PROJ6000: Project Selection Methods for Singular Logic Report

This report examines project selection methods and the initiation process within the framework of the Project Management Body of Knowledge (PMBOK), using the case of Singular Logic, a software and IT solutions provider. The report explores the necessity of effective project selection, especially for companies with multiple R&D projects, and justifies the use of the benefit measurement method, including models like economic, scoring, NPV, payback, and internal rate of return. The report outlines the process of applying the benefit measurement model, emphasizing the importance of financial calculations and scoring models in prioritizing projects. Furthermore, the report describes the initiation process group within PMBOK, detailing the creation of key documents like the project charter and feasibility analysis, which are essential for defining project scope, objectives, and securing stakeholder alignment. The analysis highlights the importance of the initiation process group in ensuring project success by clarifying requirements, allocating resources, and evaluating project alternatives.

Running head: SINGULAR LOGIC
Principles of Project Management
Name of Student
Name of University
Author Note

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Table of Contents
Introduction..........................................................................................................................2
Suitable Project Selection Methods.....................................................................................2
Process of Conducting the Selection Methods....................................................................3
Description of Initiation Process Groups on PMBOK........................................................5
Conclusion...........................................................................................................................6
References............................................................................................................................8

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Introduction
A project can be described as a momentary endeavor of providing an expected and
beneficial outcome for a particular project. The success of a project largely depends on a number
of factors that encompasses identification and justification of the possible selection methods in a
project. The accurateness in the choice of the project selection methods largely contributes to the
project success (Pangsri, 2015). The report aims in discussing the project selection methods,
associated with the R & D project of Singular Logic. The Singular Logic is a leading software
and Integrated IT solution group in Greece and is the market leader in the business software
service. This company is known for providing integrated solutions to the public and the private
sectors in Greece. The R and D projects undertaken by Singular Logic generally aims in
incremental improvements. Since there are quite a large number of R & D projects in which
Singular Logic can invest on, it is necessary to prioritize the most important project for
successful project execution. Therefore, choosing an appropriate project selection method
becomes a necessity.
Suitable Project Selection Methods
Singular Logic has a number of R & D projects in queue and therefore, finding the right
project that will be beneficial for the company becomes a necessity. Different project selection
methods propose a set of time tested procedures that provide a sound and a logical reasoning for
filtering out the undesirable project.
Singular Logic cannot handle simultaneous implementation of all their R & D project due
to resource constraints. Therefore, it becomes a necessity for the organization to identify the
project where it should invest to maximize the profitability. The suitable project selection

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methods that assist Singular Logic in prioritizing the project are “Benefit measurement” method
and “constrained optimization” method (Tuzkaya & Yolver, 2015).
Justification:-
The choice of these two project selection methods are justified because of a number of
reasons. The choice of benefit measurement method is justified as it will help in prioritizing the
project having maximum value. This particular technique is mostly based on the current value of
the predicted cash inflow and outflow associated with the project and therefore, this considered
to be an effective technique of project selection.
The use of constrained optimization method is justified for this project as this technique
of project selection involves comprehensive mathematical calculations to decide on the net
outcome of a particular project. However, the constrained optimization methods are generally
used for larger and complex projects. At this stage, it is therefore essential for Singular Logic to
make use of Benefit Measurement method as the project selection method.
Benefit Measurement Method:-
The benefit measurement technique encompasses several models that can be used to
appropriately identify the suitable project in which a company should invest. These models
include economic model, scoring model, NPV model, payback model, discounted cash flow
model and internal rate of return model (Karasakal & Aker, 2017). The correct and effective
usage of these models or combination of these models can help in successful selection of the
project that is needed to be prioritized.
Process of Conducting the Selection Methods

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Benefit measurement method is opted for selection and prioritization of the projects of
Singular Logic. A planned process of conducting the selection methods is proposed to ensure
that the correct project is prioritized and executed.
For the projects of Singular Logic, the numeric model or financially focused approach is
to be chosen. This will help the team to select and prioritize the project in terms of the time
needed for repaying the investment that is made on the project.
The Process:-
The method of project selection is described as the procedure of assessing a particular
project idea to select the project having the maximum priority. The benefit measurement model
is opted for this particular project and therefore, the selection of the project will be based on the
expected financial returns of the project (Joslin & Müller, 2015). Therefore, the first step of
project selection for Singular Logic is to estimate the cost and benefit associated with all the
project options along with calculation of return of Investment for each project.
This selection method further involves the use of scoring model. The use of scoring
model contributes to prioritizing the project with higher value (Bradley, 2016). For successful
execution of this model, the project selection committee generally lists the relevant criteria
associated with the project and lists them in accordance to their importance. The project getting
the highest value is selected. The benefit measurement model further involves checking the
payback period of a particular project. The payback period gives an idea of the time needed to
payback the investments that has been made on the project.
The project prioritization and selection for the proposed R & D project of Singular Logic
will follow the benefit measurement process (Chih & Zwikael, 2015). The benefit measurement

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process requires simple financial calculation that will help the selection team in understanding
the need of prioritizing a particular project. The combination of the above discussed model will
ensure that the appropriate project is selected and prioritized for Singular Logic.
Description of Initiation Process Groups on PMBOK
The project Management Body of Knowledge or PMBOK can be indicated as a guide
that is used for recognizing 49 processes that falls into five “process groups” and ten “knowledge
areas” (Chaves et al., 2016). The five process groups associated with PMBOK include initiating,
planning, executing, monitoring and controlling and closing.
PMBOK is a useful project methodology that provides a comprehensive knowledge about
guidance on managing a project (Fleming & Koppelman, 2016). It is a step by step process that
ensure effective project management and project success. PMBOK is important for listing down
the tools and techniques that can be utilized to ensure successful project management.
Description of Initiation Process Group
The initiation is the first stage associated with PMBOK methodology. The initiation
process group generally consist of the processes that are accomplished for describing a new
project or a new phase of an ongoing project (Rehacek, 2014). This is one of the key process
groups associated with PMBOK as it helps in obtaining the authorization of starting a new
project or a phase (Kerzner, 2017). The initiation process group holds significant importance as
the initial scope of any undertaken project is well-defined which is an important step associated
with commitment of the financial resources. One of the key purposes of this process group in
respect to a new project is to align the project needs with the expectations of the stakeholders.
This step is essential to provide the project stakeholders with the needed visibility associated

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with the scope and objectives. Clarification of the scope and objectives becomes a necessity to
set the project vision. The initiation process group is an important for developing the project
charter. This is because the process group provide the project team with a clear idea of the major
goals and objectives. On basis of the output of this stage the project charter is prepared. The
formal approval of the charter is necessary to gain the approval related to funding of the project.
Initiating processes is executed prior to commencing a project as the key requirements of the
project are finalized at this stage. The initiation process group is therefore integral to outline the
key project requirements, resources and budget needs associated with a project. This process
group is further essential for evaluating the alternatives associated with the project.
Project Documents that are Created:-
The initiation process group of PMBOK is one key phase of PMBOK project life cycle
and is associated with creation of several project documents. One of the main project document
that is created at this stage include the project charter. The project charter documents the scope
and project objective and the approval of this charter is necessary to progress with the project
works. Along with the project charter the feasibility analysis report is created in the initiation
process group (Varajão, Colomo-Palacios & Silva, 2017). The documentation at this stage also
include the documentation of the scope statement, the project deliverables and the resources
required (Weninger & Huemann, 2015). The documents that are created in the initiation process
group as an input for the new project are later used for development of the project plan.
Conclusion
The report provides an overview of the case of Singular Logic. The organization has a
number of projects in queue and therefore prioritization of the most important projects is

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necessary. Therefore a number of project selection methods are evaluated to choose the project
possesses the maximum value. The benefit measurement model of project selection is proposed
for Singular Logic which will help the selection team in prioritizing the project on basis of the
financial returns associated with the project. The report further provides an idea of the process in
which the proposed project selection method will be executed. The initiation process group and
the input of the initiation process group associated with PMBOK are analyzed in the report to
establish its importance in project management.

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References
Bradley, G. (2016). Benefit Realisation Management: A practical guide to achieving benefits
through change. CRC Press.
Chaves, M. S., Araújo, C. D., Teixeira, L., Rosa, D., Júnior, I., & Nogueira, C. (2016). A new
approach to managing Lessons Learned in PMBoK process groups: the Ballistic 2.0
Model. International Journal of Information Systems and Project Management, 4(1), 27-
45.
Chih, Y. Y., & Zwikael, O. (2015). Project benefit management: A conceptual framework of
target benefit formulation. International Journal of Project Management, 33(2), 352-362.
Fleming, Q. W., & Koppelman, J. M. (2016, December). Earned value project management.
Project Management Institute.
Joslin, R., & Müller, R. (2015). Relationships between a project management methodology and
project success in different project governance contexts. International journal of project
management, 33(6), 1377-1392.
Karasakal, E., & Aker, P. (2017). A multicriteria sorting approach based on data envelopment
analysis for R&D project selection problem. Omega, 73, 79-92.
Kerzner, H. (2017). Project management: a systems approach to planning, scheduling, and
controlling. John Wiley & Sons.
Pangsri, P. (2015). Application of the multi criteria decision making methods for project
selection. Universal Journal of Management, 3(1), 15-20.

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Rehacek, P. (2014). Standards ISO 21500 and PMBoK® Guide for Project
Management. International Journal of Engineering Science and Innovative Technology
(IJESIT), 3(1), 288-295.
Tuzkaya, U. R., & Yolver, E. (2015). R&D project selection by integrated grey analytic network
process and grey relational analysis: an implementation for home appliances
company. Journal of Aeronautics and Space Technologies, 8(2), 35-41.
Varajão, J., Colomo-Palacios, R., & Silva, H. (2017). ISO 21500: 2012 and PMBoK 5 processes
in information systems project management. Computer Standards & Interfaces, 50, 216-
222.
Weninger, C., & Huemann, M. (2015). Project initiation: Investment analysis for sustainable
development. In Banking, Finance, and Accounting: Concepts, Methodologies, Tools,
and Applications (pp. 1-17). IGI Global.