Can I use anything else instead? I have been asked to evaluate QTP over other solutions like Selenium etc.
What are the pros and cons of doing this?
You need to first define the requirements for your test automation tool.
What is the background of people who will use the tool?
What types of applications need to be tested (fat client, browser-based, mobile?)
What technologies are incorporated into those applications?
What platforms do you need the tool to run on (Windows, Linux, Mac,...)?
What other types of systems do you need to integrate the test tool with (source control, development IDEs, build systems, issue tracking systems)
Do you have requirements concerning licensing and cost for the tool?
Do you need external training?
Do you need external support?
Then evaluate the tools against those requirements. If you find multiple tools that meet the requirements, then evaluate which one meets the requirements best.