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Why should organizations not solely rely on ROI for project selection? What would you suggest be considered for both a numeric and non-numeric model?
Cite a minimum of two current (published in the most recent five-year period), credible references. The CSU-Global Library is a good place to find sources. Make sure to cite your sources following the CSU-Global Guide to Writing & APA (Links to an external site.).
Post a minimum of 150-250 words for initial discussion posts. Post a minimum of 100 words for each of your required two peer responses.
Be sure to post an initial, substantive response by Thursday at 11:59 p.m. MST and respond to two or more peers with substantive responses by Sunday at 11:59 p.m. MST. A substantive initial post answers the question presented completely and/or asks a thoughtful question pertaining to the topic. Substantive peer responses ask a thoughtful question pertaining to the topic and/or answer a question (in detail) posted by another student or the instructor.
We are starting Module 2 today and I want to say a big thank you for a solid week of interactions and participation in Module 1. You guys were great! Keep up the good work. When we actively interact, we share our unique experiences, thoughts and exchange ideas. Therefore, participating in the discussion forum is essential and I expect active participation in week two and all of our upcoming modules.
The required readings for Week 2 are the following:
Learning outcomes for Module 02
Describe the initiating process group.
Evaluate project governance.
Evaluate a project selection model.
Analyze project portfolio and program management
Learning outcomes for last weekâ€™s Module 01
Define project and routine work.
Illustrate the project life cycle.
Distinguish the relationship between projects and organization strategy.
Evaluate project management process groups and knowledge areas.
In Module 2, we will examine project governance, selection criteria, project models, the portfolio project process, and program management. As described in Module 1, as organizations increase the use and number of projects, it is essential to align them with strategic objectives. As a result, Project Management Offices (PMOs) are formed to ensure organizations are undertaking the right project, validating organizational initiatives, and tracking resources for the benefit of the organization. Organizations must follow a systematic approach to selecting the right project. There are skills, tools, and techniques in the form of models that stand the test of time, and research, that result in the optimum selection of projects. In this module, we examine non-numeric and numeric selection models. Finally, we explore the Project Portfolio Process, undertaken at regular intervals with the participation of key stakeholders and project sponsors to ensure the resources of the entire organization are allocated to maximizing the attainment of strategic goals. We finish our interactive lecture with a discussion of the initiating process group.
Chapter 2 in Project Management: A Strategic Managerial Approach
Chapter 2 PowerPoint from Project Management: A Strategic Managerial Approach
Oueslati, A. (2016). The added value of the project selection process. Journal of Defense Resources Management, 7(1), 75-84.
Drouin, N. (2014).Standing on the shoulders of strategic management giants to advance organizational project management. International Journal of Managing Project in Business 7(1), 61â€”77.
Frye, K. (2017, October 3). Introduce net present value and internal rate of return. [Lynda.com video file].
Fry, K. (2017, October 3). Calculate the net present value of an investment. [Lynda.com video file].
Fry, K. (2017, October 3). Calculate net present value given irregular inputs. [Lynda.com video file].
Kopmann, J., Kock, A., Killen, C. P., & GemÃ¼nden, H. G. (2017).The role of project portfolio management in fostering both deliberate and emergent strategy. International Journal of Project Management, 35(4), 557-570.
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