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Posts Tagged ‘Project selection’

Mastering project selection – which project should I choose?

Thursday, June 14th, 2018

Which project is ‘best’?

A key challenge in any innovation programme – be it creating a pipeline of new product proposals, selecting service/process re-engineering projects or deciding how best to allocate budget across multiple project proposals – is how to determine which projects are ‘best’ and therefore which to select. Managers are often faced with several possible projects and have to choose which to back, long before there is enough information to build a conventional business plan.

Once a project proposal is sufficiently developed to include details of planned implementation, financial evaluation methods such as Net Present Value (NPV) can be applied. But for projects at earlier concept stages, over-reliance on strictly financial criteria may lead to wrong decisions, simply because financial data are often wrong” – the words of Bob Cooper, who developed the stage-gate model for new product development. At this stage it can be tempting to simply fall back on intuition and previous experience but a better approach is to assess projects against a number of criteria which are pointers to likely success.

Read the full paper by Rick Mitchell & Alastair Ross:

Mastering project selection – Codexx whitepaper – June 2018

Energizing Change

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