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Assignment 2

Ravindranath Chowdhary Kanuri (8873647)

Project Management-1298, Conestoga College

MGMT8400 – Sec 24 Advance Project Planning and Control

Sawsah LawLa

June 27, 2023

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The Snap Method project methodology requires the Snapshot Transportation Company
to discover and prioritize project ideas corresponding to the organization's strategic
goals and objectives during its selection phase. This phase tackles the company's
project selection challenges by implementing a disciplined strategy for evaluating and
selecting the most advantageous initiatives. Several procedures are involved in the
selection step, each with a distinct goal. Below are the processes, including their inputs,
tools and techniques, and outcomes.

1. Linking the Project to Business Strategy:

Purpose of the process:

The primary objective of this process is to create a solid link between project concepts
and the organization’s business strategy. By aligning projects with the strategic
direction, the company can guarantee that its resources are used effectively and
efficiently and that the projects contribute to its overall success. This method helps
identify projects that support the company's long-term goals, objectives, and priorities.
Inputs to the process:
Several critical aspects are included as input to connect the project to corporate
strategy. First, the method involves documenting the company strategy, giving the
organization a general approach and strategic emphasis. This addresses the company's
purpose, vision, values, goals, and objectives. Second, it includes the strategic aims
and objectives designated by the organization as essential areas for development and
progress. These initiatives help in selecting projects that match the strategic objectives.
Tools and techniques used in the process:
Various methods and strategies may connect the project to the company plan. These
tools and techniques aid in evaluating and aligning project ideas with the organization's
strategic objectives. SWOT analysis helps identify an organization's internal strengths
and weaknesses and external opportunities and threats.
Outputs of the process:
The outputs of connecting the project to the company strategy are critical in determining
the alignment and relevance of project concepts with the organization's strategic goals.
A clear and documented relationship between the project and the company plan is one
of the significant results. This justifies pursuing the project and ensures it adds to its
strategic goals.
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2. Using a Combination of Quantitative and Qualitative Methods:

Purpose of the process: Using a combination of quantitative and qualitative

methodologies in project selection seeks a complete and balanced evaluation of project
proposals. This approach recognizes that project selection involves financial
considerations and non-financial factors that can significantly impact the success and
alignment of the project with organizational goals.
Inputs to the process:
Financial data, market research, consumer feedback, industry trends, expert views, and
any other relevant information that might help appraise project ideas are all inputs into
this process. Quantitative inputs are generally financial parameters such as Net present
values, Internal rate of return, return on investment (ROI), and payback analysis.
Qualitative inputs include Project time frame, Project Priority, Competitive strategy, Four
Stage strategic planning, and Broad organizational needs.
Tools and techniques used in the process:
This procedure makes use of a variety of instruments and approaches. Financial
analysis techniques such as cost-benefit analysis, net present value (NPV)
computation, internal rate of return (IRR), and payback analysis are frequently used in
quantitative methodologies. These methodologies allow for a systematic assessment of
project expenses, predicted financial returns, and the timetable for achieving those
advantages.
On the other hand, qualitative approaches include techniques such as SWOT analysis,
Project priorities, and Broad organizational needs. These methodologies give helpful
information on market dynamics, client demands and preferences, prospective risks and
problems, and the overall strategic fit of project ideas.
Outputs of the process:
This technique produces a thorough evaluation report or decision matrix incorporating
quantitative and qualitative project proposal analyses. The outputs serve as a
foundation for informed decision-making, allowing organizations to pick initiatives that
provide promising financial returns, correspond with their strategic objectives, and
successfully answer market demands.
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3. Using a Weighted Scoring Model:

Purpose of the process:

In the project selection process, using a weighted scoring model gives a systematic and
organized way to evaluate and choose project proposals based on predetermined
criteria. This procedure aims to assign relative weights to several measures and assess
each project concept against these weights to create a quantitative score that
represents its overall appropriateness.
Inputs to the process:
This procedure's inputs comprise a collection of predetermined criteria or elements
regarded as significant for project selection. These criteria may differ based on the
organization's strategic aims, industry factors, and project-specific requirements. The
weights allocated to each measure, showing relative relevance in the evaluation
process, are also included in the inputs.
Tools and techniques used in the process:
This method requires determining the criteria and their accompanying weights, creating
a scoring rubric or matrix to assign scores to distinct projects and comparing each
project to the defined standards. Various scoring techniques can be used, such as
numerical scales, percentage-based scoring, or ranking systems.

Outputs of the process:

This method generates a scored and ranked list of project ideas based on their
weighted scores. The results can be presented in a tabular form, with the scores and
rank for each project displayed alongside the criteria. Additionally, the output gives
transparency and rationale for the project selection choice, allowing stakeholders to
understand how the decision was reached and why specific projects were picked over
others.
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4. Considering Assumptions for Quantitative Methods:

Purpose of the process:

The objective of carefully analyzing assumptions in quantitative approaches for project
evaluation is to improve the validity and dependability of the statistics related to project
costs, benefits, and timelines for realizing those benefits. By scrutinizing and recording
the underlying assumptions, the approach strives to produce a more accurate estimate
of the project's financial consequences and predicted outcomes.
Inputs to the process:
This process's input includes financial data from the project, such as estimated costs
and expected benefits. Economic predictions, cost estimates, market research, and
business case documentation can all be used to generate these inputs. Furthermore,
the process necessitates defining and documenting the assumptions employed for
calculating project costs and benefits and the timescale for achieving those benefits.
Tools and techniques used in the process:
This process includes detailed analyses and evaluations to evaluate and modify the
assumptions supporting the quantitative estimations. Examples include complex
analysis, scenario planning, benchmarking against industry standards, and historical
data analysis.
Outputs of the process:
This process produces revised and validated estimates for project costs, benefits, and
benefit realization timelines. These results represent the changes made after a thorough
assessment of assumptions. The results also help with the entire project evaluation and
selection process, allowing for more accurate comparisons and decision-making across
various project proposals.

The Snapshot Transportation Company aims to improve its project selection capabilities
by implementing these processes in the selection phase.
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Reference:
D. Knight. (2023). W7 Project Selection 8400 W22. Retrieved from Econestoga:
https://conestoga.desire2learn.com/d2l/le/content/764159/viewContent/16274170/View