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Project Selection Template
Selecting Projects like a PRO!
Make decisions based on data
Here are some key elements commonly found in a Project Selection Template:
Project Information: This section provides basic details about each project proposal, including the project name, description, objectives, and key stakeholders.
Evaluation Criteria: The template outlines the specific criteria or factors that will be used to assess the projects. These criteria can vary depending on the organization's goals and priorities but often include factors such as financial viability, strategic alignment, resource availability, risk assessment, and expected return on investment (ROI).
Weighting of Criteria: To give different criteria varying levels of importance, a weighting system may be applied. Each criterion is assigned a weight to reflect its significance in the project selection process. For example, financial criteria might be given a higher weight than other non-financial factors.
Scoring Methodology: The template defines how each project will be scored or rated against each criterion. Typically, a numerical scale or a rating system is used to assign scores. For instance, projects might be scored on a scale from 1 to 5, with 5 being the highest.
Data Collection and Analysis: The template may include sections for gathering data related to each criterion and analyzing it to determine a project's overall suitability. This can involve financial projections, market research, risk assessments, and other relevant information.
Ranking and Prioritization: After evaluating each project against the criteria and applying the weighting and scoring, the template helps in ranking the projects. The highest-ranked projects are typically given higher priority for allocation of resources and implementation.
Decision-Making: The template often includes a section for decision-making, where stakeholders can review the results of the evaluation and select which projects to pursue. It may also facilitate discussions and consensus-building among decision-makers.
Documentation: Keeping a record of the project selection process is crucial. The template should facilitate documentation of the rationale behind project choices, which can be useful for future reference and accountability.
Monitoring and Review: The template may outline plans for ongoing monitoring and periodic reviews of the selected projects to ensure they remain aligned with organizational goals and deliver expected benefits.
Reporting: A section for reporting the outcomes of the project selection process to relevant stakeholders, such as senior management or the board of directors, may also be included in the template.
Overall, this Project Selection Template helps organizations make informed decisions about which projects to pursue, ensuring that resources are allocated efficiently and that chosen projects contribute to the organization's strategic objectives.
Riaan is a dynamic leader, coach, facilitator, Lean Six Sigma Master Black Belt with over 20 years of hands-on experience driving business results. Riaan is highly skilled and has worked across diverse industries internationally. With a degree in Chemical Engineering, Riaan started in the major breweries and bakeries in South Africa and was so dedicated to his work that he was often known to take his work home with him.