Introduction:
SingularLogic is the software and integrated IT Solutions Group and has a considerable market share in the Greek market. The business has three divisions that help it offer products and services to the market. These divisions are the EnterpriseDIS division that designs and implements integrated IT solutions, and its clients are large businesses in the private sector. The second division in the business is the Software division that focuses on the development and distribution of software applications to businesses. The third is the Integrator division that designs and implements integrated IT solutions to public sector organizations. It shows that the main operations and actions of the company include software development and integrated IT solutions for different enterprises. The company needs continuous improvement in its software and application. Therefore, this paper is going to help the company to choose the best project selection method. The company can use the method to initiate the most suitable and appropriate project. A well-planned project selection method and initiation program can help the company to go for the best project (Roberts, 2011).
Identification and Justification of Suitable Project Selection Methods
SingularLogic is a software and an IT solutions provider company; there, it has to add to the research and development activities continuously. The case study shows that research and development activities are based on continuous improvements. The company has experts and third-party researchers to support a constant need for new research and development initiatives and products.
The company is a software company, and the software market is very dynamic. Therefore, there is room for plenty of innovations and continuous improvements in the area. For assisting the company, three different projects may bring opportunities for innovation for the company. They are the development of new software, an upgrade in IT solutions, and the development of a new application for the market (Project Management Institute, 2017).
These three projects may adopt different or one project selection methods. Here are some project selection methods. In a broader project selection methods, there are benefit measurement methods and constrained optimization methods. In the benefits measurement method, the company may use the cost-benefit ratio or payback period method to go for the project. In the constrained optimization method, it can be gone for different programming techniques, including linear programming, nonlinear programming, integer programming, and dynamic programming. It is appropriate to look into the costs of each project so that the selection process may be more natural to select (Herman & Siegelaub, 2009).
| Name of the Project | Cost and Requirements for the Project |
| Developing a new software | High costs
More market research A greater need to cooperate with stakeholders Chance of failure |
| Developing a new Application | High costs
Need for market research Customization and it adds costs further Chance of failure |
| Upgrading the IT Solution | The cost of the upgrade depends on the scale
Involvement needed for different stakeholders Integrating the update into existing IT solution |
These three projects are suitable for SingularLogic, but it has to take care of the costs involved in these three different projects. The above three different project selection methods have been discussed, including the cost-benefit ratio, the economic model, and the use of diverse programmings. It is worth mentioning here that software and upgrade of IT solutions must need programming, but existing research and development teams and related partners are enough to come up with this need. Therefore, SingularLogic should go for the economic model so that it can earn revenue against the cost incurred. The company should look for making revenue, especially when the world is not displaying growth trends (Herman & Siegelaub, 2009).
Moreover, the company should go for upgrading the existing IT solution as it may bring more significant long-term benefits to the company. The upgrade to the IT solution would bring revenues in the long run than any other project. Therefore, SingularLogic should choose to go for an upgrade in the existing IT solution.
Discussion on Processes to conduct the Above Project Selection Methods
The economic model has been selected, and it is going to compare the costs and revenue of each project. If the economic model project selection method is applied to developing new software, development of a new application, or on the upgrade of the new IT solution, it presents guidance which projects to follow. In the above section, an upgrade to the IT solution has been suggested. But in this section, all three projects are going to be examined in light of the economic model (Wysocki, 2014).
| Application of Project Selection Method | Development of a New Software | Development of New Application | Upgrade to IT Solution |
| Economic Model | Cost:
Market research Consultation and Cooperation with Private and Public sector organizations Hiring the team Spending time and investment in testing Revenue: Sales of the software Through subscriptions Earning through online platforms |
Cost:
Market research Hiring a team of developers Understanding the needs of society and coming up with them Harder to make money through an application Revenue: Easier to be popular More involvement of customers would lead to more downloads and more revenue
|
Cost:
Lots of innovation is involved Adding to the existing IT solution may be difficult and cost-intensive Upgrade to existing IT solution may be riskier and may end in failure Revenue: More profitable Adapted to the market and clients’ needs More sustainable and long term for profitability |
The above table shows how all three projects have costs and revenues. The comparison shows that each project involves cost and earns income. However, it is difficult to make revenue from the application, while the success of new software may also be challenging. There is already saturation in the market, and the business market is not showing growth signs. Therefore, it is worth going for the project that can add more strengths and competencies to existing IT solution infrastructure. For this purpose, it should go for an upgrade to an existing IT solution with the company. It would ensure more profitability in terms of economics. The economic model falls under the Benefits Measurement Methods of project selection. It would compare the cost and revenue, so; the decision to choose the upgrade is in light of high income and low cost in the long run for the upgrade (Lester, 2007).
Initiation Process Group and Project Documents
The initiation process for the project includes the project charter and the identification of the project stakeholders. The project charter needs to include all necessary components necessary for the charter. Scope statement defined and makes the case on the scope of the project. The chosen project is the upgrade to the IT solution; therefore, the company should decide on its project scope first. The scale and magnitude of the update have to be evident through this report. It helps the project to remain within the cost. The project may not get the outcome instantly; therefore, it should be divided into milestones to achieve. Each milestone and time for completion would help complete the project in time. However, the charter should include the business case of SingularLogic that provides integrated IT solutions to public sector organizations (Project Management Institute, 2017).
Funding amount and success criteria also exist in the project charter, and these elements should be there in the project. The initiation process has to develop the charter and go for identifying stakeholders. The integrated IT solution has clients of public sector organizations. Therefore, the government and public sector institutions are going to be targeted through the project. A stakeholder register can help the company at this stage as it would contain all stakeholders of the project (Kerzner, 2013).
Documents needed at this stage are project charter, the scope statement, evaluation of costs and revenue as the project is going to use the economic model as a selection method of the project, stakeholder register, and request form. These documents would go for approval of the project, and it would initiate steps to be undertaken for the successful completion of the project. The stakeholder register has to include public sector organizations that would benefit from the upgrade in the IT solutions. Any response or concern from them may be part of the project initiation group. It should be clear that any helping material to start the project is needed at this stage (Wysocki, 2014).
Conclusion:
The paper concludes that SingularLogic is a well-known company in the software industry. It has been offering software, applications, and integrated IT solutions to organizations in different fields. It needs continuous dedication and investment in its research and development projects. It may go for software development, app development, or an upgrade to an integrated IT solution. This paper has presented the viability of an upgrade and discussed the project in terms of project initiation group and selection methods. The economic model has been chosen for the selection of methods because cost and revenue should be decided on a project. The cost must be lower than revenues so that the project may earn money for SingularLogic. The paper recommends considering all relevant factors and concerns around project initiation and selection methods to bring a comprehensive and long-term picture of the project.
References
Herman, B. & Siegelaub, J.M., 2009. Is this really worth the effort? The need for a business case. [Online] Available at: https://www.pmi.org/learning/library/need-business-case-6730 [Accessed 31 March 2020].
Kerzner, H., 2013. Project Management: A Systems Approach to Planning, Scheduling, and Controlling. 11th ed. John Wiley & Sons.
Lester, A., 2007. Project Management, Planning and Control: Managing Engineering, Construction and Manufacturing Projects to PMI, APM and BSI Standards. 2nd ed. Butterworth-Heinemann.
Project Management Institute, 2017. A guide to the project management body of knowledge (PMBOK guide) (. 6th ed. Newtown Square, PA: PMI.
Roberts, P., 2011. Effective Project Management: Identify and Manage Risks Plan and Budget Keep Projects Under Control. 2nd ed. Kogan Page Publishers.
Wysocki, R.K., 2014. Effective project management: Traditional, agile, extreme. 7th ed. Indianapolis: Wiley.
