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Proposing a Project Portfolio Evaluation & Selection Process

In: Business and Management

Submitted By zahirc82
Words 2454
Pages 10
MEMO
To: VP Bill Shackelford
From: Zahir Cassam
Date: February 3, 2014
-------------------------------------------------
Re: Proposing a Project Portfolio Evaluation and Selection Process

Executive Summary
Taking into account the poor performance of our current projects due to a weak portfolio management process in place, the Operations SBU has come to the determination that if we are to move forward in accommodating new projects along with our existing ones, the current system must be reviewed and redesigned for better decision-making. This proposal defines a framework for project portfolio evaluation and a project selection for adoption and it elaborates on the two phases that involve project screening, selection, prioritizing and balancing. More emphasis is given to the project selection criteria and score model as this is the main area where the gap of knowledge has been identified.
Rationale
Our recent organizational determination to sustain by controlling costs and expanding our frontiers shall require much effort from all our SBUs and most importantly, it is crucial that we are able to incubate a proper process that shall boost good decision-making and mitigate conflicts when we come to screening multimillion dollar projects and implementing them as part of our operations. The said process shall be about evaluating our project portfolio and devising a methodology of selecting specific projects with the highest probability of helping our company achieve its strategic goals and fulfill our mission. From the Operations SBU perspective, the implementation of new projects without proper categorization, evaluation and selection will prove to be detrimental to our current operations and annual returns, and hinder our efforts in meeting our strategic goals this year. In this regards, we would like to propose the following Project Portfolio Evaluation and…...

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