Simulation based project selection decision analysis tool

Project selection is the process of evaluating individual projects, to choose the right project based on an analysis so that the objectives of the company will be achieved. It involves a thorough analysis including the most important financial aspect to determine the most optimum project among all the alternatives. Some projects have high uncertainty, and therefore simulation based project selection decision analysis could evaluate the projects with a greater confidence. The model presented in the paper shows a special purpose simulation tool for project selection based on influences that govern the project selection process. A graphical and hierarchical approach is adopted for the non-simulation experts to use the model to derive the expected results for project selection process and decision making under uncertain conditions.