What does project selection criteria mean? Mention all, state their decision rule, advantages and disadvantages of each.

Here is a link to an article that I wrote about it.

Business criteria - List the economic parameters and their threshold values for project acceptance, such as:-Proposed Budget, Pay Back Period,  Net Present Value and ROI – Return On Investment.

Logistical criteria - List other non-quantified considerations for project acceptance.  This includes strategic initiatives, such as market horizontal expansion, or business imperatives such as regulatory compliance. 

Project selection criteria mean:

Net Present Value

The Internal Rate of Return

The recovery time on investment

The Profitability Index