Open AccessEvaluation of Eight Project Selection Methods: the Case of Information Systems
Author(s) -
Eelko Huizingh,
Hans Vrolijk
Publication year - 2020
Publication title -
estudios de administración/estudios de administración
Language(s) - English
Resource type - Journals
eISSN - 0719-0816
pISSN - 0717-0653
DOI - 10.5354/0719-0816.1997.56717
Subject(s) - computer science , analytic hierarchy process , ranking (information retrieval) , selection (genetic algorithm) , process (computing) , set (abstract data type) , risk analysis (engineering) , operations research , hierarchy , management science , engineering , machine learning , medicine , economics , market economy , programming language , operating system
Determining the priorities of projects is an essential step in the planning process. Usually, the limited availability of resources prohibits the simultaneous execution of all proposed projects, A number of project selection methods have been developed to ensure a deliberate process of determining priorities. In this paper we describe and discuss eight of these methods: cost benefit analysis, risk analysis, ranking, scoring, zero one programming, knowledge-based systems, steering committees, and the analytic hierarchy process. We evaluate these methods based on a set of eight criteria. We conclude that none of the methods meets all requirements. An important shortcoming of most methods is the inability to support group decision-making despite the increasing importance of this criterion. As a consequence, the appropriateness of the methods depends on the characteristics of the decision situation. Our analysis provides guidelines for choosing a method in a specific situation.