Scoring models

Scoring models are utilized by organizations when they are attempting to consider multiple variables when making project-selection decisions. Typically, the model has a scoring structure and a weighting structure so that each potential project can be analyzed based on a variety of information. Because this type of decision method contains both financial and other considerations for project selection, it allows key stakeholders to determine which variables are the most important or carry the most weight. Stakeholders will then use their current knowledge of the project to begin to score each prospective project accordingly. Certainly, financial considerations are part of that process but there may also be categories for industry growth, increased product value in the market, or a key opportunity that may or may not be realized.

Because the scoring model is a standard organizational model, there may be some project potentials that don't even make the cut due to a low score or missing key aspects on the list. This allows everyone to view a variety of both objective and subjective categories and make the best decisions they can, based on what they know today. Similar scoring models are used in vendor selection for procurement decisions, which may be part of project selection as well.