subject: How to select a project? [print this page] I would like to highlight three major benefits of using this approach while selecting a project. The first and most important benefit is that the project will be approved and funded easily as the stakeholders can see the projected financial benefits of the project. The second is that since the projected cost of the project in hand, organizations can frequently measure the actual cost and compare it with the projected cost to see the real picture of expenses at any given point of time. This is kind of reality check organizations can perform to see the progress of the project. Third is that since the projected benefits of the project in hand, sharing the information to all stakeholders involved in the project and with the teams who will be doing the project would create some sort of empowerment which is really good for the organization from an alignment perspective. Few may wonder how this could be applicable for the projects which organizations perform to meet the legal guidelines & improvement projects. In both cases lose of not doing a project can be the considered as the benefits of doing the project. In summary selecting projects based on cost benefits would help organizations in several ways.
