Souder (1973) identified five criteria for project selection models:
- Realism: the model should reflect the organisation's objectives and be applied throughout. The model should also take into account the resource availability within the organisation
- Capability: the project selection model should be able to deal with uncertainties
- Flexibility: the project selection model should give clear results and be easy to modify when responding to specific changes.
- Ease of use: The project selection model should be convenient, easy to understand and use without requiring special interpretation.
- Cost: the cost associated with using the select project selection model should be low relative to the cost of the projects and less than their potential benefits.
Meredith and Mantel (2010) argue that there are two types of project selection models:
- Numeric project selection models: they use numbers as inputs but the criteria they measure can be either objective or subjective.
- Non-numeric models: they do not use numbers as input.
REFERENCES
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Project Management | A managerial approach (Seventh edition) Jack R. Meredith Samuel J.Mantel
https://www.memoireonline.com/02/16/9442/m_Project-selection-and-management-in-international-development-organisations4.html
https://pmpmyanmar.blogspot.com/
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