Project Portfolio Selection Criteria Analysis (Research Paper Sample)
The study's objective is to distinguish between practice and theory and establish the presence of common project prioritization and selection criteria.
While the literature is extensive, there is a void addressing generic decision-making criteria. The study's objective is to distinguish between practice and theory and establish the presence of common project prioritization and selection criteria. Diverse projects need distinct management techniques. Price, software companies' financial stability, offered functionalities, and operation and installation simplicity are all criteria for selecting software projects. The AHP technique is presented as a tool for project prioritization and selection in the companies investigated.
Young & Ernst analyzed R&D maintenance and infrastructure projects using a decision-criterion-based methodology. The Bank of Brazil is among the most significant electronic enterprises in Latin America, having domestic and worldwide operations. Its success rate from 2014 to 2015 was 24.65 per cent, representing a 14.97 per cent increase over the previous year. The risk may be extensive, including legal, environmental, and financial risks associated with accidents, conflicting interests, project completion, market size, and cost overruns. The project's success is determined by the project's happiness and client's, suppliers' and stakeholder interests. Although the proportion of project completion is not reported in the literature, it was discovered in six cross situations.
The current study enables us to infer that universal choice factors exist for the portfolio initiatives prioritizing and selection, including predicted profits, risk, complexity, alignment with technical feasibility and stakeholders' interests. Other criteria published discovered via case research or in the literature might serve as criteria for personal project management; if they are overlooked, they threaten the project's completion. The percentage of achievement in various businesses indicates a modest sunk cost danger, as mentioned in the decision-making analysis principles literature, which is not expressed in this study. As a proposal for future work, the current research should be replicated for a more excellent organization to apply a statistical treatment to the data collected, allowing for its generalization and confirmation to the circumstances investigated.
Project Portfolio Selection Criteria Analysis
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Project Portfolio Selection Criteria Analysis
Introduction
While the project's literature is extensive, covering topics like project prioritizing, selection, and categorization, there is a void addressing generic decision-making criteria. The study's objective is to distinguish between practice and theory and establish the presence of common project prioritization and selection criteria.
Literature Review
Prior to commencing any project, it is vital to establish a firm foundation of legitimate and trustworthy decision criteria. Diverse projects need distinct management techniques. McFarlan (1981) may characterize a proposal based on its scale, expertise with the technology being used, and structure. Wit (1988) asserts that the project management's FCSs are inextricably linked to performance/quality, schedule, and cost. It is difficult for companies to make initiatives possible or to compete in a global market if they do not have high-functioning, high-quality services or low-cost goods to provide(Ma et al. 2019). Might use value engineering to information technology initiatives to provide value. Price, software companies' financial stability, offered functionalities, and operation and installation simplicity are all criteria for selecting and prioritizing software projects.
Analytical hierarchy process(AHP) approach for determining the most appropriate project delivery mode based on the project's nature and the organization's owners/contractors. DBB (design, build, and bid), construction management at risk(CMR), and (design-build) DB delivery methods are available. Owner characteristics based on cost savings, project details engagement, applicability, and design control project characteristics regarding exact cost estimation before project milestones, contract signature, savings, cost, project size and budget. Mohagheghi et al. (2019) suggested a contractor pre-qualification model that included the basic guidelines: technical ability, management capability, and financial stability; experience with the duration, location, number, size, and type of projects; claims, failures, skilled manpower, and historical non-performance; and availability of equipment and manpower.
Methodological Aspects
The methodology used was case studies, which were conducted in six companies. Used interviews and meetings with researchers and project managers to obtain data. The discussions described each institution's project portfolio and profile, the decision-making criteria used, the significant challenges in portfolio management, and presented solutions for identifying the optimal projects portfolio set. The findings of the interviews were tabulated and confirmed(Mavrotas & Makryvelios 2021). The numerous case technique enables comparisons across the project, prioritizing and selecting criteria, highlighting differences and similarities and advantages, and connecting deployment to crucial success elements. Chose the cases to represent a cross-section of outstanding institutions operating in the international and national public and private sectors, with a diverse projects portfolio of varying scope and size. For these reasons, institutions must embrace a prioritization and selection method that ensures available resources optimal utilization by selecting the best projects for each.
Field Research Results
The AHP technique is presented as a tool for project prioritization and selection in the companies investigated. At a minimum, one of the writers was involved as a consultant advising organization officials on implementing the mentioned approach in each instance. Young & Ernst analyzed R&D maintenance and infrastructure projects using a decision-criterion-based methodology(Danesh et al. 2018). Maintenance efforts included non-completion risks due to the plant's unexpected shutdown. The government hired the project to select the portfolio of Eighty projects that would make up the government plan.
When signed the contract for implementing the AHP approach in 1988, the project's yearly expenditure was US$960 million. A business needs a mechanism for evaluating Fifty projects and allocating financial resources and people based on verifiable decision criteria. The following criteria were used: resources, the kinds needed for the project completion, infrastructure, the human resources and amount of technology required, the talents necessary to complete the project(Ma et al. 2020). The Bank of Brazil is among the most significant electronic enterprises in Latin America, having domestic and worldwide operations. Its success rate from 2014 to 2015 was 24.65 per cent, representing a 14.97 per cent increase over the previous year.
The information technology department has been critical to the banking institution, particularly during inflation. Danesh et al. (2018) highlight the criterion project's risk in the literature. The risk may be extensive, including legal, environmental, and financial risks associated with accidents, conflicting interests, project completion, market size, and cost overruns. The project's success is determined by the project's happiness and client's, suppliers', and stakeholder interests. Although the proportion of project completion is not reported in the literature, it was discovered in six cross situations.
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