The statement 'The most important thing to remember when using project selection models is to be consistent and objective' is true.
Consistency ensures that the same criteria are applied to each project being evaluated, minimizing the risk of bias or irregularities in the selection process. Objectivity is crucial because it avoids the influence of personal preferences or external pressures, ensuring that decisions are made based on the merits of the projects alone. Project selection models often integrate various decision-making tools and criteria such as expected return on investment, alignment with the strategic goals of the organization, resources required, risks involved, and legal and ethical considerations.
Models provide a structured way to forecast potential outcomes and help in making informed decisions. A well-designed model allows an organization to prioritize projects effectively and allocate resources to projects that align with its strategic objectives. However, it's also important to address limitations and validate model predictions against real-world observations to ensure their usefulness in practical applications. Models should be built around hypotheses or results of scientific studies and can be used to make predictions about future outcomes.