Given the complexity and scope of a utility company such as Velco, finding projects is not a problem. The abundance of choice can be seen as a positive or a negative. There is the freedom to choose what projects to work on, but there can also be choice overload. Project opportunities, at times, can seem unsurmountable. However, with a process set in place they become easier to actualize and complete. That is where the methods of project selection and prioritization come into play. The main objective is to balance competing variables put forth and make the best informed decision. Such is the case with the East Avenue Loop project proposal (EAL). Velco was charged with providing a redundant electrical feed into the area to meet regional reliability
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Each cost analysis aspect sheds light on impactful areas of a project that should be taken into consideration to either move forward or not. The Weighted Factor Scoring Model was another tool that gives indications on whether to proceed and how much of a priority any one project is. Each factor is weighted relative to its importance, which allows important factors to stand out. It also includes: nonnumeric data, allows for multiple criteria, is a direct reflection of managerial policy, and can be easily altered (Mantel & Meredith, 2011). In conjunction with cost analysis, the prioritization matrix is yet another tool used to determine the selection and prioritization of projects. Each department determines its own unique criteria based on values, strategic decision, organizational goals, available resources and etc. Projects are then scored and prioritized based on the criteria and then reviewed and discussed by key stakeholders within the company (Gosenheimer, 2012). Along with the weighted factor method, the calculated and assessed findings lead Velco to the EAL project having top priority. Velco appropriately calculated the impact of all financial factors as well as considering non-numeric conditions like public opinion and safety, environmental issues, and time to …show more content…
For a large scale organization like Velco, structure and process are crucial. Project sponsor, stakeholder, and public meetings were organized quickly and efficiently. Most supporting documentation and evidence were published to the Velco website for transparency and feedback from residents. As mentioned earlier, the planning cycle calls for continuous research and feedback. In their petition for public good, Velco outlines the scope in terms of project need, cost, and schedule. Additional information about constraints, impact, and the project timeline were posted to their site. This petition kicks off the initiation and planning phase as it seeks approval for the project by regulators and key stakeholders. There was also advance notice given by Velco to enable community leaders to review and discuss the project’s impacts with residents before the start of formal proceedings. Throughout the entirety of the planning, and even implementation phase, stakeholders and residents were informed and input was
Each cost analysis aspect sheds light on impactful areas of a project that should be taken into consideration to either move forward or not. The Weighted Factor Scoring Model was another tool that gives indications on whether to proceed and how much of a priority any one project is. Each factor is weighted relative to its importance, which allows important factors to stand out. It also includes: nonnumeric data, allows for multiple criteria, is a direct reflection of managerial policy, and can be easily altered (Mantel & Meredith, 2011). In conjunction with cost analysis, the prioritization matrix is yet another tool used to determine the selection and prioritization of projects. Each department determines its own unique criteria based on values, strategic decision, organizational goals, available resources and etc. Projects are then scored and prioritized based on the criteria and then reviewed and discussed by key stakeholders within the company (Gosenheimer, 2012). Along with the weighted factor method, the calculated and assessed findings lead Velco to the EAL project having top priority. Velco appropriately calculated the impact of all financial factors as well as considering non-numeric conditions like public opinion and safety, environmental issues, and time to …show more content…
For a large scale organization like Velco, structure and process are crucial. Project sponsor, stakeholder, and public meetings were organized quickly and efficiently. Most supporting documentation and evidence were published to the Velco website for transparency and feedback from residents. As mentioned earlier, the planning cycle calls for continuous research and feedback. In their petition for public good, Velco outlines the scope in terms of project need, cost, and schedule. Additional information about constraints, impact, and the project timeline were posted to their site. This petition kicks off the initiation and planning phase as it seeks approval for the project by regulators and key stakeholders. There was also advance notice given by Velco to enable community leaders to review and discuss the project’s impacts with residents before the start of formal proceedings. Throughout the entirety of the planning, and even implementation phase, stakeholders and residents were informed and input was