The report depicts the importance of adapting proper project selection method for evaluating the project for EGCM a medium sized family owned manufacturing company. In order to increase the prototyping capability of the business organization the company is willing to consider two different projects. The first project is about the existing company practices around the prototyping and the second project is about minimizing the cost by using 3D printing to increase the speed.
Different project selection methods are elaborated in this project. Apart from this, the advantages and disadvantages of the project selection methods are also illustrated in this report. In addition to this, being the project consultant, the best project selection approach will be suggested for EGCM Company. Based on both the positive and negative impacts, the most suitable project will be suggested for EGCM Company that will help the organization to gain effective revenue from the competitive marketplace.
Decision models are mainly divided into two broad categories such as comparative approach and mathematical approach (Chen & Teng, 2015). On the other hand the comparative approach is again divided into benefit measurement methods and constrained optimization method.
Discounted cash flow method is referred to as one of the most effective methods for project selection. This technique is widely used in many business organizations for selecting the project and his selection process is based upon the estimated present value of cash inflow and cash outflow (Tjader et al., 2014). In this process both the cost and benefits will be calculated and then will be compared along with other projects. The two suggested projects for EGCM are existing company practices about prototyping and the other is about using 3D printing utilization for increasing the speed of a project and reducing the cost of a project.
If for gaining competitive advantages from the competitive marketplace the Discounted Cash Flow method is selected then the assumptions those will be undertaken are as follows:
Advantages
Disadvantages
This model is another project selection method and the developers are required to create a committee that lists all the relevant criteria for the project selection method. According to the importance and weight of the criteria the components are listed and in order to gain highest score certain principle are need to be considered. Three categories are required to be considered from the list of categories including benefits, cost, risk, technology, feasibility, margin and size. The range must be comprised based on the scoring criteria.
Assumptions
Advantages
Disadvantages
Different numeric models such as PayBack Period, Return on Investment (ROI), Net Present Value (NPV), and Internal Rate on Investment can be used for evaluating the project.
Assumptions
Advantages
Disadvantages
This is referred to as one of the most efficient model that is widely used in different business organizations for resolving different problems or for maximizing the real time functionalities (Snyder, 2014). It can be done by choosing real integer values, systematically. In order to find the best available values for some of the objective functions this approach is very much appreciable.
Assumptions
Advantages
Disadvantages
It can be suggested that in order to lead the organization towards measurable success the most suitable project selection method is discounted cash flow method because, in this method two different models can be effectively compared. On the other hand the scoring model is also beneficial from the business perspectives but if the project manager fails to identify the accurate parameter for rating the project hen the entire project will be failure (Kerzner, 2013). Considering the constraints of the project it can be said that discounted cash flow model adaptation will be more beneficial.
Conclusion
From the overall discussion it can be concluded that, both the projects will lead the organization towards measurable commercial profit. As for EGCM Company two models are being compared thus the most effective method that is required to be considered for selecting the project should be benefit measurement method. Commercial benefit for an organization is referred to as one of the most important things that are needed to be considered. In order to gain measureable profit from the competitive market it is necessary to select the most appreciable project selection method. The most suitable method will provide various opportunities to the business organization also.
References
Ahmad, B., & ul Haq, I. (2016). Project Selection Techniques, Relevance & Applications in Pakistan. International Journal of Technology and Research, 4(2).
Aphinyanaphongs, Y., Fu, L. D., Li, Z., Peskin, E. R., Efstathiadis, E., Aliferis, C. F., & Statnikov, A. (2014). A comprehensive empirical comparison of modern supervised classification and feature selection methods for text categorization. Journal of the Association for Information Science and Technology, 65(10), 1964-1987.
Aragones-Beltran, P., Chaparro-González, F., Pastor-Ferrando, J. P., & Pla-Rubio, A. (2014). An AHP (Analytic Hierarchy Process)/ANP (Analytic Network Process)-based multi-criteria decision approach for the selection of solar-thermal power plant investment projects. Energy, 66, 222-238.
Arvanitou, E. M., Ampatzoglou, A., Chatzigeorgiou, A., & Avgeriou, P. (2016). Software metrics fluctuation: a property for assisting the metric selection process. Information and Software Technology, 72, 110-124.
Bolon-Canedo, V., Sánchez-Marono, N., Alonso-Betanzos, A., Benítez, J. M., & Herrera, F. (2014). A review of microarray datasets and applied feature selection methods. Information Sciences, 282, 111-135.
Chen, S. C., & Teng, J. T. (2015). Inventory and credit decisions for time-varying deteriorating items with up-stream and down-stream trade credit financing by discounted cash flow analysis. European Journal of Operational Research, 243(2), 566-575.
Harwood, D. W., Souleyrette, R. R., Fields, M. A., & Green, E. R. (2014). Comparison of Countermeasure Selection Methods for Use in Road Safety Management.
Kerzner, H. (2013). Project management: a systems approach to planning, scheduling, and controlling. John Wiley & Sons.
Langley, A., Smallman, C., Tsoukas, H., & Van de Ven, A. H. (2013). Process studies of change in organization and management: Unveiling temporality, activity, and flow. Academy of Management Journal, 56(1), 1-13.
Lawrence, R. L., & Moran, C. J. (2015). The AmericaView classification methods accuracy comparison project: A rigorous approach for model selection. Remote Sensing of Environment, 170, 115-120.
Schwalbe, K. (2015). Information technology project management. Cengage Learning.
Snyder, C. S. (2014). A Guide to the Project Management Body of Knowledge: PMBOK Guide. Project Management Institute.
Tjader, Y., May, J. H., Shang, J., Vargas, L. G., & Gao, N. (2014). Firm-level outsourcing decision making: A balanced scorecard-based analytic network process model. International Journal of Production Economics, 147, 614-623.
Tuzkaya, U. R., & Yolver, E. (2015). R&D project selection by integrated grey analytic network process and grey relational analysis: an implementation for home appliances company. Journal of Aeronautics and Space Technologies, 8(2), 35-41.
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