Elements to increase Project Success (1) Pre-Project Work
Learning Objective
Elements to Increase Project Success
Increase Project Success - (1) Pre-Project Work
Project manager (PM) and/or Business analyst (BA) maybe involved in all or part of pre-project work or pre-award activities.
Project Selection Methods & Project Success Measures
Qualitative / Quantitative Measures
Similar methods used in project selection can be used to measure project success. There are qualitative or non-financial measures, and quantitative or financial methods for project selection.
Benefits-cost Ratio (BCR)
Benefit-cost-ratio is the ratio of the benefits of a project relative to its costs, expressed in monetary terms.
Payback Period (PBP)
The payback period, is the length of time required to recover the project cost or “how long does it take the project to recover its initial investment or project cost”.
Present Value (PV)
Net Present Value (NPV)
NPV is a technique for determining the long-term value of a project, by summing all the annual positive and negative cash flows over some span of years, and translate those returns into today’s dollars (using Present Value calculation).
Return of Investment (ROI)
Return of investment is an indicator of gains, expressed in terms of a percentage or is presented as a ratio.
Internal Rate of Return (IRR)
Internal Rate of Return is used to evaluate the attractiveness of the project or investment.
Weighted-score Model
The weighted scoring model is an objective technique, that provides a systematic approach for selecting projects based on predefined scoring criteria. Often the scoring criteria fit the company’s strategic direction and business needs.
