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Project Management



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Project Management A Managerial Approach 4 e By Jack R Meredith and Samuel J Mantel Jr Published by John Wiley Sons Inc Presentation prepared by RTBM WebGroup Project Management A Managerial Approach Chapter 2 Project Selection 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 extract the relevant issues of a problem from the details in which the problem is embedded Models represent the problem s structure and can be useful in selecting and evaluating projects Chapter 2 1 Criteria for Project Selection Models Realism reality of manager s decision Capability able to simulate different scenarios and optimize the decision Flexibility provide valid results within the range of conditions Ease of Use reasonably convenient easy execution and easily understood Cost Data gathering and modeling costs should be low relative to the cost of the project Easy Computerization must be easy and convenient to gather store and manipulate data in the model Chapter 2 2 Nature of Project Selection Models 2 Basic Types of Models Numeric Nonnumeric Two Critical Facts Models do not make decisions People do All models however sophisticated are only partial representations of the reality the are meant to reflect Chapter 2 3 Nonnumeric Models Sacred Cow project is suggested by a senior and powerful official in the organization Operating Necessity the project is required to keep the system running Competitive Necessity project is necessary to sustain a competitive position Product Line Extension projects are judged on how they fit with current product line fill a gap strengthen a weak link or extend the line in a new desirable way Comparative Benefit Model several projects are considered and the one with the most benefit to the firm is selected Chapter 2 4 Numeric Models Profit



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