Project Selection Methods are used to select and prioritize projects within the organization. Selection Methods will let you know if the project is too risky or if it won't make enough money, it is a strategic or isn't likely to succeed.
The PMBOK Guide defines 2 categories of Project Selection Methods:
- Benefit measurement models compare projects by the benefit they bring to the company. Comparative approaches include methods such as Return on Investment (ROI) or Benefit Cost Ratio (BCR).
- Mathematical models use complex mathematical formulas that attempt to predict the project's success. Some of these methods apply calculus and linear programming to solve for maximizations. These methods are also known as constrained optimization
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