Chapter 2 discusses numeric models and I will have to be the first to confess they seem to be viable options to selecting a project. However, there are some risks associated with using numbers only to make decisions especially if you you use only one method. But how could you use the steps in project portfolio management to reduce the risks associated using numerical models to select a project. I have been involved with many projects where the sales team crunched numbers regarding a project but they really didn’t consider extenuating circumstances before they made their decision. Keep this point in mind.
Also consider, we are in the age of Big Data. Now of course Big Data isn’t just numerical data but it is definitely a component. Take a look at the 2 articles (One attached the other is a hyperlink) as they make some interesting points. Does the the concept of Big Data influence your thinking here? After all it is a popular tool.
Make sure you think broad about the problem discussed in the first paragraph rather than looking at one specific action. There are two different philosophies here. Please explain your points and use supporting evidence. Your submission must be at least 2-3 pages but I more than 3 pages is fine if that’s what it takes to fully answer this question. There should be a title page and a reference page in addition to your content pages. Your paper and references should be in APA format.