Question

• Explain 4 methods for identifying and selecting IS projects.
• Compare the characteristics of each method, and identify the strengths and weaknesses of each method.

Answer 1

Answer:-

Project selection is the final task during the discovery and design process of the project. The ventures which are most likely to accomplish company targets in the short and long term are considered. The relative value of any given project may change significantly as the market circumstances shift over time. In this way. project recognition and selection is an essential and continuing task.

When choosing a project, various considerations should be weighed, a
->The organisation's current desires. Current systems, and initiatives underway.
-> Usable tool
-> Criteria for Assessment
->Present terms of service. Decision- making opportunities

Deliverables and Outcomes:
A calendar of different IS construction tasks is the primary deliverable or end result of the project definition and selection process. Such proposals come from both top-down and bottom-up channels, and they pass through the second operation within this phase of the SDLC - project development and preparation until chosen Chart 4-4 shows this series of events. The result of this practice is the confidence that individuals within the organization actively considered the collection of projects and thoroughly understood how each project will help the organization accomplish its goals. A chosen initiative does not automatically result in a Working program, leading to the concept of gradual dedication Incremental dedication ensures you, other representatives of the project team, and company officials must reassess the project following increasing corresponding SDLC operation. A reassessment will decide whether the circumstances of operation have Improved, or whether a more thorough view of the costs, advantages, and risks of a scheme will imply that the initiative is not as worthwhile as previously believed Within the next segment, we will explore some strategies to achieve a detailed understanding of your project within progress.

Benefit/Cost Ratio: Cost / Benefit Ratio, as the name suggests, is the ratio of the Present Inflow Value or the expense expended in a project to the Present Outfiow Value, which is the retum benefit of the project. Projects with higher Benefit-Cost Ratio or lower Cost-Benefit Ratio are typically chosen over others, Economic Model: EVA, or Economic Value Added, is the success metric that calculates the organization's worth creation while determining capital returns. It is also known as the net income after tax and capital expense deductions,When a project manager is given multiple tasks, the project that has the highest added economic impact chosen. The EVA is often expressed in terms of numbers, and not as a percentage.
Scoring Process: The scoring process is an analytical technique, the evaluation committee lists the applicable parameters, weights them by their significance and goals, and applies the weighted values. When these projects are graded, the plan with the highest score is chosen.

Payback period:
The payback period is the ratio between the actual cash and the average cash per year. It is time the money spent on the scheme was recovered. The Payback Period is an important method of project selection. As the name suggests, the payback period shall take into account an investment's payback time. This is the time period that is needed to recover the Initial expense that was spent with the return on investment.

valuation criteria:
It's necessary to score all the projects when preparing or proposing a project in the early stages. You will get a better understanding of how feasible and worthwhile a project is by scoring the proposal. Here is a proposed project scoring checklist that takes into account the project's costs and expense, as well as the overall project trust.