Project Selection Methods for Queensland Payroll Project

Running head: QUEENSLAND PAYROLL PROJECT
QUEENSLAND PAYROLL PROJECT
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QUEENSLAND PAYROLL PROJECT1
When in possession of a variety of projects which are interesting and challenging, as
options, the detection of a project, which can be the best option for the skillset of the team,
competency level and possesses the best chance to stand out with success within the initial
step of the efficient project management. Selection method for project offers a limited set of
techniques, which are time-tested, based on the method of an efficient reason for the logic to
choose the project and extract out the projects, which are undesired with very diminised
chances of tasting success (Dutra, Ribeiro & de Carvalho, 2014). Selection method for the
project play an important hand for the current project managers in practice and the
individuals aspirant for exams, known as ‘PMP’ alongside.
There exists two project selection methods divided into subcategories. These are:
i) Methods of Benefit Measurement
ii) Methods for Constrained Optimization.
However, all of these methods take time, though employment of such methods is very
much a necessity for having a useful business plan (Tavana, 2015). There lies the existence of
a wide variety of ways to select a project, but the foremost rule to be followed for small
projects is, the Measurement of Benefit Model and on the other hand, for complex projects
which are large scale, the Method of Constrained Optimization is preferred.
Method for Benefit Measurement- This is one of the selection methods for the project that is
completely dependent on the current value for the money outflow and internal flow together.
The benefits of the cost for the project is calculated and then a comparison is done with other
existing projects to take the final decision. The procedures, which have been used in this
model, are as follows (Ghorabaee, 2015),
 Cost and benefit ratio- as evident from the title, it uplifts the ratio among the current
estimate of the internal flow of the money, which was utilized within the project to the

QUEENSLAND PAYROLL PROJECT2
ongoing value of outflow, which seemingly defines the return value of the same
project. Projects containing a much larger cost ratio regarding the benefits that are
generally the choice over others.
 Model for Economy- the extra value of the economy basically refers to the metric
system of the performance that estimates the worth-creation of the organization while
the definition of the capital on the return is given. It also carries the definition of
being the net profit, which exerts after the deduction of taxes is done and after the
money expenditure (Tavana, Khalili-Damghani & Sadi-Nezhad, 2013).
 Model for Scoring- this refers to an object based technique where the committee
responsible for the selection of project lists down the criteria, which are relevant,
checks the weightage according to the importance and then adds the specific weighed
values. After the succession of this procedure, the project having scored the most
score is chosen.
 Period of Payback- This refers to the comparison between the total revenue and the
average revenue per period. It is one of the primary method for project selection.
 Net current value- this is the basic contrast between the present value of the project
related to cash inflow and the current value of the cash which is outflowing (Li &
Wan, 2014). The value of the Net Present value should always be positive to be
considered as a basic method of the project selection.
 Discounted cash flow- this method includes the calculations of the cost, which is
invented, and the ROI, to be considered as the cash flow including discounts.
 Percentage of internal return- The percentage of internal return refers to rate of
interest at which the Net Current Value is taken to be equal to zero, that is achieved
when the present value of the outward flow is exactly equal to the present value of the
flow inwards.