Employ methodologies during project selection

It is vitally necessary for all projects to adhere to a formal selection methodology. The demand by various projects for the limited resources of an organization make it imperative that only those projects that further the goals of the organization be undertaken. The first step should always be a feasibility study, or can we do the project. There may be variouse legal, moral or ethical reasons why a project should not be undertaken. The second step should be a cost benefit analysis or should we do it. Various financial and non-financial models should be used to determine that the benefits of the project, whether in financial, human, or operational terms meet the organizational requirements. All potential projects should be subjected to the same tests so that valid comparisons can be made.Finally all potential projects should be ranked in order of importance so that if resources should become limited, the more important are the last to lose resources.