Checklist and the Weighted Factor Methods, Essay Example

When selecting an organization’s strategic project, it is occasionally necessary to use both the checklist and the weighted factor methods due to the pros and cons that exist for both methods. Considering both of these methods allows the company to ensure that it is making the correct decision. Regardless of which method is used, it is important to emphasize that the organization is primarily interested in ways that will maximize return on investment, alignment of the project with company goals, and profitability of the strategic project. Therefore, if only one of these methods are being used, it should be the one that maximizes output in terms of these variables.

A major advantage of using the checklist method is that it allows for greater flexibility in selecting projects across divisions and locations. However, this method makes it more difficult for the project team to determine the value of the project to the organization, which extends to the ability to easily compare it to other potential projects. In addition, this method makes it more difficult to prioritize and rank projects in the portfolio. Lastly, this method leaves the project open to manipulation by the various team members and managers involved in the project. Typically, using the weighted factor method is recommended to overcome these issues.

A major pro of the weighted factor method is that it provides both quantitative and qualitative information that informs the project team whether each step of the proposed project would serve as an advantage or disadvantage. Thus, it is easier to compare different projects using this method if this ranking is standardized. However, it is important to consider that this method is only as good as the ranking process that is used. Therefore, a major con of this method is that it is possible that low ranking projects that would have been successful will be overlooked, while high ranking projects may not really be as successful as they first seemed.