Corwin Corporation: Project Selection and Strategy

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Project selection and strategy One of the biggest decisions any organization has to make is related in one way or another to the projects they choose to undertake. There are many factors to be considered before an organization decides to take up any project brought forward for the business. The most viable option needs to be chosen wisely with the goals and requirements of the organization in mind. Choosing a project using the right method is therefore of utmost importance and it will therefore determine the strategy to be used to carry out the project. There are various methods that an organization can use to select a project and each selection method is different for different organizations. These methods include the calculation of Net Present Value so that all the proposed projects in the project portfolio management system can be compared. An Internal Rate of Return (IRR) should also be calculated for every project and used in a project portfolio management system. Projects that have a high IRR should be favored over those with a lower IRR. Project risks should also be assessed and evaluated as part of the project selection criteria that establishes the balance of risks over rewards in an organization (Bishop, 2012).The use of project risk rating comes in the form of weighing factor rather than a direct project ranking criteria used in project selection. Therefore before any organization makes a decision to take up a project they should really think of the risks

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