. It simply means, what is for you and what is not for you? To speak in terms of project management the term “Scope” mainly speaks about requirements. What are the requirements we are asked to work on and what are the requirements we are not supposed to work on or accept? These two questions are what we will be discussing all through scope management. To help the organization to not to waste resources, reduce cost,