Abstract
The ability to evaluate project proposals, assessing future success, and organizational value is critical to overall business performance for most enterprises. Yet, predicting project success is difficult and often unreliable. A four-year field study shows that the effectiveness of available methods for evaluating and selecting large, complex project depends on the specific project type, organizational culture, and managerial skills. This paper examines the strength and limitations of various evaluation methods. It also shows that, especially in complex project situations, the decision-making process has to go beyond the application of just analytical methods, but has to incorporate both quantitative and qualitative measures into a combined rational judgmental evaluation process. Equally important, the evaluation process must be effectively linked among functional support groups and with senior management in order to strategically align the project proposal and to unify the evaluation team and stakeholder community behind the mission objectives. All of this requires leadership and managerial skills in planning, organizing, and communicating. The paper suggests specific leadership actions, organizational conditions, and managerial processes for evaluating complex project proposals toward future value and success.
Highlights
The ability to evaluate project proposals, assessing future success, and organizational value is critical to overall business performance for most enterprises
How do companies evaluate and select projects Based on the findings from this field study, supported by additional observations on hundreds of projects during my action research, a framework for effective project evaluation and selection is summarized first and followed by specific recommendations for effectively managing the process
In summary, effective project evaluation and selection requires a broad scanning process across all segments of the enterprise and its environment to deal with the risks, uncertainties, ambiguities, and imperfections of data available for assessing the value of a new project venture relative to other opportunities
Summary
The ability to evaluate project proposals, assessing future success, and organizational value is critical to overall business performance for most enterprises. A four-year field study shows that the effectiveness of available methods for evaluating and selecting large, complex project depends on the specific project type, organizational culture, and managerial skills. The evaluation process must be effectively linked among functional support groups and with senior management in order to strategically align the project proposal and to unify the evaluation team and stakeholder community behind the mission objectives. All of this requires leadership and managerial skills in planning, organizing, and communicating. The paper suggests specific leadership actions, organizational conditions, and managerial processes for evaluating complex project proposals toward future value and success
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