Here are the different ways of selecting projects from proposals…
In many of my articles, I have told you that, at any given time, there are always proposals begging for the attention of the organization. Do you noticed that the Federal Government cannot solved all the problem of Nigeria at the same time? The other day, I heard the Nigerian Minister of Works, Power and Housing saying that they have to prioritize the reconstruction of Nigerian roads. That tells me that road construction is also a Project. Mr. Babatunde Raji Fashola is also a Project Manager whether you like it or not.
Project selection criteria is the process of choosing which proposal to execute first among the competing proposals that we have in the organization. This will help you to select and prioritize projects.
The project selection criteria help you to use some yard stick that you can use to select which project should be executed at any given time. In this article, I want to quickly look at some of the three unique factors that you have to look at when choosing from competitive proposals. This is to tell you that the method I am about to disclose is applicable to any project that you want to execute.
#1 Strategic objectives
Every standard organization have a mission and a vision statement which guides their project selection process. They are the destination that you intend to arrive at, at the end of your journey. Therefore, when proposals arose, you need to ask yourself if it will help to achieve the strategic objectives of your organization.
Is it in line with what the organization is focusing on? If the answer is “NO”, you do not need to waste your time on that proposal.
#2 Quantitative criteria
This has to do with the suitability of the project to the organization’s capabilities. The first question to ask here is if we have adequate resources that can help us to achieve the goals of the project without inviting any third party.
#3 Qualitative criteria
Every business owners are Oliver Twist and this also dictates their project selection. They are not interested in making losses but they want more gains. At the end of every financial year, we always try and set targets for ourselves. If the proposed project will help us to make more money, and increase sales, then we should give it a thought.