The bottom line

Determining the value of a project is more complex than identifying its revenue potential: The projects which deliver the most value also generate significant strategic advantages. This article discusses why organizations need to develop a formal process for selecting projects, one which can also help them achieve goals that extend the parameters of their typical paradigms. In doing so, it explains how cabinet maker Decor Cabinets (Manitoba, Canada) revamped its project processes to improve the profitability it generated from its portfolios, an effort that Decor accomplished by tying its long-term strategic goals to its portfolio decision-making approach. It also describes how Inspire Pharmaceuticals (Durham, NC, USA) developed an approach involving decision-analysis tools to effectively assess the uncertainties in--and the value of--the projects within its portfolio. It concludes by suggesting a process for quantifiably defining project success and for efficiently calculating the factors that impact a projec
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