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Project Selection Methods

There are two main methods for project selection: benefit measurement and constrained optimization. Benefit measurement, also called the comparative approach, involves scoring models, cost-benefit analysis, review boards, and economic models to evaluate projects. Constrained optimization, also called the mathematical approach, uses linear programming, nonlinear programming, integer programming, dynamic programming, and multi-objective programming with mathematical models and complex criteria. The exam will require knowledge of these project selection methods and their differences.

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167 views

Project Selection Methods

There are two main methods for project selection: benefit measurement and constrained optimization. Benefit measurement, also called the comparative approach, involves scoring models, cost-benefit analysis, review boards, and economic models to evaluate projects. Constrained optimization, also called the mathematical approach, uses linear programming, nonlinear programming, integer programming, dynamic programming, and multi-objective programming with mathematical models and complex criteria. The exam will require knowledge of these project selection methods and their differences.

Uploaded by

osama_ah
Copyright
© © All Rights Reserved
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Two General Types of Project-Selection Methods

The two methods of project selection are benefit measurement (comparative approach) and
constrained optimization (mathematical approach). Table 3.1 summarizes the key points of these two
method types.
CAUTION
The exam will require you to know the methods of project selection, their main differences, and
examples of each.

Table 3.1 Project-Selection Methods

Method
Type

Examples

Notes

Benefit
measuremen
t
(comparative
approach)

Scoring
models,
cost-benefit
analysis,
review
board,
economic
models.

Benefit
measurement
is the most
common
approach.

Constrained
optimization
(mathematic
al approach)

Linear
programmin
g, nonlinear
programmin
g, integer
programmin
g, dynamic
programmin
g, multiobjective
programmin

Constrained
optimization
makes use of
math models
and complex
criteria and is
often
managed as
a distinct
project

g.

phase.

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