Instructions:Forthis assessment, you researchdifferent methods of selecting projects and examine the initiation process. You also consider the Project Management Body of Knowledge (PMBOK) guide and,...

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Running Head: PRINCIPLES OF PROJECT MANAGEMENT
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PRINCIPLES OF PROJECT MANAGEMENT
PRINCIPLES OF PROJECT MANAGEMENT
Table of Contents
Introduction    2
Project selection methods    3
Initial process group    5
Conclusion    7
References    8
Introduction
Project selection method provide with encompasses and evaluation of factors that are required by organization for decision making process. This is a viable option that is required to be chosen and this can helpin understanding the requirements and goal of organization.
Project selection methods
· What is the case about? What is it for?
The study describes about Uber application that is required to be updated with simple interface. The study includes description of project selection method and project documents that are required for this advanced application development for Uber.
· What is the nature of the project
The investment down on new application by Uber is expected to generate profit. The actual rate for the return is required of generation of project and provide with available option that can provide with better chance of growth.
· What is the company trying to achieve in this project
Project selection method provides with undertaking of the entire project and includes resource constraints. This can help Uber in decisions for selection of project of development based on its new user friendly application.
· What are the criteria that are taken in to consideration
As influenced by Papke-Shields & Boyer-Wright (2017), the cost benefit analysis is required for large project and this includes uncertainties and assumption for quantification. The BCR calculation can help the company in dividing purposed initial benefit of cash in the project. The division of numbers can provide with present value for the respective cash flow for proposed lifetime of the project. As influenced by Martens & Carvalho (2017), opportunity cost is important for finite amount of time and money. this is mutual exclusion for opportunity cost. The opportunity cost is required for choosing resources and money by keeping in the mind action and choice for the advantage of organization. As influenced by Manole & Avramescu (2017), Process payback provides with good opportunity for capital retention and choosing the benefit of project. This technique is required for implementation of capital budgeting and resolving of initial cost in investment. The selection process is required for completion of projects and derives units for getting back the initial investment of project. As influenced by Silhavy, Silhavy &Prokopová (2018), this can help in comparing the productivity and establishment of operation for the expansion of application. This is required for comparing and includes renovated application over existing one.
· Is the methods appropriate in achieving the goals
The benefit cost ratio includes indication for cost benefit analysis and evaluating the extent to which project investments are worthy of its benefits. Uber is required to use the method for capital budgeting and analysis of overall value for the money that is required in the project. This refers to the value...