Part of an effective program management or project management system is the use of a project selection method that will optimize a company’s resources to achieve sustainable results. Companies often have an abundance of projects they can work on; however, with resource limitations they need to have a prioritization system to select projects. There are several project selection methods available that include checklist models, scoring models, the analytical hierarch process, profile models, and financial models (discounted cash flow analysis, net present value, and internal rate of return).
Select and research a project selection method using credible and scholarly sources. In a minimum of 200 words, explain the method and provide a detailed example that demonstrates how it would be used to evaluate a project you have selected. What are the benefits and drawbacks of the method? How can the drawbacks be mitigated?