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Effective Project Evaluation and Selection Strategies for Successful Implementation

This document explores the critical factors in project evaluation and selection, focusing on profitability, knowledge acquisition, competencies alignment, and current capacity. It outlines non-numeric and numeric selection methods, including the Sacred Cow, Pay Back Period, and Scoring Methods. The importance of project strategy alignment is discussed alongside potential challenges such as project proliferation and duplicated efforts. A structured approach to creating a Work Breakdown Structure (WBS) is also presented, encouraging team collaboration through creative techniques like sticky notes to ensure all essential tasks are identified.

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Effective Project Evaluation and Selection Strategies for Successful Implementation

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  1. Project Evaluation and Selection IOM580 Hiroshi Ochiumi

  2. Selecting Projects • Is the project potentially profitable? • Can the firm acquire the knowledge to carry out the project successfully? • Does the project involve building competencies that are considered consistent with the firm’s strategic plan? • Does the firm currently have the capacity to carry out the project?

  3. Selection completes before PM is appointed. • PM should know • why the project is picked. • what is expected

  4. Non-numeric Selection Methods • The Sacred Cow • The Operating/Competitive Necessity • Comparative Benefits

  5. Numeric Selection Methods • Pay Back Period • Discounted Cash Flow • Real Options • Scoring Methods

  6. Projects/Strategy Alignment • Proliferation of projects • Complexity and diversity of projects increase • Duplicated effort • One failed project after another • Why is this alignment so hard?

  7. Project Portfolio Process • Identify Project Categories • Derivative • Platform • Breakthrough • R&D • Collect data, Assess Resource, Prioritize and Select

  8. Toyota • Rav 4 - Derivative • Corolla - Platform

  9. Honda • Civic - Platform • CR-V - Derivative • Element - Derivative

  10. DaimlerChrysler • SLK - Platform • Crossfire - Derivative

  11. Aggregate Project Plan

  12. The Work Breakdown Structure IOM580 Hiroshi Ochiumi

  13. Simple Approach for Creating WBS • Gather Project Team • Provide Team Members with Pad of Sticky-Notes • Team Members Write Down all Tasks They can Think of. • Sticky-Notes Placed and Arranged on Wall • How could we fail to identify all important tasks?

  14. A Partial WBS

  15. A Linear Responsibility Chart

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