Using a standard approach to choosing a project can have a significant and wide-
range impacts on an organization. Projects are evaluated against the same set of criteria that
allign with the organization’s long term plans and goals when using a standard approach.
Using a standard approach makes the project selection process transparent. All stakeholders
can see how decisions are made. The use of clear and concise criteria can reduce the
perception of bias or favoritism.
In today’s competitive business environment, organizations rely heavily on Information
Technology (IT) to achieve strategic goals and objectives. The role of an IT group within an
organization is no longer confined to maintaining hardware and software. The company is
able to grow and develop as the landscape of business changes while utilizing an IT
department since the build and maintain the digital infrastructure the company relies on. For
an IT group to effectively support these strategic objectives, a robust project screening and
selection method is essential. Teams need a structured, multi-criteria approach to project
screening and selection, focusing on alignment with business goals, resource availability, risk
management, and the potential value of the project.
The profile model focuses on the risk vs returns of a project. Information reflecting the
risk vs. returns are represented using a graph that is a useful visual and intuitive to
understand. This allows decision makers to see a portfolio of projects mapped out against
each other. The profile method can be a valuable approach for prioritizing projects that align
with both organizational goals and risk tolerance.
When looking at providing remote capabilities for every employee the risk versus the
return must be looked at by evaluating multiple criteria such as cost and time to implement,
our readiness to implement the change, and the security of company information when
employees are working remotely. First, you'd identify key project options, such as deploying
cloud-based collaboration tools, setting up VPN access, or enhancing cybersecurity
infrastructure. Setting up VPN access and work equipment for home use are examples of
some costs associated with remote work. These costs could be outweighed, however, by the
reduced office space needed to have less than 100 percent present during business hours. All
of the new and reduced spending can be then calculated into a payback period determining
when or if the project will recoup the cost by potentially reducing company overhead. Aaron
Shenhar and Dov Divir state in their book "No business enterprise can survive if it is only
focused on improving its operations. Projects are the engines that drive innovation [and] are
also the drivers that make organizations better, stronger, and more efficient." They use
complexity, technology, novelty and pace as the four critical dimensions for project analysis. [2]
These have some overlap with the six methods Jeffrey Pinto references.[1]
In project screening, realism means considering the genuine limitations of time,
budget, and resources, as well as the external environment, such as market conditions or
regulatory requirements. All are considered when comparing the risk and return of a project in
the profile method. A capable profile model should be able to handle complex, multi-
dimensional decisions. The profile model is looking at the raw output of the project making it
able to compare virtually any project. Using the risk versus reward graph the manager can
compare all projects relative to each other regardless of the scope of the project with a clear
graph. If changes occur to any project's risk or return the profile model has the flexibility to
adjust accordingly. The data can be changed and the graph is easily updated to reflect the
changes to a single or multiple projects. The profile model is easy to use and implement. The
risk versus return graph is relatively simple to create and is easy to understand. From
management to the share holders, risk versus return is an understandable concept many of
them may already be using in their own day to day operations. The whole profile model is built
on cost analysis. Costs of materials and labor versus the estimated returns or savings are
easy to calculate making the process of screening time efficient. Changes in conditions that
projects are carried out do not affect the profile model negatively. It is broad enough to be
applied to multiple projects with the ability to even compare all projects against each other.
All four approaches to project screening have their advantages, one must be chosen
for a project. Checklist, for example, can be too simplistic for large scale projects. There are
too many variables involved for a cohesive conclusion to be drawn from the information they
present. Simplified scoring suffers from similar issues to that the checklist does. The main
drawback is that scoring is subjective. Biases can skew the scoring process. The weights that
are added to criteria may not reflect their true importance. The profile model is easy to
implement at any scale, and relies primarily on empirically derivable data.