Project Selection Methods and Initial Documents Report 2022
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Running head: PROJECT SELECTION METHODS AND INITIAL DOCUMENTS Project selection methods and initial documents Name of the Student Name of the University Author note
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1PROJECT SELECTION METHODS AND INITIAL DOCUMENTS Abstract The prime determination of this report is to focus on the effectiveness of the diverse categories of project selection methods which are deployed in most of the global commercial establishments. The paper will look forward to represent the critical analysis of few of the project selection methods, at the same time the report will also highlight the need of maintaining initial process groups in major corporate establishments like UberCorporationin a detailed manner. The significance of the project documents will be deliberated in this report considering the projects undertaken by UberCorporationin the last few years. The report will have numerous segments and each of the segment will be very much significant in order to understand the effectiveness of the chosen project selection method and initial documents in UberCorporation.
2PROJECT SELECTION METHODS AND INITIAL DOCUMENTS Table of Contents Introduction................................................................................................................................3 Different methods of selecting projects.....................................................................................3 Inspection of initial process groups in Uber Corporation..........................................................5 Project documents......................................................................................................................6 Conclusion..................................................................................................................................7 References..................................................................................................................................8
3PROJECT SELECTION METHODS AND INITIAL DOCUMENTS Introduction The notable determination of this report is to focus on the project selection methods and description of the initial process group and project documents of Uber which is one of the biggest American multinational transportation network company which provides wide range of transportation services like ride-sharing, bicycle sharing system, food delivery. Wide range of projects are done by the stakeholders of this commercial establishment over the last few years (Uber, 2019). Serving more than 63 countries all around the world this commercial establishment have a successful project selection method which helped them to grow as compared with the other similar organizations like Lyft. Different methods of selecting projects There are diverse categories of project selection process which are considered in most of the global commercial establishments all over the world like Economic model, payback period, discounted cash flow, Net Present Value, Internal rate of Return and opportunity cost. All these diverse categories of project selection procedures are very much significant to order to manage diverse categories of projects in an organized manner. Economic model can be defined as the theoretical construction which considers a wide range of variable which are associated with each of the projects (Rogers, 2015). Relationship between them is determined from diverse perspectives in order to find the impact of a project. However, discounted cash flow is a type of systematic method which is used to calculate the accumulation of interest in any part. At the same time, Internal Rate of Return is very much useful to calculate the profitability of future investments. The valuation of the current investment in the coming year can be calculated using net present value (Li & Hall,
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4PROJECT SELECTION METHODS AND INITIAL DOCUMENTS 2016). But there are diverse drawbacks associated with NPV also in terms of the ignoring the sunk cost of the projects and misunderstanding the size of the project which may keep on changing at any point of time. Uber Corporation deploys net present value (NPV) in order to select any sort of projects all over the world. The incorporation of NPV is very much beneficial for this organization to compare the net profitability between more than one projects. The net cash inflow from each of the projects is determined by Uber using this selection method. The deployment of NPV is also very much significant for this organization to identify the alternative investments which can help the organization to grow in this competitive market (Lee & Shin, 2018). The value of invested cash from the projects and identification of measuring the value of the cash flow is the other significant contribution of NPV. The affordable discount rate from each of the projects can also be identified in the first place using NPV. The payback period can also be identified in the first place using this project selection method. Uber Corporation works in diverse categories of projects in terms of the service provided by this organization. These projects are selected in such a way so that this organization can grow inspite of the threats coming from the local transportation services usingNPV.TheincorporationofNPVisverymuchbeneficialforthiscommercial establishment in order to find out the value of time and resources which are generally used in the projects (Frege, 2019). All the financial business predictions which are associated with the projects can also be identified in the first place using NPV. The net profitability of each of the projects can be identified in the first place using NPV, at the same time it can also be said that there are diverse categories of internal and external risks associated with each of the projects which can be addressed in a systematized manner using NPV. Prioritization of each
5PROJECT SELECTION METHODS AND INITIAL DOCUMENTS of the factors which might have an impact on the growth of the organization can also be identified in the first place using this project selection method (Darwin, 2016). Thus, the valuation of the firm is enhanced using NPV. Flexibility of each of the projects undertaken by UberCorporationhas increased considerably after the deployment of NPV (Cramer & Krueger (2016). All the business process which are associated with each of the projects in UberCorporationhas seen growth in the last few years after the consideration of each NPV as the project selection method. Inspection of initial process groups in UberCorporation Most of the opportunities and the challenges of each of the projects in Uber Corporation are addressed by the initial process group of this commercial establishment. The skillset, experience and approach are the prime features which are very much useful for the initial process groups of Uber Corporation. Each of the activities of this project along with the permissions and authorizations are generally managed by the initial process groups. The logical progression of the project activities is also one of the foremost activities of the initial process groups of Uber Corporation (Cohen et al., 2016). The sequence of each of the activities associated with the projects can be monitored and managed in an effective manner using the initial process groups of Uber Corporation. The entire workforces which are required in each of the projects is identified by these process groups (Ang et al., 2018). The selection and the effectiveness of the selected project management methodologies which are selected by the strategic team of Uber Corporation can also be identified using the initial process groups. There are diverse categories of constraints associated with each phase of the project in terms of the time management in each phase of the project and resource management in each phase of the project as there are situations when new resources are required or the existing resources are needed to be altered. Managing the budgetary confusion before the beginning of the projects is the other significant responsibility of the initial process groups of Uber Corporation
6PROJECT SELECTION METHODS AND INITIAL DOCUMENTS (Chen, Mislove & Wilson, 2015). The success and the failure of each of the project depend hugely on the schedule maintained by the initial process groups of Uber Corporation. These initial process groups of Uber Corporation have different work schedules in terms ofmaintainingthecharterofeachoftheprojects,procurementdocuments,enterprise environmental factors and the protection of the organizational assets of Uber Corporation. Communication is very much important for each of the employee who works in the process groups of this global organization as there are lots of challenges for them in terms of the difference in time, language barriers and expectation of each of the consumers across all the 63 countries which gets the service of this commercial establishment. Project documents Each of the new projects which are undertaken by Uber Corporation uses the project initiation documents which provides a detailed description of the scope and deliverables of the project. Justification and impact of the project on this commercial establishments are highlighted in this document in a detailed manner. The responsibilities of each of the internal and external stakeholders of the project are mentioned in the project initiation document (Calo & Rosenblat, 2017). The diver categories of assumptions and constraints associated with the project can also be identified in the first place using the project initiation document. The code of ethics which is practised in the business environment of Uber Corporation is also verified by the initial project documents. It can also be said that communication between the stakeholders of the project can also be identified in the first place using the initial project documents (Baybordi, Nejad & Kargar, 2015). At the same time, the changes required in the project can also be identified in the first place using the initial project documents.
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7PROJECT SELECTION METHODS AND INITIAL DOCUMENTS TheeffectivenessofthediversecategoriesofprojectmanagementtoolsinUber Corporation, like Liquid planner and Zoho projects can also be enhanced using the initial project documents. The other essential facility provided by the initial project documents in Uber is the cost- benefit analysis of the scheduled project along with the risk prevention techniques of each of the identified external and internal risks. Control of any project undertaken by Uber Corporation can also be managed in the first place using the initial project documents (Arendt, 2017). Thus, in can be said that the quality of project undertaken by Uber Corporation over the years has improved significantly due to the deployment of the initial project documents. Conclusion The report is very much useful to understand the significance of the diverse categories of project selection methods in global commercial establishments like UberCorporation. The effectiveness of the selection project selection method ofUberCorporation which is NPV can also be concluded from this report. The report was also helpful to identify the significance of the initial process groups inUberCorporation as it helps them to select the different aspects of a project like time and resource management. The significance of the initial project documents which are maintained byUberCorporation can also be determined from the report, as it helps in the selection of a project management tool and maintaining the code of ethics in each of the undertaken projects. The risks and the risk prevention technique of the projects can also be addressed from the initial project documents. Thus, the report was very much beneficial to understand the significance of project selection methods and initial project documents inUber Corporation.
8PROJECT SELECTION METHODS AND INITIAL DOCUMENTS References Ang, A., Chen, B., Goetzmann, W. N., & Phalippou, L. (2018). Estimating private equity returns from limited partner cash flows.The Journal of Finance,73(4), 1751-1783. Arendt, H. (2017).Ãœber die Revolution. Piper ebooks. Baybordi, A., Nejad, K. G., & Kargar, E. F. (2015). Evaluating the relationship between economic value-added and stock return in companies listed at tehran stock exchange. Management and Administrative Science Review,4(1), 215-221. Calo, R., & Rosenblat, A. (2017). The taking economy: Uber, information, and power. Colum. L. Rev.,117, 1623. Chen, L., Mislove, A., & Wilson, C. (2015, October). Peeking beneath the hood of uber. In Proceedings of the 2015 Internet Measurement Conference(pp. 495-508). ACM. Cohen, P., Hahn, R., Hall, J., Levitt, S., & Metcalfe, R. (2016).Using big data to estimate consumer surplus: The case of uber(No. w22627). National Bureau of Economic Research. Cramer, J., & Krueger, A. B. (2016). Disruptive change in the taxi business: The case of Uber.American Economic Review,106(5), 177-82. Darwin, C. (2016).Ãœber die Entstehung der Arten. Jazzybee Verlag. Frege, G. (2019).Ãœber sinn und bedeutung(p. 26). Reclam, Philipp. Lee, I., & Shin, Y. J. (2018). Fintech: Ecosystem, business models, investment decisions, and challenges.Business Horizons,61(1), 35-46. Li, W. C., & Hall, B. H. (2016). Depreciation of business R&D capital.Review of Income and Wealth.
9PROJECT SELECTION METHODS AND INITIAL DOCUMENTS Rogers, B. (2015). The social costs of Uber.U. Chi. L. Rev. Dialogue,82, 85. Uber - Earn Money by Driving or Get a Ride Now. (2019). Retrieved 26 July 2019, from https://www.uber.com/au/en/