Project Selection Methods

Project selection methods are systematic ways organizations evaluate potential projects to determine which ones to pursue. They consider factors like expected benefits, costs, risks, and strategic alignment. Common methods include scoring models, which rate projects based on specific criteria; cost-benefit analysis, comparing expected gains to expenses; and ranking, where projects are ordered by priority. These methods help ensure resources are invested in projects that best support organizational goals, reduce uncertainties, and maximize value. Ultimately, project selection methods provide a structured approach to making informed, objective decisions about which projects to undertake.