Business Project Management Project Checklist Model for Screening

Question:-

Consider the following information in choosing among the four project alternatives below (labeled A, B, C, and D). Each has been assessed according to four criteria:
Payoff potential
Lack of risk
Safety
Competitive advantage

Construct a project checklist model for screening these four alternatives. Based on your model, which project is the best choice for selection? Why? Which is the worst? Why?

Answer:-

Checklist criteria involves defining performance level of project components in subject manner (Pinto). The project checklist model to screen all the four project alternatives are given in the table below:

Considering the above model, it can be said that the fourth project, Project D, seems to be the best choice for selection. The reason of it being the best is that it has highest payoff potential, which should be high. Lack of risk is high, that is, there will be less risk to encounter. Among all the listed projects, this is the only project with highest lack of risk. Further, the safety level is at the medium, which matches with most of the project. And the competitive advantage is also at the medium. So overall combination seems favourable and better than others. As for the worst project, Project B seems to be the worst. Undoubtedly, payoff is the most important criteria, where the company is at the lowest among all. And on other three criteria, it is at the medium level.

3.14 Scoring model uses criteria based on their importance (Pinto). The scoring models for all the listed projects are created in the table below:

Out of all the projects, Project D seems to be the best. It is because it has scored highest, which is 29.