Project Selection Methods And Initiation Report

Running head: PROJECT SELECTION METHODS AND INITIATION DOCUMENTS
PROJECT SELECTION METHODS AND INITIATION DOCUMENTS
Name of the Student
Name of the University
Author notes

1PROJECT METHODS AND INITIATION DOCUMENTS
Introduction
Singular Logic is a very popular software company in Greece. It was established in
1984. This company has a leading market share with hundred companies and SME segments
within Greece (Kuusisto, 2008). Their business is divided into three divisions. Main focus of
the company is on various market segments. The responsibility of their EnterpriseDIS
Division focuses on the design as well as application of the Integrated IT solutions for the
fortune five hundred companies.
This essay highlights two suitable project selection methods for Singular Logic
Company (Kuusisto, 2008). A critical discussion is also performed regarding the two chosen
project selection methods. In this essay, initiation process groups as well as initiation
documents are discussed elaborately.
Project selection methodologies
For this company, two project selection methodologies are cost benefit ratio and
scoring models (Maio et al., 2020). It helps to resolve the funding issue of the R&D projects
of the company.
 Cost Benefit Ratio
Cost Benefit Ratio is a very simple part of the Benefit Measurement Methods.
It is an efficient procedure for performing the communication having potential value
of the project (Maio et al., 2020). Potential value is described in easily
understandable terms. It helps to calculate the expenditure in the investment of the
projects against the value of return once it is completed.
 Scoring models

2PROJECT METHODS AND INITIATION DOCUMENTS
It is the most flexible procedure of comparing projects with one another of
Singular Logic (Matos & Vairinhos, 2020). It is not totally focused on the finance of
the projects of Singular Logic. Scoring model helps the company to detect which
qualities of the project is most important for them.
Description of Cost Benefit Ratio
Singular Logic Company utilizes the Cost Benefit Ratio for their company. According
to Corral & Nanacy (2020), it is used in many projects of the company. It helps the Single
Logic Company to analyse the value of money within their projects. It removes the negative
aspects for those projects and provides lots of advantages to the projects. With the help of this
strategy, it is able to generate larger value of the cost-benefit ratio than the predicted
advantages from the projects. As per Maio et al., (2020), it is able to simplify the complicated
business decisions.
Description of Scoring Model
Singular Logic Company uses the scoring model for their company. According to
Aziz & Shah (2020), the most common strategy used for selecting a project is the individual
judgement. In case of Singular Logic Company, they should focus on limiting the scoring
criteria based on the three categories of the requirements such as benefits, expenditure, size,
impact, risk and many other activities (Mouter, Koster & Dekker, 2020). As per Kermansachi
et al., (2020), scoring criteria must be comprised within ranges. While taking decision on the
scoring criteria, Singular Logic Company may select following types of ranges:
 Cardinal Priority Range
In this type of range, Singular Logic Company assigns for the scoring
(Matos & Vairinhos, 2020). Following are some sample values: