Project Selection Methods for SingularLogic Company

This report provides an in-depth analysis of project management principles as applied to SingularLogic, an IT company specializing in software development. It examines various project selection methods, including cost-benefit analysis, economic models, payback periods, and net present value, offering insights into their application within the context of the company's operations. The report outlines the processes involved in conducting these project selection methods, emphasizing the importance of defining project scope, objectives, and deliverables, as well as project planning, and progress tracking. Furthermore, it explores the Project Management Body of Knowledge (PMBOK) and its initial process groups, particularly the initiation phase, highlighting the significance of aligning stakeholder expectations and establishing a clear project vision. The report concludes by summarizing the key considerations for successful project completion at SingularLogic, emphasizing the importance of these principles for effective software development and overall business success.

Running head: PRINCIPLES OF PROJECT MANAGEMENT FOR SINGULARLOGIC COMPANY
Principles of Project Management for SingularLogic Company
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1PRINCIPLES OF PROJECT MANAGEMENT FOR SINGULARLOGIC COMPANY
1. Introduction
The case focuses on the new kind of development of software products by SingularLogic,
which is an IT company. The company is one of the primary form of market leader in Business
Software Licensing and Business Software Services with a higher market share. The IT group
helps in providing support towards integrated form of IT solutions for public and private sectors
(Akgün et al., 2015). The following parts of discussion would be majorly be focusing on the
development of understanding regarding the suitable form of project selection methods that
would need to be approached during the project. There are different kind of project selection
methods that needs to be chosen properly based on deriving proper outcomes towards the end of
the project.
Based on determination of the proper form of project selection method, the processes that
would need to be clearly be understood based on which the proper methods would need to be
selected accordingly. The Project Management Body of Knowledge (PMBOK) and related
concepts would be considered as helpful for describing the initial process groups that would be
considered as providing valuable form of inputs towards the project.
2. Discussion
2.1 Identification and Justification of Project Selection Methods for the Project
The various kind of project selection methods that could be considered as majorly useful
for developing new kind of software products by SingularLogic are discussed as follows:
1. Cost Benefit Ratio – This can be defined as a ratio used for the analysis of the
investments made by a company. It also defines the overall relationship between the benefits and

2PRINCIPLES OF PROJECT MANAGEMENT FOR SINGULARLOGIC COMPANY
their relative costs over the proposed project. The cost-benefit analysis as described for the
project could be expressed in qualitative or monetary terms (Zhi et al., 2015). In relation to
understanding the long-term benefits for the project, it is discussed if the cost-benefit ratio is
greater than value 1.0, then the concerned project would be expected to be delivering a positive
result towards the organization and the investors and shareholders involved within the project.
2. Economic Model – It is also known as the Economic Value Added (EVA) of a
concerned project. This could be considered to be similar with the method of Cost Benefit Ratio.
It further describes the total difference of monetary value between the investments made by an
organization and the total revenue that is generated (Zeleti, Ojo & Curry, 2016). This is
considered as the profits, which are generated after the investments made over a project.
3. Payback Period – It is defined as the ratio of cash to the average kind of per period
cash. It can thus be defined as the minimum time taken for recovering the total amount of costs,
which would be invested towards the project. Thus, the Payback period can be considered as the
basic form of project selection method (Wijesuriya et al., 2017). The payback period would then
under consideration about the payback period based on the investments made by the company.
During the calculation of the payback period, the time frame would be required based on the
return on investment. This would be required for repaying of the original costs, which was put as
initial investment.
4. Net Present Value – The NPV can be defined as the total difference between the
current amounts of inflow of cash made within a certain project to the current monetary value of
outflow of cash made over a concerned project. The value of NPV should be considered as
positive at every times. During the making of investment or choosing over a project the NPV

3PRINCIPLES OF PROJECT MANAGEMENT FOR SINGULARLOGIC COMPANY
should be calculated and thus it should be ensured that the value of NPV should be positive and
would be preferred (Lee & Lee, 2015). The primary advantage of choosing NPV over calculation
of Payback Period is that it would help in determining the future value of project profits.
2.2 Processes for conducting the Project Selection Methods
Based on the proper understanding of the different project selection methods, the various
processes that would be conducted for selecting the appropriate project selection method are
discussed below:
1. Defining the initial project scope and objectives – In the case of the concerned
project defined by SingularLogic, they would need to define the project scope for delivering new
software products. During this process, the involved stakeholders should be specific regarding
the clear form of project scope and the objectives that needs to be covered during the project
delivery. The organization should be capable of defining the proper stakeholders who would be
responsible for working over the project (Lei et al., 2017). After providing a clear definition of
project scope and objectives, the stakeholders should be asked for performing a review and thus
each involved parties should be made agreed accordingly.
2. Defining project deliverables – After defining the project scope and objectives, the
project manager would be responsible for determining the project deliverables (Abrahamsson et
al., 2017). During defining the deliverables, the project manager should be responsible for
defining each of the aspects that would be delivered with the outcomes from the end result of
project.
3. Project planning – During planning over the project and the related activities, the
project manager should decide over the people, budget and resources that would be required for

4PRINCIPLES OF PROJECT MANAGEMENT FOR SINGULARLOGIC COMPANY
the successful accomplishment of the project outcomes. The activities that would be required
during the completion of the project based on working over the development phase would also
be defined accordingly. Each of the activities that would be required for the development of
software applications would be defined in a step by step manner. After completion of defining
activities, the resources would be allocated to costs and the total budget of the project would be
defined accordingly (Conforto et al., 2016). A realistic schedule and a detailed budget should
need to be prepared. Milestones should also be determined according to the needs of the project.
4. Tracking and reporting over project progress – After the initiation of the project,
the involved project manager should be responsible for tracking over the project budget.
Whenever the project manager would see that any particular activity would exceed the estimated
project budget, they need to take certain measures for deciding to bring the particular activity
within the estimated budget (Omar & Nehdi, 2016). Thus, in which way the project manager
would be able to decide over the successful way of project progress.
2.3 Understanding of PMBOK and Initial Process Groups
According to the guidelines mentioned within the PMBOK, the Initiation Process Groups
comprises of the processes that would be required to be performed based on defining a new
project and the included phases within the project (Project Management Body of Knowledge,
2017). During the initiation process groups, the initial scope would be defined and various
commitments would be made. Identification of various internal and external stakeholders would
also be identified for the project. The main purpose of the process group is to align the
expectations of stakeholders with the purpose established for the project. This would also
provide a visibility over the objectives and scope (Heravi, Coffey & Trigunarsyah, 2015). The

5PRINCIPLES OF PROJECT MANAGEMENT FOR SINGULARLOGIC COMPANY
various processes thus mainly help towards setting up the vision for successful completion of the
entire project.
In the case of the concerned project based on development of new software applications,
it would needed to be subdivided into various phases. In case of this project, the initiating
processes would need to be carried out and validated based on the decisions made. Thus, some
necessary documents needs to be prepared accordingly (Hoda & Murugesan, 2016). These
documents includes the development of an initial project charter and stakeholder identification
document. After the development of the documents, the documents would need to be reviewed
and thus approval should be gained from the organization proposing the project.
3. Conclusion
The above discussion focuses over the understanding about the different aspects in
relation to the development of software applications by SingularLogic. The initial discussion
focused on the different methods that are required for selecting the appropriate project, which
would help towards building the reputation of the concerned organization. Different methods of
project selection have been discussed within the discussion. After the discussion of the different
project selection methods, the various processes that would be required for conducting the
project selection methods have been discussed briefly. While discussing the various aspects
based on conducting the project in a successful manner, hence the defining of initiation process
groups would be considered as necessary.
Hence, from the knowledge gathered from the Project Management Body of Knowledge,
the idea about the initiation process groups have been clearly defined. These groups are
discussed to be necessary to define and plan the various documents that are required for the

6PRINCIPLES OF PROJECT MANAGEMENT FOR SINGULARLOGIC COMPANY
understanding of the project. The initiation process groups would define the project scope,
objectives and the stakeholders that would be required for allocation to different activities.
Hence, from the discussion of the various aspects, it can be concluded that with the following of
the various considerations, the project would be completed in a successful manner.

7PRINCIPLES OF PROJECT MANAGEMENT FOR SINGULARLOGIC COMPANY
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