Given several projects that require financial and human resources from the same resources and project different returns, what projects should be selected (e.g., what equipment purchases yield the greatest return)?
OPTIMAL PROJECT SELECTION applications enable users to determine the selection of projects to make the maximum profit while complying with overarching goals. Typical profit improvement is 5-10% or more of the total value of the projects.
An implementation of the OPTIMAL PROJECT SELECTION application is the selection of capital investment projects with various returns and utilization of capital, human, and equipment resources to achieve the maximum financial return for the enterprise.
OPTIMAL PROJECT SELECTION applications provide decision support for problems in many industries.
CONFIGURATIONS, MODELS, AND DATA
Optimal Project Selection applications include the following configurations:
- Project Selection System
- Multiple Period Model
The data modeled includes the following:
- Projects for selection
- Costs of projects with respect to capital, human resources, and equipment
- Economic or physical impact of each project
- Overarching goals for enterprise
- Rules for compliance
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