MAS27256

Assessment 2 – Project Selection Methods and Initial Documents

Given the increasing number of project development activities, organizations have a number of challenging and interesting projects to choose from. Finding a project which is suitable for the current skills of team members and which has the best chance of beings successful is the first step of effective project management. PMBOK includes project selection methods to provide a set of time tested techniques to filter out undesirable projects and to choose projects based on sound logical reasoning. Such methods are especially pertinent in case the organization has to handle several different project contract but because of resource constraints, is unable to do so. This paper presents an analysis of project selection methods and describes the initiation process group and project documents that are created or used as inputs for new projects.
The project selection methods are analysed in respect of the project of improving the filing system in the organization. The project is small in nature and its deliverables include an improved filing system in the organization.
Project selection method
Project selection methods are classified into two broad categories, namely, benefit measurement methods and constrained optimization methods. Both of these techniques vary in complexity levels but have the common goal to provide the organisations with maximum recognition and profit. Every organization has a predefined process which helps them to choose a project which is in alignment with the organizational strategic objectives.
The project selection method for the given project is Benefit measurement method. This selection method is used as this approach is suitable for small projects that are not very complex. The benefit measurement methods are based on the present values of estimated inflow and outflow of cash. Moreover, in this approach, the cost benefits are calculated and compared to other projects for decision making. The method includes a number of techniques to facilitate project selection which includes cost-benefit ration, economic model, scoring model and the payback period of the project. In addition to this, the method also includes the net present value and discounted cash flow of the project. Moreover, the initial rate of return and opportunity cost are also a part of the method (PMI, 2017). The key focus of this technique is to select a project which can deliver the best returns against the investment made in the project. Under this, the data is collected, consolidated and analysed to measure the yield of the project.
Project initiation
The first process of the five project management processes is of project initiation. The project is defined and created to the necessary extent in order to begin project planning. This process includes project setup and makes sure that the organization is clear about the priorities and purposes surrounding the project. The project management body of knowledge (PMBOK) mentions two processes within the initiation process. The first one is developing a project charter and the second is of identifying stakeholders.
Initiating process group
The initiating process group includes such processes that are performed to define a new phase of an existing project or a completely new project by obtaining authorization to start the phase or project. In the initiation process, the financial resources are committed and the initial scope is defined. Furthermore, the external and internal stakeholder who will influence and interact with the project outcomes are identified in this process.
Project initiation documents
Moreover, small projects do not as many formalities as a larger project. The key project documents include the project charter, deliverable list, work breakdown structure (WBS) and the project schedule according to the needs and size of the project. Also, since it is important to assess the possibility of what could go wrong with the project, the project risks log is also recommended by PMBOK.
Project charter
The project charter identifies project object and project scope and provides the authority to the project manager to allocate organizational resources to activities. It also acts as a reference throughout the project in order to make sure that scope creep does not occur in the project. Moreover, the project charter also includes the roles and responsibilities of the project sponsor, manager, team members and stakeholders. It also provides details regarding the project description and project information. In small projects, the project charter contains an absolute minimum but fully developed scope statement and other details of the project.
Work breakdown structure (WBS)
WBS is the tool for dividing the project into several components and according to PMBOK, it is a deliverable oriented collection of elements of the project which defines the total scope of the project. It is basically a simple hierarchy illustrating the major deliverable of the project. The intent is to make sure that all project components are included in the project. The WBS is displayed in a graphical chart which makes it easier to read the information.
Tasklist and deliverable list
These lists are an outline of project deliverables and repetitive tasks associated with the project. The task indicates the actions and steps required for work completion and illustrates who is responsible for project deliverables. It is used to track project progress.
Project schedule
The schedule involves converting the work into task s and developing the project schedule illustrates each deliverable of the project and the expected delivery time of the same. The schedule can be managed with only deliverables and with the task associated with each deliverable according to the requirements.
The project documents are created during and for the project itself to keep the project stakeholders and teams members informed and synced regarding project changes, progress and changes. These are created in accordance with the project context, by defining the project priorities and provide the project breakdown structure and resource plan of who is responsible for each project deliverables.

References
PMI, 2017. A Guide To The Project Management Body Of Knowledge. Newtown Square, Pennsylvania, USA: Project Management Institute.