Picking Projects

Someone recently asked me how I choose my knitting projects. I never really thought much of it but I guess there are 4 categories:

VICTORY PROJECTS

These are the ones where you flip through a magazine or book and immediately think "wow, this is beautiful, I wonder if I'll ever be able to knit it?". 

Characteristics: Top of the difficulty rating, intricate fairisle, complex cables, lace and often involves tiny needles.
Examples: Ivy League Vest, Lace dress (WIP)

RUNWAY PROJECTS

These are the ones you see at the mall or upscale department store retailing for $$$ and know you can make it (usually for a fraction of the price).

Characteristics: Designer patterns from Vogue Knitting (i.e. James Coviello, Anna Sui, Rebecca Taylor, Nanette Lepore, Michael Kors, Missoni, DKNY), runway-inspired designs, chunky knit accessories.
Examples: James Coviello Sweater, Missoni-inspired Cardigan

FUNCTIONAL PROJECTS

For me, these are the projects are created for any of the following reasons:
1) the yarn was on sale, what can I make with it?
2) the pattern was available (i.e. free or in my library),
3) small enough for travelling or commute knitting,
4) easy enough for stitch n' bitch knitting,
5) I just need ... insert... socks, mitts, hats..a project, any project.

Characteristics: Classic and manageable patterns
Examples: Noro Shawl, Nordic Tunic

GIFTS

Occasionally I am unselfish.

Examples: Scarves for sisters, bridesmaid shawls

How do you pick your projects?