Project selection techniques
There are many reasons why an organization would decide to run a project. As we've mentioned earlier in this chapter, businesses are in the business of making money, but they are also known to run projects for the greater good.
The categories of why projects may occur include the following:
- Market demand
- Business needs or opportunity
- Requests from customers
- Advances in technology
- Legal or regulatory compliance
- Environmental considerations
- Social need
Regardless of the reason why a project may occur, businesses need to validate their reasoning for taking on a project and determine whether it is feasible and fiscally healthy to do so. Usually, in the first few stages of determining what project to undertake and how it can help align the organization's strategic plan, there are numerous decisions to make about which project to select and how much to spend.
The business case is the main driver during pre...
