Page 39 - DMGT521_PROJECT_MANAGEMENT

Project Management Anand Thakur, Lovely Professional University

Notes Unit 3: Strategic Management and Project Selection

CONTENTS
Objectives
Introduction

3.1 Selection Process of Project
3.1.1 Business Goals
3.1.2 Selection Criteria

3.1.3
Objectives Matrix
Anand Thakur, Lovely Professional University
3.1.4 Achievable
3.2 Project Selection and Criteria
3.2.1 Selection Methods
3.2.2 Implementation of the Chosen Method

3.3 Nature of Project Selection Models
3.4 Types of Project Selection Models
3.4.1 Non-numeric Models

3.4.2 Numeric Models
3.5 Analysis under Certainty
3.5.1 Certainty Assumption
3.6 Summary
3.7 Keywords

3.8 Review Questions
3.9 Further Readings

Objectives

After studying this unit, you will be able to:

 Define strategic management and project selection
 Discuss about project selection and criteria
 Describe about nature of project selection models

Introduction

A project is an allocation of capital and human resources to achieve time-specific objectives.
Project management is the procedure and techniques used to achieve project objectives, which
includes identifying, prioritising and scheduling tasks to systematically effect rapid change.
Many companies are “managing organisations by projects,” using projects as a way to achieve
business goals and strategic plans.

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