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Project Management Essay

2979 words - 12 pages

Yarmouk University
Hijjawi Faculty For Engineering Tech

Project Management
and Quality Control

Lecture03

Mwaffaq Otoom & Shadi Alboon

1

Overview
What is project selection?
What techniques are used to select projects?
Project selection models and evaluation
factors
Numeric models
Nonnumeric models

Lecture03

Mwaffaq Otoom

2

Project selection
Project selection is the process of evaluating
individual projects or groups of projects, and then
choosing to implement some set of them so that the
objectives of the parent organization will be achieved.
Managers often use decision-aiding models to
abstract the relevant issues about a problem from the
plethora of details in which the problem ...view middle of the document...

Capability- The model should be sophisticated enough to deal with multiple
time periods, simulate various situations both internal and external to the
project (e.g., strikes, interest rate changes), and optimize the decision.
Flexibility – The model should have the ability to be easily modified, or to be
self-adjusting in response to changes in the firm’s environment (e.g. tax laws
change, new technological advancements alter risk levels, and, above all, the
organization’s goals change).
Ease of Use - The model should be reasonably convenient, not take a long time
to execute, and be easy to use and understand.
Cost - Data-gathering and modeling costs should be low relative to the cost of
the project.
Easy Computerization – It must be easy and convenient to gather, store and
manipulate data in the model.

Lecture03

Mwaffaq Otoom & Mohammad Al Bataineh

6

Nature of Project Selection Models
Two basic types of project selection models:
Numeric models (Use

financial metrics such as cash flow, profit … etc.)
Nonnumeric models (do not use numbers as inputs into the model, but other data or
considerations).

If the estimated level of goal achievement is sufficiently large, the project is selected.

Two Critical Facts:
Models do not make decisions - People do!
A model helps in making project selection decisions.
All models, however sophisticated, are only partial representations of the
reality they are meant to reflect (Reality is far too complex for us to capture more
than a small fraction of it in any model. )

Lecture03

Mwaffaq Otoom & Mohammad Al Bataineh

7

Project Evaluation Factors
Production Factors
Interruptions, learning, process

Marketing Factors
Customer management issues

Financial Factors
Return on investment – what is
acceptable?

Personnel Factors
Skills and training, working
conditions – what impact on
employee motivation?

Administrative and
Miscellaneous Factors
Regulatory standards, ‘strategic
fit’ – with what?

Lecture03

Mwaffaq Otoom & Shadi Alboon & Mohammad Al Bataineh

8

Project Evaluation Factors
Production Factors
Interruptions, learning,
process

Marketing Factors
Customer management
issues

Financial Factors
Return on investment –
what is acceptable?

Personnel Factors
Skills and training, working
conditions – what impact
on employee motivation?
Administrative and
Miscellaneous Factors
Regulatory standards,
‘strategic fit’ – with what?

Lecture03

Mwaffaq Otoom & Shadi Alboon & Mohammad Al Bataineh

9

Numeric models
Models that return a numeric value for a
project that can be easily compared with other
projects
Two major categories of numeric models:
1. Profit/profitability (considered the sole measure of
project acceptability)
2. Scoring (multiple criteria for project evaluation/selection
are used)
Lecture03

Mwaffaq Otoom & Mohammad Al Bataineh

10

Numeric models: Profit/Profitability
Models that use profitability as the sole measure of project
acceptability– there are several models:
– Payback Period -...

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