Generation of alternative candidate projects

The generation of alternatives is a delicate process of creating ideas and options from free flowing discussions in brainstorming sessions and from current projects. Since the majority of projects come from current ones, or are related to current project work, the customer-driven project management firm ensures that creative ideas are captured from current work to feed the pipeline. This is accomplished in program reviews, where new technology and marketing ideas are made a regular part of the agenda, and through closeout project team meetings, which glean lessons learned and new marketing concepts from team members.

Alternative projects are compared through a number of tools and techniques, including net present value and weighted scoring models. Net present value is the process of estimating cash flows over the life cycle of the project and calculating the net cash flow and net present value of candidate projects. The weighted scoring model scores candidate projects against a series of goals, gives weights to those goals, and then multiplies the weights by the scores to get a weighted score.

Project Management Made Easy

Project Management Made Easy

What you need to know about… Project Management Made Easy! Project management consists of more than just a large building project and can encompass small projects as well. No matter what the size of your project, you need to have some sort of project management. How you manage your project has everything to do with its outcome.

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