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CHAPTER 3 Balancing Investment, Returns, and Risk

Facts do not cease to exist because they are ignored.

—ALDOUS HUXLEY

This chapter first addresses the task of selecting projects, building on the concepts introduced in Chapter 1. Then it introduces a tool called the project balance sheet, which is helpful in organizing investment, capability, and risk.¹ The goal deployment paradigm discussed in Chapter 2 provides a methodology for developing a portfolio of valuable projects. However, project investors/sponsors, working with project managers, often find that it is necessary to select only certain projects for execution, deferring or canceling ...

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