please read the brief carefully and make according to the brief

PRINCIPLES OF PROJECT MANAGEMENT
Table of Contents
1.0 Introduction    3
2.0 Initiation process    4
3.0 Project selection methods    5
3.1 Benefit Measurement Methods    5
3.2 Constrained Optimization Methods    7
4.0 The PMBOK Process Groups    8
5.0 Conclusion    9
Reference    10
1.0 Introduction
The idea of the project management has been one of those few success-critical aspects of the studies of business management which are extremely important from strategic management perspective. The conceptual framework of project management may consider several aspects of the business that are not only internal, but also external to the firm. A successful project management may be conceived to be the key to the success of a business as well. In the given paper, the researcher aims to analyse different facets of project management.
In the paper, the researcher has systematically discussed the theme of the study by introducing the topic to the readers first. Subsequently, the researcher has presented a brief overview of the initiation process of the project. In addition, the different project selection methods have also been discussed herein along with the benefit measurement methods applicable to those methods. In addition, the researcher also provides a summary of Constrained Optimization (CO) methods as mentioned in the PMBOK (Project Management Book Of Knowledge). The paper additionally presents a brief overview of the PMBOK Process Groups as well. Finally, the report is being wrapped up by way of providing a concluding note.

2.0 Initiation process
The process of initiation is used to authorize the new project and also while an existing process is needed to continue for the next phase. In the technology implementation project, a formal determination process is used to understand the need for the project in the organization. This formal process determines the initial need of the project which includes a project plan, feasibility study etc. The objective of the project is also considered in the initiation process which indicates internal order of the work and move/add/change project (Bayona, Bustamante & Saboya, 2018).
The authorization and need of the project take place based on the results of one or more of the followings:
· Market opportunity: according to the market demand regarding modern invented technologies, new technology implementation project is selected (Gomes, Oliveira & Chaves, 2018).
· Business need: the business needs to beat the competitors and generate more revenue through the usages of innovative technology.
· The request of the customer: In the considerations of Bayona, Bustamante & Saboya (2018), the customers are requesting different types of innovative ideas for which this project is necessary.
· Technical innovation: In the opinion of Gomes, Oliveira & Chaves (2018), in order to increase the revenue, it is necessary to modify the excising technologies or implement some new technologies in the organization.
· Legal need: new laws regarding safety requirements and best services are need to focus.
· Social determination: technology implementation project will help in resolving different cultural issues in the community also in the organization (Hill Jr & Nelson, 2019).
3.0 Project selection methods
Project selection methods...