Systems Engineering Standard

Running head: PRINCIPLE OF PROJECT MANAGEMENT
PRINCIPLE OF PROJECT MANAGEMENT
Name of the Student
Name of the University
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1PRINCIPLE OF PROJECT MANAGEMENT
Introduction:
In the field of project management project management, project selection methods are
very much essential to access the best project knowledge from a selected area. Considering this
aspect it is identified that selecting a project from a nominated area is very difficult without
having any knowledge on the project selection methods. As while selecting any project by using
the project selection method will help to get the idea about the social, economic, cultural as well
as environmental priority. Along with these considerations it also improves the possibilities of a
project to become successful (Villamil et al., 2019).
Followed by these identifications this paper has been developed with the purpose to
analyze a case scenario of SingularLogic Company, which is one of the leading IT based
company in Greece. In order to support the discussion this paper will consist a detailed
elaboration on the projects which has been selected in this scenario as well as it will consist a
detailed investigation on the project selection methods that will help to gain more knowledge on
the project selection method. Along with this it will also recommend best selection method for
the nominated company as well.
Background:
SingularLogic is one of the leading IT based companies of Greece that is found in the
year 1984. Followed by the years and by considering the rapid growth of technology it is
identified that the company has expressed their interest towards integrating their operations.
Along with these implementations after the 2007 the company has decided segregate three
sections of the company. Among these three sections EnterpriseDIS was formed to server for
private sectors, Software division was formed develop business software application and the
integrator division was formed to server for public sectors.

2PRINCIPLE OF PROJECT MANAGEMENT
While analyzing the operational structure of the company it is identified that the company
consists of 740 employ and there is a huge significance of R&D into the infrastructure of the
organization as well.
Project selection methods:
After completion of the above discussion it is identified that the R&D department
requires a modification with the purpose to enhance the operations of the organization. Followed
by these identifications it is observed that in order to project it is very essential to get an idea
about the project selection methods. Thus, a detailed elaboration on the project selection methods
are mentioned in the section below:-
In the field of project management there are primarily two types of project selection
methods are present which includes the Qualitative method and quantitative method.
Quantitative method includes another two methods which includes the Benefits measurement
method and another one is the constrained optimization method.
Quantitative Methods:
Benefit Measurement Method-
 Cost benefit analysis- in done while selecting any project with the purpose to determine
the benefit from the approached project. The primary reason behind this investigation is
to determine the whether the approached project will earn more money than the invested
cost or not. Thus, in order to select any project based on this factor the ration of benefits
to cost should be higher than 1 (Siegelaub 2017).
 Net Present value- such measurement that helps to calculate the difference of the current
revenue and current investments. Thus, In order to select a project with maximum profit
it is very essential for the project to achieve the net present value more than 0. According

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to PMBOK the more you get the net present value, the better is the selection. The primary
reason behind the selection of NPV is to get a detailed idea about the current investment
as well as about the future the profit (Mahdavi et al., 2019).
 Payback Period- is such calculation that will help to get a clear idea about how the time
period within which the overall invested cost will be recovered. This process will help the
organization to get a brief idea about the time from when they will start gaining profits
(Luiz et al., 2017).
 Scoring model- is used to critically analyze different options of with the basis of some
specific criteria. This will help to effectively select more feasible project for the
organization (Lamers 2017).
 Internal rate of return- is also one of the best method that is used to select project which
gives a calculation on the maximum rate of return from the nominated project.
 Economic value added- is such method that will help to determine the profitability of the
project. Due to which the economic value of the project will be calculated (Xue, Baron &
Esteban 2017).
 Opportunity cost- is also help to determine the opportunity of the project that will help to
get an idea about the scope of the project (Kiely, Kiely & Nolan 2017).
Thus, it can be stated that the utilization of effective quantitative methods will help to
measure the several aspects of projects and this will help to select effective project as well.
Constrained Measurement Method-
Along with the above mentioned methods this is also one of the popular project selection
method which will help to select best projects in the nominated case scenario. Followed by these
considerations it is identified that this a mathematical model which are mostly used in larger

4PRINCIPLE OF PROJECT MANAGEMENT
projects with complex requirements in order to determine the feasibility of the project (Han,
Zhang & Yi 2019). Along with these identifications is also noticed that there are several
procedure present in this type of project selection method. Those procedures are mentioned in
the below section:-
 Non-liner programming.
 Liner programming.
 Dynamic Programming.
 Multiple objective programming.
 Integer programming.
Qualitative Methods-
Followed by the above discussion while selecting any project it is identified that
qualitative methods are mostly used select projects which are influenced by political factors,
personal factor, customer request, security and safety purpose as well as by considering the
concern of the investors (Gerstl 2018).
After completion of the above discussion it can be stated that the above methods will be
very helpful to get a detailed idea about the project as well as the benefits of the project.
Selected project:
After completion of the above aspects as it is mentioned that in this organizational
scenario there is a huge significance to improve the R&D department. Followed by the above
aspect it is identified in R&D department it is very essential to develop an IT system which will
keep the track of all the employee data. Along with this it is also identified the implementation of
effective staff monitoring techniques that will help to keep the track of employee activities.

5PRINCIPLE OF PROJECT MANAGEMENT
Apart from these identifications it is observed that is it also very essential to update the current
software present in the organization.
Followed by these identifications it is identified that into the operational infrastructure of
the nominated organization there is a huge necessity to implement the above approached
projects. While analyzing the importance of developing effective IT system into the R&D
department it is identified that in order to manage the data of the staffs as well as to keep the
track of the operational data of the R&D department the application of effective IT system will
definitely help to enhance their operations. Along with this the implementation of employ
tracking technology will help to enhance the supervising process of the organization. And the
primary reason behind updating the current software of the organization is to improve the
working procedure of the R&D department present in the organization (Fu et al., 2017).
Recommendation:
After completion of the above discussion on the approached project it is identified that
the in order to select the best project among the three it is very essential to utilize effective
project selection method. Followed by the above discussion on the best project selection method
it is identified that the utilization of quantitative method will be very effective. As the nominated
method will help to get a detailed analysis on the approached project from which, most feasible
project can be selected (Duan et al., 2018).
Followed by these considerations it is stated that after applying the project selection
methods on the approached projects it is identified that the implementation of employ tracking
system will be very effective for the R&D department of the organization. While analyzing the
primary reason behind the selection of the nominated project it is identified that after analyzing
the approached project based on cost benefits analysis and net present value it is observed that

6PRINCIPLE OF PROJECT MANAGEMENT
implementation of the approached project has a huge scope towards the business (ELBOK &
BERRADO 2017).
Conclusion:
After completion of this study it can be stated that this paper has effectively focused on
the different types of project selection methods. In order to get a detailed understanding on the
approached topic it is primarily discussed about the necessity of project selection method in the
field of project development, from which it is identified that the in order to analyze the
effectiveness of the project as well as the feasibility of the project, the application of effective
project selection method is very important. Along with this discussion this study has focused on
analyzing the case scenario of SingularLogic organization with the purpose to propose new
project options and then using effective project selection method the most appropriate project has
been selected.
Thus, after completion of this study it can be concluded that this paper has effectively
discussed about different types of project selection methods as well as its essentiality into the
project management field.

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Reference:
Duan, F., Fu, X., Jiang, J., Huang, T., Ma, L., & Zhang, C. (2018). Automatic variable selection
method and a comparison for quantitative analysis in laser-induced breakdown
spectroscopy. Spectrochimica Acta Part B: Atomic Spectroscopy, 143, 12-17.
ELBOK, G., & BERRADO, A. (2017). Towards an effective project portfolio selection process.
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Fu, X., Duan, F. J., Huang, T. T., Ma, L., Jiang, J. J., & Li, Y. C. (2017). A fast variable
selection method for quantitative analysis of soils using laser-induced breakdown
spectroscopy. Journal of Analytical Atomic Spectrometry, 32(6), 1166-1176.
Gerstl, D. S. (2018, September). Applying Auctions to Bank Holding Company Software Project
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