Project Selection Methods and Initiation

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10/28/2019 Laureate International Universities 1/2MODULE 2Project Selection Methods and InitiationProcessesIntroductionOrganisations select projects based on strategic alignment of projects, needs, realisedbeneÕts and resources required to complete the projects. Poor decision on projectselection methods may result in not only project failure (not delivering the projects right)but also portfolio failure (not selecting the right projects). Many agree that project selectionis a strategic-driven and top-down process. Before making project selection decision,organisations generally require assessments on strategic gaps, organisation’s needs,business-outcomes, feasible options, trade-oàs and resource utilisation. During projectselection, a business case is used as a document that provides justiÕcation for theundertaking a project. Business cases explain commercial viability and feasibility ofimplementing projects. The business case development can be conducted at the early stageof any project. The approved business case is most commonly used to create the projectcharter during project initiation processes. Project deÕnition and initiation play importantroles in management processes, lifecycles and deliveries of projects. According to PMBOK®,the initiation processes include Develop Project Charter and Identify Stakeholders.This module discusses the project selection process and methods for projects. Later, projectinitiation processes and documents related to the processes are introduced.Video 1: Project Management in Under 5: What is a Business Case?10/28/2019 Laureate International Universities 2/2Video 2: Prince2 2017 Business CaseVideo 3: “INITIATING PROCESS GROUP 101 – PART 1Video 4: “INITIATING PROCESS GROUP 101 – PART 2This module will cover:Project selection methods and processes.Project initiation processes and related documents.This module will help you:Understand and apply the instructed project selection methods and processes.Understand advantages and disadvantages of diàerent selection methods.BeneÕts a business case and consequences for not having a business case.Apply appropriate tools and techniques to project initiation processes.Prepare relevant documents and initiate projects.

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