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Provide the base information for more informed financial commitments to projects. Establish a more objective ranking of candidate projects.Allow a more effective matching of skilled resources to the right project. Avoid over-allocating limited skilled resources. Anticipate future human resource quantities and skills. Provide a valid basis for staff training. Make Project Initiation faster and more efficient.

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Project management software tools allow companies to become competitive in their environments, optimising time and effort and keeping project on track. They are used for planning, managing time, resources and people, controlling costs and monitoring project progress.

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Rank Candidate Projects: When requested, all Candidate Projects that are in the repository should be objectively ranked in order of significance. The ranking criteria should include Target due dates, Impact on the total business, Impact on the technology architecture, Impact on other applications, Project size, cost and duration and Project risk.

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Review Business Case: The Business Case will be examined by an screening body with the corporate authority to accept or reject a Candidate Project. When a Business Case is accepted, the Candidate Project is captured in a repository for ranking and selection. If additional information is required on a Business Case, note it as “pending” and issue an Information Request to the requester. If a Business Case is rejected, send the information to the requester with an explanation for the rejection. Remain this information in a repository.

It will be helpful to rank projects against each of these criteria separately and then compile a single ranking that weights each of these criteria against each other. This ranking process is typically used to feed quarterly budget decisions but may be requested at any time.

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