weighted scoring models ). criteriaweightproject 1project 2 … project nfeature B u s i n e s s F i n a n c e

weighted scoring models ). criteriaweightproject 1project 2 … project nfeature B u s i n e s s F i n a n c e

Now that you have identified three potential projects, the next step is analyzing these potential projects. This analysis is intended to comparatively and systematically examine all of the projects you have identified. You will:

  1. Decide on a set of criteria (3-6) that are important for all potential projects. Create a master list of essential criteria.
  2. Give a weight to each of the criteria. The sum of all of the weights should equal 1 (see the section of Chapter 2 on Weighted Scoring Models)
  3. Determine how well each potential project meets each of these criteria.
  4. Create an ‘analysis score’ for each project. This type of analysis is sometimes referred to as a multi-criteria analysis, or as the book refers to it as a weighted scoring model (see the section of Chapter 2 on Weighted Scoring Models).

Criteria

Weight

Project 1

Project 2

Project n

Feature/Criteria 1

0.20

5

2

2

Feature/Criteria 2

0.10

1

4

4

Feature/Criteria 3

0

1

2

Feature/Criteria n

0.5

5

3

3

Analysis Score

should
add to 1.0

(0.2*5)+(0.1*1)+
(0*1)+(0.5*5) = 3.6

(0.2*2)+(0.1*4)+
(0*2)+(0.5*3) = 2.3

ditto

ditto

5. Now, after selecting one project (more than likely the one with the highest score, but not necessarily)* develop your project charter. Typical parts of a project charter might include:

  • Project Name
  • Project Sponsor
  • Assigned Project Manager
  • Project Team Members (and their role in the project)
  • Statement of purpose (i.e. overarching goals)
  • Statement of objectives (i.e. specific high level project deliverables)
  • Stakeholders (who they are, and what they expect from the project)
  • A basic statement of how the team will approach the work
  • Authorized project resources (i.e. people, budget – in your case budget may be based on hours, and you can assign a base rate to all of your work)
  • Equipment and Technology you are going to use
  • Basic project timeline (which can be substantially refined in the project plan to follow)

Deliverables

This deliverable should contain:

  1. An introduction section including:
    1. The title of the document
    2. Your name
    3. An opening paragraph telling what the document contains
  2. The major elements of the project charter, as described above (for the purpose of this class, I would like you to include all the elements I identified above).
  3. In an appendix, include:
    1. Your inventories from Assignment 1.
    2. The weighted scoring model from this activity (in table form, as above), as well as an analysis of your results (indicating which criteria are most important and less important, based on the weights and whether the addition of the weights changed the ranking of potential projects).

*If you don’t create a charter for the project with the highest score in the Weighted Scoring Model, include a paragraph or section in your charter explaining why you chose one of the other projects.