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According to Dutra, Ribeiro and de Carvalho (2014), the analysis of the project selection methods would be helpful for the implication of the improved selection of the project in terms of value and feasibility. The methods include the analysis of the project value by using Benefit to Cost Ratio, Payback Analysis, Net Present Value, Internal Rate of Return, and Discounted Cash Flow. As explained by Laosirihongthong, Samaranayake and McLean (2013), these methods would form the use of the effective and improved analysis of the projects and their operations so that the organization could decide whether or not to take the project and proceed with it.
Dutra, Ribeiro and de Carvalho (2014) have stated that the absence of a proper business case would tend to result in,
Dutra, C.C., Ribeiro, J.L.D. & de Carvalho, M.M., (2014). An economic–probabilistic model for project selection and prioritization. International Journal of Project Management, 32(6), pp.1042-1055.
Laosirihongthong, T., Samaranayake, P. & McLean, M.W., (2013). Prioritizing of Six Sigma project selection: a resource-based view and institutional norms perspective. In Innovation for Business Sustainability & Organisational Development: Proceedings of the 17th International Conference on ISO & TQM 17-ICIT: 23-25 Aug 2013 at NSW Parliament House & UTS Business School, Sydney, Australia (pp. 1-9).
Wang, F.K., Hsu, C.H. & Tzeng, G.H., (2014). Applying a hybrid MCDM model for six sigma project selection. Mathematical Problems in Engineering, 2014.
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