PJM
Module 2 Critical Thinking Option 1.docx

Module 2 Critical Thinking Option 1.docx - Running head NET...

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Running head: NET PRESENT VALUE AND PAYBACK PERIOD METHODS 1 Net Present Value and Payback Period Methods PJM310 – Introduction to Project Management Colorado State University – Global Campus
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Running head: NET PRESENT VALUE AND PAYBACK PERIOD METHODS 2 Net Present Value and Payback Period Methods There are many interesting and challenging projects currently in development throughout the world; at one point these projects were chosen, maybe among other projects, to pursue; a project manager analyzed everything from the skills of the project team to the scope of each project and which aligns best with the company’s business model. Monnappa (2017) states that project selection techniques are based on sound logical reasoning to choose a project and filter out undesirable projects with a very low likelihood of success. The most important analysis the project manager can do towards selecting the most appropriate project for the company is to use tested and proven methods of the numerical and non-numerical project selection models. Based on these models, the executives who select projects can make decisions based on accurate information, increasing the probabilities of a successful project. There are similarities and differences between the various models of numerical project selection; more specifically, the Net Present Value and Payback Period methods, which have more differences than similarities.
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