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Module 2 NOTES

The document outlines key factors for project selection, including costs, resources, benefits, time, and risks, emphasizing the importance of aligning projects with company strategy. It details methods for selecting projects, such as cost-benefit analysis and scoring models, and provides a structured approach to setting project goals. Additionally, it lists essential components of a Project Initiation Document and offers strategies for strengthening relationships with project teams and stakeholders.

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Dom Balseen
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11 views1 page

Module 2 NOTES

The document outlines key factors for project selection, including costs, resources, benefits, time, and risks, emphasizing the importance of aligning projects with company strategy. It details methods for selecting projects, such as cost-benefit analysis and scoring models, and provides a structured approach to setting project goals. Additionally, it lists essential components of a Project Initiation Document and offers strategies for strengthening relationships with project teams and stakeholders.

Uploaded by

Dom Balseen
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as TXT, PDF, TXT or read online on Scribd
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Factors to consider in Project Selection (Co-Re-Be-Ti-Ri)

1. Costs
2. Resources
3. Benefits or ROI
4. Time to complete the project
5. Risks associated with the project

Why P.S. important?

How to select a project


1. Make sure the project fits the company's strategy
2. Understand your company environment
3. Consider and analyze historical data
4. Decide who will be the project champion

Project selection methods


1. Cost-benefit analysis
2. Payback period
3. Discounted cash flow
4. Ranking method
5. Scoring model
6. Analytic hierarchy process

The Project Selection FUNNEL

Problems, opportunities and directives have a significant influence on the project


selection process.

The best way to set project goals is by following these five steps:
Step 1: Identify your Goals
Step 2: Define S.M.A.R.T Goals
Step 3: Create an Action Plan
Step 4: Set Plan Into Action
Step 5: Monitor Project Execution

What Should Be Included in a Project Initiation Document?


1. Project Definition
2. Business Case
3. Project Scope
4. Project Budget
5. Project Timeline
6. Project Breakdown
7. Resource Plan
8. Risk Plan
9. Change Management Plan
10. Project Team Roles & Responsibilities
11. Project Controls
12. Communication Plan

How can you strengthen relationships with project teams and external partners?
1. Know your stakeholders
2. Communicate clearly and frequently
3. Appreciate and recognize contributions
4. Manage conflicts and expectations
5. Collaborate and co-create
6. Build rapport and trust

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