Project selection is a process to assess each project idea and select the project with the highest priority. The selection is based on; Benefits (a measure of positive outcomes of the projects in terms of biodiversity, economy, social and cultural fulfillment of national regional or international agreements), Feasibility(measure of likelihood of the project being a success- achieving its objectives).
We do project selection since we do not have enough resources time and money to undertake all suggested projects. In addition, we should consider the project stakeholders including funders government local and non-governmental organization community etc .the benefits of doing selection include having a transparent and documented record of why a particular project was selected. Having a priority order for projects that take into account their importance and how achievable the project is.
Project selection criteria are an input to project initiation process, which is concerned with product or service of the project and how it will benefit the company. Selection criteria can be predetermined like; to increase market share, To increase public awareness of the product, To increase profits etc.
There are various selection methods but the underlying concept and principles are the same, two main methods include
- Benefit Measurement and
- Constrained Optimization Method, as presented in the following figure;