Project Selection Checklist

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1. Needs.

• Define the business problem. Every project starts with problem definition. First of all, you need to define a problem that can be addressed by your future project. For instance, a lower sales volume of your company is the problem that you can address by conducting a marketing campaign.
• Define the final result. Along with the business problem you need to determine the outcome of your project, or what product or service will be produced when the project is done. For example, your marketing campaign results in sales increased by 15%. Remember you need to use specific and measurable characteristics to describe the final result of your project.

2. Investments and Stakeholders.

• Look for sources of investments. Successful implementation of your project requires you to make investments. For this purpose you can use your own financial and non-financial resources. Or you can look for external sources of investments. If you can link your expectations to interests of external investors then the project is open to collaboration and partnership. However, remember that in this case you have to share profits and take interests of your investors into account.
• Identify stakeholders. There are some people or organizations interested in your project. For example, investors, senior management, business partners, employees can be interested in or affected by your project. They are stakeholders. You will need to determine all possible stakeholders of your project. Then gather their names into a list (the stakeholder list).
• Define stakeholder interests and involvement level. Now you need to identify interests and involvement level per stakeholder and then design a stakeholder matrix showing how every stakeholder is linked to your project. Such a matrix is used to select the best project that meets all interests of your stakeholders.

3. Return on Investment (ROI).

• Overview. When you’ve defined needs of your project, your next step is to evaluate your return in case the project is successfully done. ROI will be the best indicator of success. The higher ROI you gain, the more successful the project is. Consider the following categories to measure success of your project.
• High-yielding projects with higher ROI. If you define that ROI of your project is not less than 60% per accounting period (e.g. per month), the project is regarded as high-yielding. However, such a project is likely to involve a greater portion of risks and short-term goals so be sure the project will meet your needs.
• Average-yielding projects with moderate ROI. If you think your project brings a 15-50% return of invested resources then such a project will be average-yielding. Middle-term goals and moderate risks will be specific to your project.
• Low-yielding projects with lowered ROI. If ROI of your project is expected to be up to 15% per accounting period then the project will be low-yielding with long-term goals and minimized risk occurrence.

4. Team and Leader.

• Define skills and knowledge requirements. There should be some ...

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