PROJ6000: Analyzing Project Selection Methods & Initiation Documents

This report examines suitable project selection methods for Singular Logic, a software company in Greece, focusing on cost-benefit ratio and scoring models. It provides a critical discussion of these methods, highlighting their advantages and how Singular Logic utilizes them. The report also elaborates on project initiation process groups, including project charter design and stakeholder identification. Furthermore, it discusses the project initiation document, emphasizing its importance in project management and outlining the steps for its preparation, such as setting targets, identifying outcomes, assessing risks, and ball-parking the budget. The report concludes by emphasizing the importance of adhering to project management standards for effective IT project management and project selection.

Running head: PROJECT SELECTION METHODS AND INITIATION DOCUMENTS
PROJECT SELECTION METHODS AND INITIATION DOCUMENTS
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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:

3PROJECT METHODS AND INITIATION DOCUMENTS
 0
This requirement is not applied to the project and later on, it is
removed from the project.
 1
This requirement has a very less priority for the Singular Logic
Company.
 3
This requirement has a very medium priority and must be met
by the Singular Logic Company.
 5
This requirement must have the highest priority and it is very
much essential for the projects.
 Original Priority Range
In this case, the Singular Logic Company provides descriptive priority
priority with the help of which the company may convert into an appropriate
numeric value for further calculations. This criterion is very useful because of
numeric priority type (Wynn, 2020). In this case, the Singular Logic Company
must remind that zero has a least favourable value; five is the most favourable
value. It helps the Singular Logic Company to avoid some misinterpretation.
In this case, the company may use some self explanatory values for scoring.

4PROJECT METHODS AND INITIATION DOCUMENTS
Project initiation process groups
In this case, there are two processes- development of project charter as well as
detection of the stakeholders.
 Project charter design
Development of project charter is a procedure for development of documents.
It gives formal authorisation of the exisistence of a project of Singular Logic
Company (Matos & Vairinhos, 2020). It provides authorization to the project
manager of the company to implement several resources of the company to the
activities of the project. Main advantages of this project are that it provides a well
defined project initiation as well as well-defined project boundaries, creation of
formal records and many others. It is a direct way for the top level management of the
Singular Logic Company to get the formal acceptance as well as commitment to the
project.
 Identification of the stakeholder
In this step, Singular Logic Company identifies stakeholders as an individual
person or a group of persons who may be affected by the results of the projects (Kim
Kim, 2020). It is a very crucial step for the Singular Logic Company because all
other planning is based on the stakeholders. Main advantages of this strategy are that
it allows the project manager of Singular Logic Company to give correct amount of
focus provided to the individual stakeholders.
Project Initiation Document
Project initiation document is treated as an important document in the project
management. While making, Singular Logic Company must obey the strategies given by

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PMBOK. It is performed after getting official approval of starting of the project. Singular
Logic Company elaborates the initial scope as well as they perform proper commitment to the
initial financial resources (Kermanshachi et al., 2020). Using this, the company can determine
the internal as well as external stakeholders. As per PMBOK, for the preparation of the
project documents, many aspects need to be considered. Initial step is to fix proper target for
the project. At first, project manager should talk with the group members as well as major
stakeholders regarding the project. It helps the Singular Logic to describe their actual goal for
the project. It is totally related to research and development of their Information Technology
based services. In this case, Singular Logic Company needs to consider the needs of all the
potential consumers (Kermanshachi et al., 2020). They should take prior approval as soon as
possible. The next step is to identify outcomes, goals as well as deliverables.
After reaching to primary goals, Singular Logic Company should segregate their
targets into multiple portions. These parts may be the deliverables of the project such as well
establish international IT products, providing IT services to the public sector organisations,
collation and broadcasting of the election results of European Union and many others (Darpel
et al., 2020). The company can segregate their assignments into more than one sub parts so
that they can do assignments in an efficient manner. Third step is the identification of risks,
assumptions as well as limitations. In this particular case, Singular Logic detects the risks
associated inside the projects. They need to detect a proper risk management plan for
resolving the risks. These risks may affect the desired goal of the company. It is an excellent
practice to assume the risks while conducting the project design phase. It is very important
for the preparation of statement of work. In the fourth stage visual aids are formed. It helps to
represent all portions of the project. There are various types of visual aids are available.
These are- drawings, flow charts, site trees, mind maps and many others. Among these, mind
maps and flow charts are very important for their projects.

6PROJECT METHODS AND INITIATION DOCUMENTS
Fifth stage of the project is to ball parking the budget (Corral & McCarthy, 2020).
From the beginning of the project, Singular Logic Company should know accurate budgets
for their project. It will decrease the undesired cost overruns of the projects in near future. If
the cost is greater than the amount of money invested by the consumer then projects may not
be successful.
The sixth stage is termed as the documentation process for project planning and
documentation process. Singular Logic Company must follow accurate judgement for getting
prior approval for their research and development projects. It is stage for Singular Logic
Company (Cheshmberah, 2020). Company must do the “proof of concept”. It will help the
company to deliver initial pattern of their research as well as development activities. It saves
lots of money of Singular Logic Company. If the concept is accurate and accepted by the
clients then it will be granted by their potential consumers.
Conclusion
With the help of Principles of Management Book of Standards, the Singular Logic
Company can identify the global standards for the practice of the project management of their
IT related projects. For managing selecting the projects, the company can select to efficient
methodologies such as cost benefit ratio and scoring model. These two methods provide
several advantages to the company. Project Initiation Document helps the company to capture
the basic information required for correct planning and defining of project. In this essay, all
the stages of the project document is clearly described.

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