Determining the priorities of projects is an essential step in the planning process. Usually, the limited availability of resources prohibits the simultaneous execution of all proposed projects, A number of project selection methods have been developed to ensure a deliberate process of determining priorities. In this paper we describe and discuss eight of these methods: cost benefit analysis, risk analysis, ranking, scoring, zero one programming, knowledge-based systems, steering committees, and the analytic hierarchy process. We evaluate these methods based on a set of eight criteria. We conclude that none of the methods meets all requirements. An important shortcoming of most methods is the inability to support group decision-making despite the increasing importance of this criterion. As a consequence, the appropriateness of the methods depends on the characteristics of the decision situation. Our analysis provides guidelines for choosing a method in a specific situation.
