Project Justifications

There are many reasons for doing projects. Some of them are more tangible than others. Projects may be a response to a government order, such as a redesign of an unsafe automobile or changing a process that is found to be polluting air or water. Other projects may be justified by the opportunity to create a new business or enter a new field.

Of course, one of the strongest and most compelling project justifications is the concept of a benefit occurring to the organization after making some effort. The most efficient way to measure this is to compare the monetary benefits to the monetary cost of the project. To this end, many justification methods have been developed over the years. It is important to use the appropriate ...

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