Picking projects purely based on ROI is a narrow lens.
Sandra A. Swanson writes about using a broader approach for picking projects in her article, “All Things Considered”, in PM Network magazine.
Swanson quotes R. Max Wideman, author of A Management Framework for Project, Program, and Portfolio Integration, on his perspective: “Benefits realization is a much broader concept and encompasses not only financial gain, but all those intangibles such as improved working conditions, ease of use, work force satisfaction, and improvement in corporate morale."
My key take away from the article is that projects should be picked because of ROI and alignment to top strategic issues. When it's tough to show the ROI or strategic relevance, than consider the following factors:
- meeting regulatory standards
- improving quality
- ensuring business continuity