Project Selection Methods & Initial Documents for Uber Driver App

Project Selection
Methods & Initial
Documents
Uber Driver App
4/1/2019

Uber Driver App
Table of Contents
Introduction............................................................................................................... 2
List & Details of Project Selection Methods.......................................................................2
Net Present Value (NPV) & Internal Rate of Return (IRR)..................................................2
Scoring Model........................................................................................................ 3
Payback Period........................................................................................................ 3
Benefit/Cost Ratio.................................................................................................... 3
Initial Process Groups and Initiation Documents..................................................................4
Process Groups........................................................................................................ 4
Initial Project Documents........................................................................................... 5
Conclusion................................................................................................................ 5
References................................................................................................................ 6
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Uber Driver App
Introduction
There is a lot of competition in the business firms in the present times. It is required that the
organizations select the project that provides them with the maximum benefits. The
management adopts different techniques and methodologies to execute the process. There are
several methods designed to determine the projects to be selected and the order in which
these projects shall be undertaken.
The project selection is just the beginning of the process and it is required to execute and
manage the project to achieve its aims and goals. For this purpose, there are several project
management methods defined. One such method is the implementation of the guidelines
defined by Project Management Institute (PMI) in the Project Management Body of
Knowledge (PMBoK) methodology.
The document includes the project selection methods and initial documents for the Uber
Driver Application. Uber has decided to re-build its driver app to enhance the functionality of
the application along with the usability of the application (Madrigal, 2018).
List & Details of Project Selection Methods
Net Present Value (NPV) & Internal Rate of Return (IRR)
This is the method that is based on the selection of the projects on the basis of the benefits
ensured by the project. Net Present Value (NPV) of the project is calculated on the basis of
the cash inflow and outflow and it is the difference between these two values. The use of
current value is done to calculate NPV and for the project beneficial for the organization, the
value shall come out to be positive.
There are currently 3 million Uber Driver App users all across the globe. The feedback from
the users is taken to re-build the application. The changes that will be incorporated are based
on the user comments and feedback. Thus, the implementation of these changes will lead to
the streamlining of the application functionalities resulting in better coordination between the
app and the user. The overall performance will improve resulting in better revenues for the
organization. Therefore, the NPV for this project will be positive (Kashyap, 2018).
There is another method that is closed synced with the NPV method for project selection. The
Internal Rate of Return (IRR) is calculated on the basis of the NPV. The IRR is defined as the
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