Project Assignment Organizational Selection
As stated in Chapter 6 of the text, there are many barriers that candidates face and the value of a diverse workforce is underestimated. In Chapter 1, we learn about the effects and importance of environmental factors on Human Resources (HR) practices; in this assignment, you are asked to explore and deconstruct Diversity within an organization of your choice.
Choose any organization and complete the following:
· What is your personal definition of Diversity – use credible sources to back up your answer?
· Research and summarize the organization’s Diversity policies and practices.
· Analyze the challenges and opportunities of these practices on its recruitment, selection, and retention practices.
· How can the organization respond to the challenges and opportunities?
· include at least 4 concepts from the course material, in addition to Diversity.
Note: The assignment should be between 4 to 7 pages in length, double-spaced, excluding supplemental pages, e.g., cover page, table of contents, references.
Project Selection Criteria
An organization has been handed several contracts on which it is being requested to work on. Due to resources constraints, the firm cannot pick up all the projects at the same instance. Consequently a decision has to be made on the projects that are to be taken up. A decision has therefore to be made on the projects that will be taken up to ensure that the organization achieves maximum profitability. The following paper will focus on the criterions that are used to aid an organization in choosing a project. The criteria of selecting projects are categorized to two; benefit measurement methods and constrained optimization methods (Hosseini et.al., 2016 p.263). This paper will discuss on the benefit measurement methods. These are techniques that are based on the current value of the empirical cash inflow and outflow. The cost benefits are calculated and then a comparison is made between the projects to arrive to the decision.
As the name implies, this criteria utilizes the ratio between the current value of flow or the cost that is capitalized in a project to the present value of the outflow, deriving the value of return from the project. Projects that have the highest benefit cost ratio or lowest cost benefit ratio are preferred over the rest of the projects.
The economic value added is a metric that is used to calculate the worth-creation of the organization while still defining the return on capital. Another definition of these criteria is the net profit after deducting taxes and capital expenditure. A project that has the highest economic value added is picked.
This is an objective technique from which the project selection committee lists the most relevant criteria, assesses then in reference to their importance and the priorities at hand and later adds the weighted values. The project that scores highest is then chosen.
This is the ratio of the total cash to the average per period cash. In other terms it is the time required to get back the cost that was invested in the project. It takes into consideration the payback time of the investment. It is the deadline that is required for the return on an investment to repay the initial cost which was invested. A few shortcomings with this method are: it does not take into consideration the time value of money, benefits which accumulate after the payback period are not considered and also risks involved are neglected.
The most important criteria are Benefit/cost ratio criteria, since it focuses on the gain that the firm will get in investing in the project. The second one is the economic model criteria as it puts in place the expenditures to be met and also the taxes helping it derive the amount of return the firm will have from the project. The third on is the payback period which is the time it will take for returns to be gotten back after the investment despite the assumptions involved.