Development of a Systematic Approach to Project Selection for Rural Economic Development

Abstract

Projects can be an effective methodology for community economic development. An easy-to-use and easy-to-implement systematic nine-step approach to project portfolio selection is presented. A version of the Analytical Hierarchy Process (AHP) and a scoring methodology are used in the project selection process and then the Benefit-to-Cost Ratio Method is applied to determine the acceptability of the public projects. The approach takes into account the unique needs, possible limited subject expertise, and possible technological constraints of small municipalities. The approach was successfully beta-tested by a group of community members involved in developing a project portfolio of taxpayer-owned projects ranging in budget from three hundred to over one-million U.S. dollars and the results of this test are presented.

Department(s)

Engineering Management and Systems Engineering

Second Department

Business and Information Technology

Keywords and Phrases

Analytical Hierarchy Process; Missouri; Systematic Approach; Economic Development

International Standard Serial Number (ISSN)

1712-8277

Document Type

Article - Journal

Document Version

Citation

File Type

text

Language(s)

English

Rights

© 2010 Brandon University. Rural Development Institute, All rights reserved.

Publication Date

01 Jan 2010

Link to Full Text

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