Wesam
Institution: Hamdan bin Muhammad Electronic University
Project Management Project management is the discipline of planning, organizing, securing, managing, leading, and controlling resources to achieve specific goals (Mc Graw-hill 2006).On the other hand, Mc Graw defined a project as a temporary endeavor with a defined beginning and end; usually time-constrained, and often constrained by funding or deliverables. However, in this essay the main concern is project selection, development of a business case and preparation of a project charter for a potential project. Several project selection criteria can be use to determine the viability of a project. These techniques include the traditional and the modern methods. Traditional methods include payback period and return on investment. Modern methods include: net present value, internal rate of return and profitability index method (David 2006). However, in this essay we shall discuss different aspects of a project than the ones mentioned above. We shall majorly focus on project comparison, weighted scoring model, business case and project charter. In this case, it is imperative for us to choose a case study for us to be able to apply these concepts in real life situations according to the stipulations of the question. We can choose a couple of similar projects like buying business vehicles (Martin 2002). This may sound a little inappropriate but it is a project and it will serve the basic purpose of giving an example. The purpose is application of different selection criteria to determine the best project.
Project Comparison Project comparison is done using the techniques mentioned above and many other criteria. Comparison is made to enable planners to come up with the best alternative that will serve their interests at the lowest cost, shortest time and high degree of efficiency. Various organizations
Project Management Project management is the discipline of planning, organizing, securing, managing, leading, and controlling resources to achieve specific goals (Mc Graw-hill 2006).On the other hand, Mc Graw defined a project as a temporary endeavor with a defined beginning and end; usually time-constrained, and often constrained by funding or deliverables. However, in this essay the main concern is project selection, development of a business case and preparation of a project charter for a potential project. Several project selection criteria can be use to determine the viability of a project. These techniques include the traditional and the modern methods. Traditional methods include payback period and return on investment. Modern methods include: net present value, internal rate of return and profitability index method (David 2006). However, in this essay we shall discuss different aspects of a project than the ones mentioned above. We shall majorly focus on project comparison, weighted scoring model, business case and project charter. In this case, it is imperative for us to choose a case study for us to be able to apply these concepts in real life situations according to the stipulations of the question. We can choose a couple of similar projects like buying business vehicles (Martin 2002). This may sound a little inappropriate but it is a project and it will serve the basic purpose of giving an example. The purpose is application of different selection criteria to determine the best project.
Project Comparison Project comparison is done using the techniques mentioned above and many other criteria. Comparison is made to enable planners to come up with the best alternative that will serve their interests at the lowest cost, shortest time and high degree of efficiency. Various organizations
References: 1. David, I, C. Roland, G. (2006). Global Project Management Handbook. The evolution project management". McGraw-Hill Professional. 2. Lewis, R. I. (2006) Project Management. McGraw-Hill Professional. 3. Lock, D. (2007) Project Management (9th Ed.) Gower Publishing, Ltd 4. Martin, S. (2002). Project Management Pathways. Association for Project Management. APM Publishing Limited. 5. Phillips, J. (2003). Project Management Professional Study Guide. McGraw-Hill Professional 6. Sebastian, N. (2007) 2nd Ed The Definitive Guide to Project Management. London .