MyAdvisor™ - Project Selection
For the mid-size organization looking to improve infrastructure or upgrade internal systems to gain a competitive advantage, effective project selection is a common challenge - and a critical function. Capital budgeting decisions must take into account the perspectives of strategic and financial stakeholders, as well as the individuals responsible for implementing and operationalizing the solution. Given the broad-reaching impact of project decisions on internal resources and the bottom line, clear project selection criteria and methods are essential to success.
You Need MyAdvisor - Project Selection if...
- You need a standardized process for selecting projects with the greatest business impact;
- You need more consistency in your project evaluation process;
- You want to select projects that balance short term business impact with long term strategic objectives;
- You require a more objective and transparent approach in your project selection process;
- Your Project Managers seek clarity and better communication of priorities for improved project planning and execution; and/or
- Your development team requires a standardized process for assessing product development or enhancement opportunities that deliver the greatest competitive advantage.
- You want to be more confident that your technology innovations will address customer needs with little technical risk.
MyAdvisor - Project Selection gives you immediate access to a valuable technology assessment tool at a low price. You get forms, userguide, and reports that you can put to use right away!
To create a strategic, consistent project selection process, you need metrics that are meaningful, aligned with business objectives, and reflective of your current human resources and technical capabilities. Selection criteria must be flexible enough to account for project diversity, yet consistent enough to ensure that each project evaluation provides due consideration.
The criteria used in MyAdvisor - Project Selection are representative of key considerations that many capital or R&D budgeting decisions have in common. Using a standard form, the evaluator can rate up to eight project proposals against a set of statements that best describe the project. Ratings can then be fed into MyAdvisor - Project Selection to compare and rank proposals against the ideal characteristics of a strategically and financially advantageous project. The tool helps you select projects that:
- Are innovative and provide a competitive advantage;
- Have a developed and tested project concept;
- Have a detailed, comprehensive plan that includes the required resources and facilities with key milestones identified;
- Make use of facilities, infrastructure, and resources that are available to the project team;
- Have a project plan that includes an implementation plan for an adopter, capable of implementing the technology/knowledge developed to join the project;
- Will result in measurable financial returns to the project funders upon completion;
- Are environmentally neutral or will have a positive environmental benefit; and
- Are expected to result in recognizable technical or business impacts.
MyAdvisor - Project Selection can be used for:
- Project screening or selection,
- Capital budgeting decisions,
- Information Technology decisions,
- Infrastructure project selection,
- R & D project selection, and
- Standardizing a project selection process.
|MyAdvisor - Project Selection||AdvisorSL|
|# of Projects Evaluated||8||25|
|# of Evaluators per Project||1||6|
|Access to Free Criteria Set Library||No||Yes|
|Create and Use Your Own Criteria||No||Yes|
System Requirements: PC with Windows 2000 Operating system or later; 60MB of free disk space; minimum of 256MB RAM; Microsoft Excel; Administrator rights for installation.