Project Selection Methods – Mind Map

In past one month, I collected some general information about project selection methods. Lot of information available on project selection methods in books (esp. mathematical calculations). My main focus on giving details for Project Managers & PMPs (and of course PMP aspirants). As usual, I tried information distribution through Mind Map technique.

(Note: Click on the image to get full view)


For overview text about project selection methods please go through my earlier post Project Selection Methods – An Overview

Important Note:

* Note# 1: There could be some typo or presentation errors. Please reply back for any corrections.

* Note# 2: You can use this for personal use (like studying for PMP Exam or PM activities). But don’t share this in common forum or web sites. As this one is part of my training guide and project management book.

11 thoughts on “Project Selection Methods – Mind Map

  1. Hey! If I want to write about Financial & Non-Financial Project Selection methods, then what do you think I should write?
    Constrained Optimization is also termed as financial OR non-financial?
    Benefit Measurement is also called as financial OR non-financial?

    • Hi Aamna, By the word “financial” and “non-financial” – do you mean evaluation of a project in terms of monetary benefits that an organization gets by executing it? All project selection methods I mentioned above are one or the other way related to expected monetary benefits as financial gain is one of the strategic goal for any organization – not necessarily it is the primary goal. Non-financial evaluation of a project is more towards organization’s other strategical goals like
      * To capture larger market share
      * To make it difficult for competitors to enter the market
      * To develop an enabler product
      * To develop core technology that will be used in next-generation products
      * To reduce dependency on unreliable suppliers
      * To prevent government intervention and regulation
      Major selection methods used for non-financial are – checklist selection method, multi-weighted scoring model.

  2. Thanks for the useful and Well organized single diagram to cover all PROJ SELECTION methods; except perhaps one we can add more:

    => GUT FEEL or SUBJECTIVE (most imprecise, but based on experience; as some leaders tend to follow it as well).

    Subjective methods would fall under mostly Benefit MEasurement; and at least use some kind of Payback level analysis if not more.

    What do you think, even if we apply any of the precise methods, and then score is almost same or too close for multiple prospective projects, again Subjective Method can come into play in picking the final one.

    So Subjective Method can be utilized before or after collecting basic data/steps from any of the above methods.


  3. Hi,

    Very nice overview, it helps me a lot! I need some explicit information about the mathematical methods for project selection, do you have any proposals for literature?
    Thanks and best regards

    • Hi Nick,

      Thanks for your comments. I studied generally about the mathematical methods for project selection (mainly for the PMP examp point of view) & not exposed much to it.


  4. Pingback: Project Selection Methods – An Overview « Leadership Champions

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