Project Selection Methods and Initiation Process for SingularLogic

This report comprehensively examines project selection methods and the project initiation process group, focusing on a case study of SingularLogic, a Greek software and IT solutions group. The report identifies the cost-benefit ratio as the most suitable project selection method for SingularLogi...Read More

Running head: PROJECT SELECTION METHODS AND INITIATION PROCESS GROUP
Project Selection Methods and Initiation Process Group
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1PROJECT SELECTION METHODS AND INITIATION PROCESS GROUP
Introduction:
Project selection methods and the initiation process group are the important aspect of
project management. The project selection method is the procedure of choosing appropriate
project for specific type of project (Read, Madani, Mokhtari & Hanks, 2017). In many cases
organizations have different kinds of project option to reach to their goals but it is not
possible for them to invest in all of the projects as it will be requiring a huge amount of
money. In this type of decision-making situation, the project selection approaches are the
answer as it provides the solution by indicating which project will be appropriate for the
organization (Gür, Hamurcu & Eren, 2016). After the selection of appropriate project, it is
also vital for the organization to properly execute the selected project and for this the ultimate
solution is the initiation process group regarding project management. For this reason, both
project selection approaches and the initiation process groups are crucial for the project
management purposes. In this report, the case study of SingularLogic will be analysed and
appropriate project for them will be selected using the project selection methods. Also,
initiation process group will be used for the execution of the selected project.
Discussion:
The SingularLogic organization is a software and integrated IT solution group which
is based on Greece. Their main business is providing integrated solutions for both the public
and the private sectors in the Greece and in some foreign country. In the current aspect, the
business of SingularLogic is divided in total three different sections. The first division is the
EnterpriseDIS division and it is focused on the designing and implementing of the integrated
IT solution. The second division is the Software division which is focused on distribution and
the development business related software application. The third division is the Integrator
division which is focused on the implementation of integrated IT solution for the public

2PROJECT SELECTION METHODS AND INITIATION PROCESS GROUP
sector organization. From the current nature of the organization it has been assessed that the
SingularLogic is a commercial organization which is working to provide integrated IT
solutions to their customers.
The SingularLogic organization is having several types of projects. This organization
is responsible for providing integrated IT solutions to both of the private and the public sector
organizations. In this aspect, SingularLogic needs to develop new products and services
depending on the requirement of the client. For development of the new product and the
services, SingularLogic is dependent on their research and development team. The more
SingularLogic will be able to save from the R&D projects the more profitable they will be
from each of the projects.
Considering the current situation, the examining before generalising is the one of the
crucial methods (Parker & Northcott, 2016) that can be used to ensure that the current process
of thinking is going at the right way.
For every organization to remain operational, it is very much important to ensure that
they are generating enough amount of profit. For the SingularLogic this is also the same.
Thus, it is important for the SingularLogic to ensure that they are making enough profit and
achieving their goals (Williams Jr, Pieper, Kellermanns & Astrachan, 2018). To ensure the
organization is making enough profit, both of the income and the cost of the organization will
be calculated and from there net profit of the organization will be identified.
Considering the project nature of the SingularLogic organization, several project
selection methods can be used for reviewing their projects. Depending on the nature of
SingularLogic’s operations one of the significant project selection method that applicable in
this context is cost benefit ratio (Noor et al., 2017). The cost benefit ratio is the simplest

3PROJECT SELECTION METHODS AND INITIATION PROCESS GROUP
process of project selection that can be utilized here. By using the cost benefit ratio, the
potential value of the project can be communicated easily in an understandable format.
The economic model is another important process of project selection. The economic
model is actually quite similar with the cost benefit ratio calculation. The economic model
defines the difference in between total invested cost and overall revenue generated by the
organization (Ellis, Liu & Christofides, 2016). This difference is also known as profit. If the
profit is higher for a particular project then the project is more suitable compared with the
other projects.
Discounted cash flow method is also utilized for the project selection purpose. By
using the discounted cash flow technique, the present value is calculated in-terms of value
generated in the future (Smith, Driver & Matthews, 2018). This project selection technique is
actually suitable for the projects those have those take a long time to provide the value
returns.
The SingularLogic can also apply the net present value calculation as a project
selection method. For the identification of net present value calculation of the discounted
cash flow is also required. By using the values from the discounted cash flow, the net present
value can be calculated and can be used as an attribute for the selection of the project (Fleten,
Linnerud, Molnár & Nygaard, 2016). By the net present value analysis whole project
lifecycle is analysed in the perspective of overall earnings. The net present value analysis is
also crucial of the projects which does take a long time to provide the return.
In this aspect, the business nature of SingularLogic is delivering IT projects to their
clients and it is the main source of their income. It means that, they do not have to wait
directly for the profitability of the IT projects, instead of that, their main profit will come
from the customers directly. So, considering this, for SingularLogic, cost benefit ratio is

4PROJECT SELECTION METHODS AND INITIATION PROCESS GROUP
suggested as the appropriate method for the project selection (Zhou, Zhang, Mu, Chu & Sun,
2019). SingularLogic should move forward for execution of the projects after analysing the
projects using the cost benefit ratio.
Performing the cost benefit ratio is one of the simplest ways for measuring the benefit
provided by a project. For performing the cost benefit ratio analysis, the overall cost of the
project needs to be divided by the benefit provide by the project. The value of the cost benefit
ratio should be always less than one (Gabbett, Windt & Gabbett, 2016). If it is greater than
one it means that the project is non-profitable. This type of project should be avoided. If the
value is less than one then the project can be executed freely. More the value of cost benefit
ratio will be less, high amount of profit will be achieved from the project.
The initial process group of the project management also plays a vital role for
completing the project in a successful manner. According to the PMBOK there are several of
phases or stages through which a project executes. The imitating process group is the first
phase of the starting the execution of the project and one of the vital process group in the
aspect of project management (Rose, 2013). The initiating process group plays a vital role to
perfectly start a project.
To kick start a project, there are some essential steps that needs to be followed. The
first step which is important to start the project is collecting the main documents altogether.
The draft schedule needs to be prepared in the second step which is another essential step in
this context (Chopra & Chaudhary, 2020). Following that proper communication needs to be
established with the project client. The fourth step is the time for bringing all the initiating
materials together which are extremely important for the execution of the project. The final
step is the conducting the initiating session and, in this way, the any project of SingularLogic
can started effectively.

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The project document also plays a vital role for successful completion of the project.
There are some specific documents which are extremely crucial for starting a project. The
important documents for starting a project are the project business case, project charter, work
breakdown structure, issue log and the risk log, schedule of the project and project
communication plan (Rakfukfon, Siraphaibool, Rattanadechaphitak & Chiravirakul, 2017).
All these documents are important to start a project.
The initiating process group is mainly for executing some important process that are
required to describe a new project by gaining the authorization of starting the project. Inside
the initiating process group there are two important elements (Sanghera, 2019). First one is
the development of the project charter and the second is the stakeholder identification. There
are no such specific types of tools and techniques for conducting the initiating process group.
To execute the initiating process group there are several of steps that needs to be
performed. In this case, first the project selection methods must be performed. Following
that, project scope must be defined. Next task is performing a stakeholder analysis and after
that it is important to identify the risks for the project (Mahon, Donaldson, Wardle, King &
Harper, 2019). In the following section project charter need to be developed and approval for
the project charter is required. Lastly, project alignment needs to be verified and a project
manager is authorised.
Conclusion:
This report has mainly discussed the importance of project selection methods in
respect with the organization SingularLogic. From the analysis, this report concludes that,
project selection method is crucial for proper execution of a project and it is also a vital part
of initiation process group. The first section of this report has mainly discussed over the
project selection methods where appropriate project selection methods have been identified

6PROJECT SELECTION METHODS AND INITIATION PROCESS GROUP
for the SingularLogic organization. In this case it has been identified that cost benefit ratio is
the appropriate project selection method. In the second section of the this report brief
discussion has been done regarding the initiating process group. Important aspect of the
initiating process group has been identified in this context.

7PROJECT SELECTION METHODS AND INITIATION PROCESS GROUP
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