Provide an example of a numeric and non-numeric project selection model and indicate what advantage each might hold over the other

What will be an ideal response?

Project selection models come in two general classes: numeric and non-numeric. Numeric models seek to use numbers for the decision process involved in selecting projects. These values can either be derived objectively or subjectively. Non-numeric models do not employ numbers at decision inputs, relying instead on other data. Each technique has its own merits and may be employed successfully, and a choice between the two should be tempered by the adage GIGO. If a numeric model uses objective, external values that are "correct," then a decision maker can have a high degree of confidence that the values under study will lead to a reasonable decision. A non-numeric model might appeal to decision makers that have less of a quantitative bent or those that operate in a less quantifiable decision arena.