Read page 55 of the textbook "Project Management in Practice - Project Selection for Spent Nuclear Fuel Cleanup." Develop a weighted project selection model with a minimum of 10 criteria to aid in the selection of the correct project selection. Assign fictitious scores to each criteria for each of the 4 projects and total the scores. Make a recommendation based upon the scores.
The numeric model helps us in developing the project by taking the decision on the number of evaluations/selection models and these models are different from each other and their complexity and the information requirements. The advantages by using these models are useful in several criteria on the decision making.
The discrete numeric scale is accepted to contract the project evaluations for example select a criterion by estimating the annual profits in dollars. And for this criterion we can determine in five different ranges of performance and rough have the roughly or equal chance of being in any on the five ranges. This will create the unequal ranges which can offend the symmetry but need not to concern the otherwise. And it help the each criterion performance measures utilizes the full scale of the value and also desirable characteristic for performance measures.
Example the following Using the criterion just mentioned, "estimated annual profits in dollars,” we might construct the following scale:
Performance Level Score
5 Above $1,000,000
4 $700,001 to $1,000,000
3 $500,001 to $700,000
2 $200,000 to $500,000
Evaluation form for 10 criteria to aid
No increase in energy requirements
| No new facility required
| Ability to manage project with current personnel
No requirement for reorganization
Impact on work force safety
Impact on environmental standards
Rate of return more than 15% after tax
Estimated annual profits more than $250,000...
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