{"id":61248,"date":"2022-04-13T14:00:46","date_gmt":"2022-04-13T19:00:46","guid":{"rendered":"https:\/\/www.projectmanager.com\/?p=61248"},"modified":"2026-04-28T14:42:49","modified_gmt":"2026-04-28T19:42:49","slug":"project-selection-for-better-strategic-results","status":"publish","type":"post","link":"https:\/\/www.projectmanager.com\/blog\/project-selection-for-better-strategic-results","title":{"rendered":"Project Selection: Use These 8 Selection Methods for Better Strategic Results"},"content":{"rendered":"

Projects need management. Much of the focus of project management is obviously on methodologies that keep your project on time and within budget. But you don\u2019t want to initiate a loss leader.<\/p>\n

That\u2019s where project selection comes in. Project selection is all about picking the right project at the right time for your organization. It sounds like it\u2019d be simple, but there are a lot of factors to consider.<\/p>\n

What Is Project Selection?<\/h2>\n

Project selection is the process of establishing a criteria for evaluating project proposals to ensure they align with the larger strategic objectives of an organization and will bring the most financial, operational and strategic benefits. This occurs during the project intake process for program management<\/a> and project portfolio management.<\/p>\n

All selection methods are based on two criteria: benefits and feasibility. The benefits of the project take the form of a list of positive outcomes. Reasons to take on a project include anything from economic gain to social and cultural significance, or even fulfilling commitments from previous agreements. Feasibility<\/a>, in this context, means the likelihood of a project is a success. All projects are risky, and some are very complex. Determining the feasibility of any project can take time and a lot of research. This process is done in what is called a feasibility study, which is part of the project initiation stage.<\/p>\n

Related:<\/strong> Free Feasibility Study Template for Word<\/a><\/p>\n

The project selection process, whether you\u2019re working in project management or portfolio management, ensures you have enough resources to benefit from the investment. Once you (or the selection committee) select a project, then you\u2019ll need project management software to make sure you meet the goals and objectives.<\/p>\n

ProjectManager<\/a> is online work management software that is collaborative to the core. It connects teams no matter where or what they do. ProjectManager’s interactive Gantt chart organizes tasks, links dependencies, sets priorities, filters for the critical path and sets a baseline to measure planned versus actual effort in real time. Get started with ProjectManager for free today.<\/p>\n

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Organize the project you select on ProjectManager’s Gantt chart. Learn more<\/strong><\/a><\/figcaption><\/figure>\n

The Project Selection Process<\/h2>\n

The project selection process is the process of evaluating your project ideas in terms of benefits and feasibility. This can be done by the project portfolio manager, program manager or project management office (PMO)<\/a>. Effective project selection creates a better return on investment (ROI), which is the bottom line when talking about financial benefits for any project.<\/p>\n

The project selection process will help you run a more efficient project. By doing the due diligence beforehand you can avoid a lot of the inefficiencies that might slow down a project or worse during execution.<\/p>\n

Of course, the project selection process is essential to making sure the project you’re appraising will align with the overall strategic goals and objectives of the organization. This is true whether you’re working on a project or portfolio<\/a>.<\/p>\n

Project Selection Methods<\/h2>\n

These eight project selection methods will help you make the right decision when choosing a project. While there are many measurement methods, such as Six Sigma and constrained optimization, these project selection methods are the most widely used:<\/p>\n

1. Cost-Benefit Analysis<\/h3>\n

Cost-benefit analysis is used to estimate the costs and benefits associated with a particular project. In other words, it\u2019s a method to discover the most cost-effective way to execute a project. This is done by defining all the costs, both direct, indirect, intangible and more against the benefits, be they direct, indirect and so forth. ProjectManager has an article that provides a step-by-step guide to a cost-benefit analysis<\/a> that goes into this in-depth.<\/p>\n

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Get your free<\/p>\n

Cost Benefit Analysis Template<\/h3>\n

\n\tUse this free Cost Benefit Analysis Template for Excel to manage your projects better.<\/p>\n\t\t