Best Practices for Effective Investment Selection PPT
This PPT slide, part of the 29-slide Project Investment Selection PowerPoint presentation, outlines best practices for project investment selection across 3 critical phases: pre-selection, during selection, and post-selection. Each phase contains specific actions aimed at minimizing biases and enhancing the decision-making process for strategic initiatives.
In the pre-selection phase, 2 key practices are highlighted. First, concealing names and demographics helps to eliminate biases related to identity and background. Second, the "Homogenize Submissions" approach, referred to as the "Heilmeier Catechism," encourages uniformity in project proposals, ensuring that evaluations are based on merit rather than extraneous factors.
During the selection phase, several strategies are recommended. Pursuing diversity in project teams can lead to more innovative solutions. Applying crowdsourcing taps into a broader range of ideas and perspectives, while adopting a workshop approach fosters collaborative discussions. Entrusting probability introduces a data-driven element to decision-making, and organizing one-on-one contests can stimulate healthy competition among project proposals.
Post-selection practices focus on feedback and learning. Giving feedback ensures that teams understand the rationale behind decisions, fostering a culture of continuous improvement. Gaining insights from failures is equally important, as it allows organizations to learn from past mistakes and refine future project selections.
The slide concludes with a cautionary note about the inherent risks in project selection. While these best practices may require some resources, they are designed to be more efficient than traditional methods that rely heavily on senior management and technical expertise. This approach aims to streamline the selection process and improve overall outcomes.
This slide is part of the Project Investment Selection PowerPoint presentation.
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