Technology selection

The different Nonnumeric models are

Comparative Benefit Model : - The criteria and recommendations of portfolio that best fits the organization goals and budget are the main aspects for evaluation of the proposal , in this model

b ) Cognitive Modeling : - The understanding for actual process used by Manager is attempted in this modeling . In situation of a large number of projects , the methodology is intended to reduce the work of managers

NUMERIC MODELS : - In these models Preference or Priority Ranking , is initially made that helps rank a set of proposed projects , and

among the ranked projects , the manager selects investments starting from the top of the list , funding budgets to the best projects . There different Nonnumeric models are

Scoring Models : - In this modeling , the projects under consideration are scored by application of a mathematical formula to the factors believed to be of importance . The value of factors evolved by the formula are weighted to reflect its importance relative to the other factors , and the Projects are then ranked in of their scores

Economic Models : - In this modeling for project selection , comparison of project candidates is made , to their contribution to the firm profit Economic models are based on objective data , and are easy to use , but require the estimation of future income information , which is difficult to obtain in the early stage of project . These models are among the most commonly used techniques in the selection process

Some of the some of the well-known Methodologies are as follows : -

a ) Cash Flow Payback : - The time from start until net cash flow equals zero , is focused in this technique and the time value of money is not accounted in it

b ) Net Present Value : - NPV technique relies on the idea that worth for a unit of money...