PROJ6000: Project Selection Methods and Initiation Documents Analysis

This report examines project selection methods and initiation documents through a case study of SingularLogic, a Greek software and IT solutions group. It emphasizes the importance of project management practices, particularly within the Research and Development division. The report identifies and justifies the use of the Net Present Value (NPV) method for project selection, detailing the steps involved, including stakeholder identification, goal setting, deliverable definition, schedule creation, risk assessment, and stakeholder presentation. It also explores the initiation process group, covering project charter development, stakeholder identification, and the creation of essential project documents like status reports. The report highlights the significance of aligning project goals with organizational objectives and the use of project management tools and techniques for risk management to ensure long-term sustainability and commercial profit.

Running head: PROJECT SELECTION METHODS AND INITIATION DOCUMENTS
Assessment 2: Project Selection Methods and Initiation Documents: SingularLogic case study
Name of the Student:
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1PROJECT SELECTION METHODS AND INITIATION DOCUMENTS
Introduction
This essay depicts the importance and impact of using project management prcatices
while implementing any project regardless of their nature, type and size. The project case
scenario nominated for the essay is SingularLogic; a Greece based established leading software
and integral IT solutions group. The Research and Development division of the company is
focused on making better decision for the future projects of SingularLogic. The organization
manages multiple numbers of skilled and experienced staffs and managing each of them without
proper management practice is not possible.
According to Project Management Body of Knowledge (PMBOK) management process
groups play essential role in project success (Yilmaz & Antmen, 2019). It also has strong impact
on project outcomes. Among different project management prcatices the best practice that has to
be selected followed by Project Management Institution (PMI) Code of Ethics for SingularLogic
is elaborated in the below section..
Project section methods and initiation document
Identification and justification of suitable project selection method for SingularLogic R&D
project
In order to become an effective project manager variety of skills and knowledge are
required. Before getting into any project rather before initiating any project it is duty of the
project manager and other project team associates to identify the project nature, type and features
as well (Rudenko & Andrievska, 2017). In order to pick a correct project some important
calculations are needed to be conducted. The calculations are done followed by two diverse

2PROJECT SELECTION METHODS AND INITIATION DOCUMENTS
methods such as benefit measurement method and constrained optimization method. Among
these two methods the best suited method that has to be selected and applied for the project of
SingularLogic.
The business of SingularLogic is divided into three divisions that again focus and targets
varied market. The enterprise DIS division of the company is focused on design as well
execution of integrated IT solutions for big projects. The software department is focused on
growth and sharing of business software for large enterprises and the integrator department is
focused on intend and completion of integrated IT solutions generally for the public sector
companies. Accurate R&D practices helps to save overall project cost and also helps the project
manager incorporate skilled resources.
The “benefit measurement method (BMM)” is less composite than the “constrained
optimization method”. The BMM suggests and rate potential project based on exact model and
contrast those outcomes between the participants (Liu et al., 2019). On the other hand, “cost
benefit ratio” is one of the easiest methods and does the most effectual way to converse the
possible worth of project in terms of more understand terms. It helps to measure the ratio
between actual investment and the return that may come from the investment. This model is
applicable for those projects whose budget is lower.
Economic model is the other model used to measure profit. This particular process
demonstrates the differences between invested cost and revenue generated from it (Leyman &
Vanhoucke, 2017). The model gives clear depiction of proven profit of a project after
completion. It also helps to give solid idea on expected return value amount.

3PROJECT SELECTION METHODS AND INITIATION DOCUMENTS
Payback period is another important model used to measure benefit on particular amount
invested. The technique is used to measure the time that the project will take to pay back the
invested value. Mostly for large projects this model of calculation is applicable rather suitable.
Discounted cash flow analysis technique is another important technique used to handle
issues of measuring the present value of future earned amount (Hermans & Leus, 2018). For
calculating the return value it is one of the most widely used measurement method. The time
worth of money is easily measured with this technique. The technique also helps to translate
future earning in current day value amount.
Net Present value is the other most widely used benefit measurement method. With the
help of this measurement method large project can measure its current value.
For managing the Research and Development activities of SingularLogic in terms of
project the best suited method is Net Present Value (NPV). If this method is properly applied
then SingularLogic would be able to understand the actual investment they need to do for
managing their resources and activities and after how much long time they can earn back the
invested amount (Aronson & PMP, 2017). Among many it is the most effective measurement
method and has to be used and applied by SingularLogic..
The processes to conduct above project selection method
In order to conduct the Net Present Value (NPV) project selection method the basic steps
those are essential to follow are elaborated in the below section:
Identification and meet with stakeholders: Stakeholders are the one who were mostly
affected by the project plan and its result. It helps to indicate the end users and the customers of

4PROJECT SELECTION METHODS AND INITIATION DOCUMENTS
the project. Therefore, before applying this project selection method stakeholders are to be
selected first.
Set project objectives and goals: After that the project supervisor need to set the project
aims and goals by conducting discussion with other stakeholders.
Define deliverable: After setting the project goals and objectives the expected Research
and Development deliverables are required to be selected and defined by the project supervisor
and team associates (Kuchta & Skowron, 2016). The deliverables are needed to be designed
based on project schedule.
Creating project schedule: In order to reduce the overload of activities the large project
has to be divided into small segments. After that each deliverable needs to be defined. In order o
complete each deliverable series of tasks are needed to be conducted. The particular resource
who will be responsible to complete a specific task is identified in this stage. After that the task
dependency is identified (Ueyama et al., 2019). The entire structure is represented followed by a
Gantt chart and a schedule. The entre team needs to take part in this planning process.
Identification of issues and complete risk assessment: In this stage, issues and
probable risks related to the project needs to be identified. It is identified that there is not project
which can be identified as a risk free one. However, precautions can reduce the possibilities or
risks (Kerzner, 2017). In this stage, a risk management plan has to be created followed by risk
identification, risk assessment, risk prioritization, risk rating and risk mitigation strategy.
Present the project plan to the stakeholders: This is the last and final stage of
management process. In this stage the project team explains to the other associates on how the
project addresses the expectation of the stakeholders and also how it can manage probable

5PROJECT SELECTION METHODS AND INITIATION DOCUMENTS
conflicts. After that individual’s roles are to be determined, decided and approved. In this stage
the project plan needs to be clearly defined and elaborated to the project team associates (Garcia‐
Castro & Francoeur, 2016). In order to make a project complete and successful proper
communication among the associates is also required.
Initiation process group and project document that are created for new projects
The initiation process is group is comprises of different processes that are performed by
new projects and new phases of an existing project. This project phase initiates with
development of a project charter (Kerzner, 2017). The project charter contains project approach,
major milestones, deliverables, assumptions, budget and timeline. Once the project charter
document is authorized the manager creates organizational resources. However, before
completing the project charter and sending it for final approval an interaction is needed to be
conducted among project sponsor, initiator, and project management office. The following inputs
are needed to create the project charter in terms of project statement of work, business case,
agreements, enterprise factor and organizational process.
After that the project stakeholders should be identified considering their power, influence
and interest. For creating the stakeholder register the different inputs that are required include
procurement document, project charter, environmental factor and organizational process. The
key tools and mechanisms used for recognizing the stakeholders are expert judgment,
stakeholder analysis and meeting (Sunder, 2016). The salience model has to be presented for the
stakeholders to initiate the project successfully and accomplish it on time. The documents to be
presented periodically include project status report to let the project team realize the current
status of the project and how much proper progress and monitoring it requires to be completed.

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Conclusion
The entire discussion concludes that, before selecting the best project the business
scenario has to be analyzed well. The new products and service launch of SingularLogic is
dependent on desire of the client group and applied marketing approach followed by the
company. The long term sustainability and commercial profit from any project is dependent on
the way their research and Development department works. Besides this, different project
management approaches are there those are properly compared and contrasted to select the best
suited for SingularLogic operations. Apart from that, for managing probable risks accurate
project management tools and techniques that should be applied in elaborated in the essay.

7PROJECT SELECTION METHODS AND INITIATION DOCUMENTS
References
Aronson, J. S., & PMP, P. (2017). Project Management for R&D and Innovation.
Garcia‐Castro, R., & Francoeur, C. (2016). When more is not better: Complementarities, costs
and contingencies in stakeholder management. Strategic Management Journal, 37(2),
406-424.
Hermans, B., & Leus, R. (2018). Scheduling Markovian PERT networks to maximize the net
present value: New results. Operations Research Letters, 46(2), 240-244.
Kerzner, H. (2017). Project management: a systems approach to planning, scheduling, and
controlling. John Wiley & Sons.
Kerzner, H. (2019). Using the project management maturity model: strategic planning for
project management. John Wiley & Sons.
Kuchta, D., & Skowron, D. (2016). Classification of R&D projects and selection of R&D project
management concept. R&D Management, 46(5), 831-841.
Leyman, P., & Vanhoucke, M. (2017). Capital-and resource-constrained project scheduling with
net present value optimization. European Journal of Operational Research, 256(3), 757-
776.
Liu, F., Chen, Y. W., Yang, J. B., Xu, D. L., & Liu, W. (2019). Solving multiple-criteria R&D
project selection problems with a data-driven evidential reasoning rule. International
Journal of Project Management, 37(1), 87-97.

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Rudenko, S., & Andrievska, V. (2017). Analysis of practical applying of project selection
method based on the possibility theory. Technology audit and production reserves, 6(4
(38)), 64-68.
Sunder M, V. (2016). Lean six sigma project management–a stakeholder management
perspective. The TQM Journal, 28(1), 132-150.
Ueyama, M., Isshiki, T., Miyajima, S., & Uesaka, S. (2019). Impact evaluation of R&D support
for SMEs and start-ups and its feedback on project management. fteval Journal for
Research and Technology Policy Evaluation, (47), 87-90.
Yilmaz, D. E., & Antmen, F. (2019). Project Selection Method Based on Balanced Scorecard
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