Requirements for a project evaluation and selection methodology

The evaluation and selection of projects is usually referred as critical for the sustainability of the competiveness of organizations, but also as a complex process. If, on one hand, a formal and structured selection process may contribute to the clear communication of objectives and transparency, on the other hand, it may be shrouded with incomplete information and uncertainty about the real potential contribution of projects. The design and development of project selection methodologies should inevitably take into consideration organizational characteristics and constraints. Literature has provided various contributions to this topic, however, their emphasis have been on one or few requirements. This paper presents a review of the requirements for developing and implementing a project evaluation and selection methodology in organizations. This overview can support managers in fine tuning project selection practices in organizations.