- Engineering and Construction
- Project (relocating an orgnazing the hydrulics and pnematics workshop) in college
Project (relocating an orgnazing the hydrulics and pnematics workshop) in college Essay Example
- Category:Engineering and Construction
- Document type:Assignment
IDENTIFY THE FACTORS THAT CONTRIBUTE TO THE PROCESS OF PROJECT SELECTION
In an overview, project selection is a broad term used to refer to the process of assessing each project idea so as to establish and hence settle on and subsequently implement the idea with the highest priority and viability. As a result, certain factors are considered in order to establish the level of priority and viability. Some of the factors mostly considered include cost benefit analysis, market competition and intended goals (Akpolat, 2004).
Cost-benefit analysis as a factor is used to establish all the positive aspects of the project (benefits) as well as the negative (other costs) and then getting the difference between the two. A project is thus chosen basing on the results of the cost-benefit analysis. For instance, more viable and profitable projects are those that give a higher positive difference between the benefits and the costs.
It is a common practice that project selection is done in line with certain goals in mind; the ultimate desires that one seeks to achieve through implementation of a certain project idea. For instance, before settling on any project, the ultimate goals and objectives serve as the guidelines for evaluation of the various available ideas. In this case, the project idea that picked on is that which shows alignment with the goals and objectives intended by the project team or owner.
Finally, in the business world, profits overrun everything and thus profit is the ultimate goal of every project. Hence, the market competition and existing opportunities greatly determine the overall project idea to be selected. For instance, project ideas which are marketable are often considered since they can easily compete with the incumbent on the market and guarantee high return on capital investment.
Akpolat, H. (2004). Six Sigma in Transactional and Service Environments. Aldershot, Gower Pub.
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