Choosing a project: 5 affecting factors
Posted on Sep 24, 2022 at 08:09 PM
Identifying or choosing a project is a business that needs to be accurate, based on methodological criteria, and certain conditions, which are essential to fit the company's standards.
Choosing a project is a function of the management and leadership of the company, depending on the leader's experience, who in this function takes into account the proper planning and analysis to choose the project most suitable for his company.
Many factors help to evaluate the process of choosing a project because by those factors, you can select the best suitable project for the company, and the project must suit your team as well to get the best accomplishment from them.
What is the concept of choosing a project?
Choosing a Project is to assess ideas for available projects, analyse their data, and study them until the final project is relied upon, which will be more appropriate for the company.
Projects are selected by the project manager, considering several factors, such as cost, returns, and timing.
Just as the project manager is responsible for managing the company's projects and implementing the 5 project management phases, he is also responsible for selecting the best projects that achieve the company's objectives.
The main objective of this process is to study and analyse the revenues that will come from the ideas of the new project so that this analysis addresses a list of fundamental aspects of the project to eventually find out whether the project conforms to the company's interests and objectives.
What are the most critical factors affecting choosing a project?
The study for choosing must include several topics that help in choosing the right project, such as the nature of the project, the selection of the right location for the project, the project resources, and more of these topics related to the passage of the optimal scheme.
The determinants of the selection of the most appropriate project include:
1- Project preparation and planning
Preparing a feasibility study to launch your project is the first step in selecting a successful project. It also includes setting foreseeable prospects for how the project will proceed and how successful practical practices will be.
To take this process, there are specific stages to study, and the company leader does it. If you are still at the beginning of your path as a project manager or want to hone your project feasibility study skills, you can through feasibility studies training courses in Dubai.
2- Resource assessment
It is one of the most critical determinants of the identification and selection of a company's projects and includes the successful assessment of its investment viability. When the elements of the company's resources are sufficient, or enough can be provided for the project's success, implementation can already be initiated.
Where there are insufficient resources to achieve project stages, from project selection to final delivery, the company will not be able to start a single step in the project.
3- Project Impact
Choosing suitable projects requires information, which allows choosing what suits the company. This information may provide knowledge of the project's impact on profit by updating the company's services or products more or by taking a new way to ensure that the company's benefits are increased. So, after choosing the idea of the project, you should make progress to make a positive change in your commodity in the market, for example.
4- Data presence
Choosing the project is based on knowledge of its data in all aspects. This requires analysing the project data and knowing whether it achieves the objectives. Therefore, obtaining the project data is the first step in selection.
5- Time Factor
Managing project time is one of the most critical factors in choosing company projects. The idea in this factor is that there are projects that require additional times that are not commensurate with the company's objectives so that they can be excluded or an intensive plan for their implementation on time. Therefore, project time management is one of the factors influencing project choice.
In conclusion,
choosing a project is an indispensable part of project implementation, mainly because it affects companies' success.
So there had to be enough experience with the project leader to choose the best projects that ensure his company's unprecedented growth and success.
