Snapshot Transportation Company Inc

Assignment 2
Faishal Diwan- 8745008
Project management, Conestoga College.
MGMT8400-22W: Advance Project Planning and Control
Debbie Sommerville
27 February, 2022
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The majority of Snapshot Transportation Company Inc.'s work is completed through projects.
It features a complex project governance mechanism. However, top management has recently
observed that the corporation is having problems identifying the most advantageous initiatives
for the organization. SnapMethod is the company's
project methodology. SnapMethod is a Waterfall project methodology that has been altered or
customized. SnapMethod now consists of four stages: initiating, planning, executing, and
closing. To solve the company's project selection challenges, top management agreed with the
PMO director's suggestion to create a fifth project phase called ‘selecting.' This phase will be
utilized to identify project concepts that have the potential to become projects and, as a result,
will proceed to the initiating phase.
Purpose of selecting phase process:
The selection of initiatives is a primary duty of senior management (and maybe project
sponsors). Most businesses have set selection criteria, which might be subjective, objective,
quantitative, qualitative, or just a random example. In any case, there should be a compelling
basis for choosing the project. Project selection is essentially a two-part procedure from a
financial perspective. (Herold Kerzner, 2017)
In the selecting phase process, first the organization will perform a feasibility assessment to see
if the proposal is realistic. The second step is to do a benefit-to-cost analysis to determine if the
firm should proceed. The feasibility study's objective is to validate that the project satisfies the
standards for cost feasibility, technological feasibility, safety, marketability, and simplicity of
execution.
Additionally, According to (Kate Eby, 2021) the project selection process encompasses all of the
actions that an organization engages in while considering the costs and advantages of a possible
venture in order to pick a new project. In most cases, high- level management selects and finally
outsourced a new project to a team.
Inputs to the selecting process:
While the particular phases in the project selection process may differ depending on the
business, the process typically consists of discovering possible projects, comparing them to one
another, evaluating your results, and selecting a project. (Kate Eby, 2021)
These are the inputs for project selections,
- Determine possible projects: the first step in project selecting process is to make a list of all
the next prospective initiatives with the decision makers in your business.
- Contrast the Projects: Using ones preferred project selection strategy, compare several
possible projects. This example use a cost benefit template to compare the costs and benefits
of the first step's list of projects. Assign values to each criterion in order to compare the
overall ratings of each project.
- Examine the results: Compare the results of each project to see which one is best for your
team. This example used negative numbers to depict a more "expensive" score
and positive ones to depict a more "benefit" score. A score close to 0 indicates a cost- benefit
ratio that is close to equal.
- Choose a Project: Select the project that is best suited to your team. This is frequently the
highest-scoring project. You may also need to consider elements that your model does not, such
as budget figures and final cost.
Tools and techniques used in selecting project process:

Now that we've established that the project selection process needs careful consideration,
engagement, and support from a variety of key stakeholders both inside and outside the
business, let's take a look at three types of project selection and the many methodologies within
each. (MyEducator, 2022)
There are to two project selection categories,
- Qualitative evaluations
- Quantitative evaluations
Qualitative evaluations:
Sacred Cow: These are pet projects promoted by an organization's senior leaders. These
initiatives may not be economically feasible, create a return on investment, strengthen the
company, or connect with the business's strategic objectives. Sacred cow initiatives, on the
other hand, will be begun because someone in a position of power has mandated the project.
Competitive necessity: "Compete or perish," as the saying goes in business. Organizations
may find themselves in a situation where their industry has been disrupted by a competitor's
innovative technology or business strategy. In such instances, all executives in that industry must
immediately halt existing projects and pivot their companies in a path that will allow them to
compete successfully in the new market scenario. Projects that are in line with the new impetus
will be given priority.
The weighted scoring method: The Weighted Scoring Method employs statistics yet is often
regarded as qualitative due to its subjective nature. Numbers are used to rank options, while
percentages are used to show certain criteria are more significant than others.
Project Important Score Weighted Score Weighted
selection percentage score. score
(B) (C)
process
(A) project Project
score 1 score 2
A*B A*C
Best 45% 95 42.75 80 36
Transportation
company
Create at least 35% 82 28.7 75 26.25
one new route
every year.
Increase the 45% 84 37.8 80 36

number of
seats in the
vehicles
Awareness 80% 67 53.6 65 52
drives to
educate people
about
transportation
facilities
Make a profit 60% 50 30 55 33
of at least
18%
Improve the 50% 65 32.5 60 30
current
transportation
system
Special pass 45% 60 27 65 29.25
system for
daily
commuters
Total 252.35 206.5
weighted
scores
Quantitative evaluation:
- Present value:
PV = FV/ (1 + r)^n
PV= Present Value
FV = Future Value
r= interest rate
n= number of time periods
- Net present value (NPV): This approach subtracts the cost of the original and ongoing
investments from the PV amount. The greater the NPV, the better.
- Future value (FV): The value of a present asset at a future date based on an estimated rate of
growth is calculated using this approach. The greater the FV value, the better.
- Payback Period: This approach determines how long it will take to recoup your
investment and start producing a profit. The lower the number, the better the result.
- Benefit-cost ratio: This approach compares a project's revenue (benefit) to the amount spent
(cost) in the project. The profit is always the numerator, and the expense is always the
denominator. A project that has a ratio greater than 1.0 will be lucrative. The better the ratio, the
greater it is.
References,
“Project Management: A System Approach to Planning, Scheduling, and Controlling”, (Harold
Kerzner, 2017)
“Everything You Need To Know about Project Selection”, (Kate, Eby, 2021)
https://www.Smartsheet.com/content/project-selection?amp
“Project Selection methods”, (MyEducator, 2022)

http://app.myeducator.com/reader/web/1831a/topic01/tg9qv2/

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Assignment 2

Faishal Diwan- 8745008

Project management, Conestoga College.

MGMT8400-22W: Advance Project Planning and Control

Tools and techniques used in selecting project process:

Increase the 45% 84 37.8 80 36

“Project Selection methods”, (MyEducator, 2022)

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