Mod 3 Selecting a project

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Framework for Models

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A framework ensures models follow best practices, adapted from Souder (1973).

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Realistic Criteria

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Reflects the way the company does business and is appropriate for resources, capabilities, and environment.

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Capable Criteria

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Uses factors relevant to the company and covers all dimensions of a project.

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Example of Capable Model

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Net present value model evaluates a project’s future cash flows for long-term value perspective.

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Flexible

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The model should provide accurate measures across a reasonable range of conditions. Example: The model would allow for changing conditions where the cost of a new government regulation must be accommodated.

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Low cost

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The costs of gathering data and running the model should be low relative to the scale of the project. Example: A model that requires hiring a consultant may not be cost-effective for smaller projects.

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Comparable

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The model should be usable across a range of projects, allowing outcomes to be used to compare projects. Example: Using a profitability model for one project and a qualitative scoring model for another would be problematic, as it would not allow the decision maker to analyze the projects effectively.

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Introduction to problem-solving in organizations

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Organizations have multiple ways to solve a problem, such as opening a new location, expanding product lines, acquiring competitors, or increasing advertising.

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Set Access in Non-numeric Selection Criteria

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Involves defining who can view or modify certain data or content.

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Move in Non-numeric Selection Criteria

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Refers to changing the location of content or data within a system.