Project Selection Methods | Benefit Measurement Method vs Constrained Optimization Methods

Benefit Measurement Method

The Benefits Measurement and Review set of activities aims to ensure that integrated change programs and projects are implemented and managed with a sustained focus on benefits realization. Measuring benefits realization involves collecting, consolidating, and analyzing data to measure whether stakeholders have been able to realize expected (or indeed unexpected) benefits from a planned change. Benefits reviews assess the amount of benefit that has been realized to date, update estimates of future benefits and, where necessary, recommend remedial action to address shortfalls in the expected levels of benefits realization.

Constrained Optimization Method

In the simplest case, this means solving problems in which one seeks to minimize or maximize a real function by systematically choosing the values of real or integer variables from within an allowed set. This formulation, using a scalar, real-valued objective function, is probably the simplest example; the generalization of optimization theory and techniques to other formulations comprises a large area of applied mathematics. More generally, it means finding "best available" values of some objective function given a defined domain, including a variety of different types of objective functions and different types of domains.

If in real life, you might not have seen these methods to be followed in project selection and instead seen Personal relationship is more important than anything else, it's quite normal and most of the Organizations worldwide work this way. However, the two project selection methods are the formal way of selecting projects.

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