Quantitative and Qualitative Criteria for Project Selection, Essay Example

Project Selection Criteria

These selection criteria will vary according to the nature of the project; in general terms the following apply:-

• Strategic Fit – Is the project aligned to one or more of the firms strategic objectives?
• Discretionary vs. Mandatory – Is the project the responsibility of a legislative requirement?
• Financial – Does the project have a sanctioned budget in order to proceed?
• Risk – Does the risk profile fall within accepted parameters of the business?
• Human Resources – Can the project be completed with the amount of resources available?
• Capacity – Does the firm have the capacity to complete the project?
• Timescales – Is the project realistic and can be completed in the prescribed time?

Proposal Elements

Introduction – Provides the background information required in order to understand the requirements of the project proposal.  May include items like the history of the business,  introductory material to the project proposal, critical success factors etc.

Management – Often referred to as an Executive Summary. This contains a high level description or précis of the proposal in 3-4 pages. Provides a brief description of the project and the problem being addressed, approach to the project, anticipated outcomes and the cost / benefit considerations of implementation

Technical – This contains the technical specifications of the project.  Essentially that information relative to analysis and design of the project. May also include testing and quality criteria.

Cost Section – The financial section of the proposal. Essentially the detailed cost/benefit analysis. May incorporate budget and forecast data for the project.