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Choosing projects for the organisation is one of the major tasks that the managers are assigned to perform. The success of the organisation depends on the projects that are selected by the managers that can be beneficial for the organisation and provide for earning to the organisation (Stadtler 2015). There are various techniques that can be followed by the organisational managers to choose the projects that are best for the organisation:
Taking in consideration the organisational objectives and goals
Every organisation looks to increase their earning by choosing the projects that are beneficial for the organisation’s future objectives. If the projects that are chosen coincide with the organisational objectives, it can help the organisation have better earning and performance better in the long run. It is up to the managers to choose the best option that suits the organisational policies to provide for better performance and stability in the market (Seuring, S., 2013). Projects that can help the organisation in getting closer to the organisational goals are the ones that the managers should choose to work on. Every organisation in a certain market has their own plans and requirements that they want to achieve in the market. It depends on the projects that the company chooses to work to provide them the success in the market (Zhu and Geng 2013).
Evaluating the options
Many options are to be evaluated while choosing the projects that can be best for the organisation. In considering a project, it requires the organisation to evaluate the options that are present in terms of the benefits and the problems that the organisation may face in terms of commencing a project. Every project has associated risk and reward and it requires the organisation to evaluate the best option that can be most rewarding for the organisation (Hoejmose, Brammer and Millington 2013). Many projects have the opportunities for better scope in future and require the managers to choose the option that can provide better opportunity for growth and future scope for other projects. Financial gains and losses are the most important determinant of the suitability of the project. If the project seems to have few risk of financial losses in the process, the managers need to evaluate the other options available that can help the organisation to keep their targets achievable (Ashby, Leat and Hudson-Smith 2012).
Many times, it can happen that a project will lend its fruits after a certain period and require the managers to evaluate the cost effectiveness of the project regarding the time that can be taken to complete the project. These financial losses in regards to the time can be effective in selecting projects that yield results in a very short period. This can provide for better financial gains to the organisation and help them to sustain in the market.
Human resources are the main resources that is responsible for the functioning and completion of the project on time. It is difficult to manage the human resources to work with the same efficiency over a period. In addition to these conflicts arises within the team and the managers need to make adjustments to keep the workflow effective and support the organisational goals (Meintjes 2012). Having effective communication and directing the resources effectively can help the managers to have effective control on the efficiency of the workers and maintain production flow. Project plan must consist of: well-defined plan, timeline for the project, communicates with the stakeholders of the project, train the workers responsible and keep check on the performance of the workers.
Program Evaluation and Review Technique is used to provide a systematic process that can be used to establish relation among the tasks needed for the project and the necessity of the tasks related. The gnat chart is used to provide timeline to the project that is to be followed in order to maintain the workflow of the organisation (Mawonga 2012). This helps in providing a schedule for the project that is followed. Gnat chart helps in control over the project as the progress of the project is effectively monitored using the timeline that is decided for the project.
IT plays an important role in communication within the project stakeholders and maintaining the flow of information among the group. IT acts as a link between the other departments that can provide for the better communication can provide support to the task. IT can be integrated in the evaluation system of the organisation for better control and monitoring of the performance of the workers responsible for the task (Harford, Mansi and Maxwell 2012).
According to the Principle 5.2 of the King iii report IT has to be integrated as it helps in the better planning of the tasks and lead to better efficiency regarding the task. IT has to be involved in the planning system so that it can be used effectively to communicate the ideas and methods more effectively and provide better production. IT management The principle suggests that IT is not just a part of the planning but also the basis of planning that has to be integrated in the planning of the projects by the organisation (David and David 2016).
Reduces the time taken to get the inventory for the production
Provide better inventory control
Reduce over storage of raw materials (Irizarry, Karan and Jalaei 2013)
Reduce the costs incurred in transportation
Build positive supplier relation
Provide products as and when required by the consumer
Efficient in responding to the market challenges (Mardani, Jusoh and Zavadskas, 2015)
Lack of expertise in managing the system
Improper evaluation of the inventory requirement
loss of time and money
Lack of understanding and communication with the other systems
Inaccurate forecast of demand
Delay in responding to the market challenges (Walker 2015)
Setting of the organisational goals
Analysing the market demand and need for the product in the market
Evaluating the opportunities in the market
Evaluating the time required for the raw materials to be transferred to the production system
Evaluating the options of suppliers available in the market
Analysing the cost benefit of the suppliers available
Providing requirements to the supplier for the required raw materials
Asking for quotation of the costs of the raw materials
Monitoring the suppliers commitment and supply time needed
Checking the quality of the goods that is send by the supplier
Providing feedback to the supplier
Building relation with the supplier
Ashby, A., Leat, M. and Hudson-Smith, M., 2012. Making connections: a review of supply chain management and sustainability literature. Supply Chain Management: An International Journal, 17(5), pp.497-516.
David, F. and David, F.R., 2016. Strategic Management: A Competitive Advantage Approach, Concepts and Cases.
Govindan, K., Kaliyan, M., Kannan, D. and Haq, A.N., 2014. Barriers analysis for green supply chain management implementation in Indian industries using analytic hierarchy process. International Journal of Production Economics, 147, pp.555-568.
Haasnoot, M., Kwakkel, J.H., Walker, W.E. and ter Maat, J., 2013. Dynamic adaptive policy pathways: a method for crafting robust decisions for a deeply uncertain world. Global environmental change, 23(2), pp.485-498.
Harford, J., Mansi, S.A. and Maxwell, W.F., 2012. Corporate governance and firm cash holdings in the US. In Corporate Governance (pp. 107-138). Springer Berlin Heidelberg.
Hoejmose, S., Brammer, S. and Millington, A., 2013. An empirical examination of the relationship between business strategy and socially responsible supply chain management. International Journal of Operations & Production Management, 33(5), pp.589-621.
Irizarry, J., Karan, E.P. and Jalaei, F., 2013. Integrating BIM and GIS to improve the visual monitoring of construction supply chain management.Automation in Construction, 31, pp.241-254.
Kumar, R. and Chandrakar, R., 2012. Overview of green supply chain management: operation and environmental impact at different stages of the supply chain. International Journal of Engineering and Advanced Technology,1(3), pp.1-6.
Mardani, A., Jusoh, A. and Zavadskas, E.K., 2015. Fuzzy multiple criteria decision-making techniques and applications–Two decades review from 1994 to 2014. Expert Systems with Applications, 42(8), pp.4126-4148.
Mawonga, T.A., 2012. A critical analysis of the applicability of the King III in the local government sphere–A case of the Buffalo City Metropolitan Municipality in the Eastern Cape from 2009-2011 (Doctoral dissertation, The University of Fort Hare).
Meintjes, C., 2012. A strategic communication approach to managing stakeholder relationships according to the King report on governance(Doctoral dissertation, University of Pretoria).
Rosemann, M. and vom Brocke, J., 2015. The six core elements of business process management. In Handbook on Business Process Management 1 (pp. 105-122). Springer Berlin Heidelberg.
Seuring, S., 2013. A review of modeling approaches for sustainable supply chain management. Decision support systems, 54(4), pp.1513-1520.
Stadtler, H., 2015. Supply chain management: An overview. In Supply chain management and advanced planning (pp. 3-28). Springer Berlin Heidelberg.
Walker, H., 2015. Sustainable Supply Chain Management: Practical Ideas for Moving Towards Best Practice, B. Cetinkaya, R. Cuthbertson, G. Ewer, T. Klaas-Wissing, W. Piotrowicz, C. Tyssen, 2011, 301 pages, Springer, London, 52.95€, ISBN: 978-3-642-12023-7.
Zhu, Q. and Geng, Y., 2013. Drivers and barriers of extended supply chain practices for energy saving and emission reduction among Chinese manufacturers. Journal of Cleaner Production, 40, pp.6-12.
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