Project Selection Methods Assessment 2022

Running head: PROJECT SELECTION METHODS AND INITIATION DOCUMENTS
Assessment 2: Project Selection Methods and Initiation Documents: SingularLogic case study
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1PROJECT SELECTION METHODS AND INITIATION DOCUMENTS
Introduction
This essay depicts the importance and impact of using project management prcatices
while implementing any project regardless of their nature, type and size. The project case
scenario nominated for the essay is SingularLogic; a Greece based established leading software
and integral IT solutions group. The Research and Development division of the company is
focused on making better decision for the future projects of SingularLogic. The organization
manages multiple numbers of skilled and experienced staffs and managing each of them without
proper management practice is not possible.
According to Project Management Body of Knowledge (PMBOK) management process
groups play essential role in project success (Yilmaz & Antmen, 2019). It also has strong impact
on project outcomes. Among different project management prcatices the best practice that has to
be selected followed by Project Management Institution (PMI) Code of Ethics for SingularLogic
is elaborated in the below section..
Project section methods and initiation document
Identification and justification of suitable project selection method for SingularLogic R&D
project
In order to become an effective project manager variety of skills and knowledge are
required. Before getting into any project rather before initiating any project it is duty of the
project manager and other project team associates to identify the project nature, type and features
as well (Rudenko & Andrievska, 2017). In order to pick a correct project some important
calculations are needed to be conducted. The calculations are done followed by two diverse

2PROJECT SELECTION METHODS AND INITIATION DOCUMENTS
methods such as benefit measurement method and constrained optimization method. Among
these two methods the best suited method that has to be selected and applied for the project of
SingularLogic.
The business of SingularLogic is divided into three divisions that again focus and targets
varied market. The enterprise DIS division of the company is focused on design as well
execution of integrated IT solutions for big projects. The software department is focused on
growth and sharing of business software for large enterprises and the integrator department is
focused on intend and completion of integrated IT solutions generally for the public sector
companies. Accurate R&D practices helps to save overall project cost and also helps the project
manager incorporate skilled resources.
The “benefit measurement method (BMM)” is less composite than the “constrained
optimization method”. The BMM suggests and rate potential project based on exact model and
contrast those outcomes between the participants (Liu et al., 2019). On the other hand, “cost
benefit ratio” is one of the easiest methods and does the most effectual way to converse the
possible worth of project in terms of more understand terms. It helps to measure the ratio
between actual investment and the return that may come from the investment. This model is
applicable for those projects whose budget is lower.
Economic model is the other model used to measure profit. This particular process
demonstrates the differences between invested cost and revenue generated from it (Leyman &
Vanhoucke, 2017). The model gives clear depiction of proven profit of a project after
completion. It also helps to give solid idea on expected return value amount.