Project Selection Process

Instructions

Using past course texts, current suggested readings, and other scholarly resources, define the project selection process.For your assignment, please address the following in a well-written paper.Describe the project selection process.Describe the selection criteria that should be considered and why they are important.Describe stage gate reviews and evaluation criteria.Describe the differences you might see between IT projects and Manufacturing Projects.Describe two methods to support value (NPV, ROI, Payback) and assess the viability of new projects. Include why they are used, how they are calculated, and the value each adds. Lastly, conclude with a summary to an organization that may be using your review as a guide.Your paper should meet the following requirements:Be 3 pages (minimum) in length,Be formatted according to APA and Writing Requirements andInclude two scholarly sources.

Answer

Description of project selection processProject selection process is an important aspect of project management in regard to the element of portfolio. As such, Larson and Gray (2017) explain, that this is a term that denoted the process of project idea assessment. The objective of project selection is to guarantee that the projects with the highest priority are selected. It is important to note that at this stage, projects are considered to be suggestions and for this reason, the selection process is conducted in line with the brief descriptions that have been provided regarding the independent projects. Thus, the project selection process is based on the information available about the suggested project ideas. It is therefore based on the potential benefits defined as the positive outcomes...
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