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NIST SP 800-65

The goal of the Select phase is to assess and prioritize current and proposed IT projects and then create a portfolio of IT projects. In doing so, this phase helps to ensure that the organization (1) selects those IT projects that will best support mission needs and (2) identifies and analyzes a project's risks and returns before spending a significant amount of project funds. A critical element of this phase is that a group of senior executives makes project selection and prioritization decisions based on a consistent set of decision criteria that compares costs, benefits, risks, and potential returns of the various IT projects.