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Project Identification and Screening

Project Identification and Screening
The seed of a project arises merely as an idea – a need or opportunity that is weighed, scrutinized, and eventually developed into a project which is managed through the project life cycle. The most critical question one has to ask would be ‘Are we doing the right project?’ Because a problem well understood is half done. In many segments that rely on a culture of project management, the project officially begins with the official approval of the project, which is not so in the development sector, where the project life more commonly begins with a Project Identification and Screening Phase. How To Design Gorgeous Powerpoint Templates Let us cruise through the steps in Project identification and Screening: SEARCH FOR NEW IDEAS •What are the objectives? •Brainstorm to generate alternative solutions. –Emerging market trends. –SWOT analysis. –Other constraints •Shortlist candidate ideas for detailed scrutiny. MOTIVATION •Projects are a means to accomplish –Individual or family objectives –Organizational objectives –National or global objectives •Project Identification begins in response  to the specific need or the objectives OBJECTIVES To increase profits To minimize threats of losses To become more competitive To provide help after a disaster To train people in a new area To reduce pollution in Delhi To become a successful entrepreneur SWOT ANALYSIS A tool that detects the strengths, weaknesses, opportunities and threats of an organization. In particular, SWOT is a basic, straightforward model that measures what an organization can and cannot do as well as its probable opportunities and threats. The method of SWOT analysis is to take the information from an environmental analysis and distinguish it into internal (strengths and weaknesses) and external issues (opportunities and threats). Once this is over, SWOT analysis determines what may assist the firm in accomplishing its objectives, and what obstacles must be overcome or minimized to achieve desired results. •Objectives •Experience •Resources • Environment pressures •Keeping these factors in mind an analysis of strengths, weaknesses , opportunities and threats is made to identify and select suitable projects. STRENGTHS •Experience and expertise •Financial position •Capital raising capability •Industrial contacts •Foreign collaborations WEAKNESSES •Newer unfamiliar technologies •Inability to raise huge investments •Lack of experience •Lack of trained personnel •Inability to forecast market trends OPPORTUNITIES •Emerging technologies •New products with new markets •New processes with better features •Special financing schemes •Government and other incentives THREATS •Competitors •Poor state of the economy •Outdated technology •Unprofessional management skills •New products and services BRAINSTORMING •A good means to generate new project ideas •Focus on uninhibited participation by a group •Listing of ideas without suppressing creativity at source •List of ideas subjected to screening and evaluation subsequently SCREENING OF IDEAS  Poor  Fair  Good  Vgood  Excellent (1)     (2)      (3)      (4)      (5)    Weight •Cost              *                                       20% •Risk                          *                           30% •Return                                 *                 40% •Hazard          *                                        10% •(score = 2×0.2+3×0.3+4×0.4+2×0.1= 3.1) CRITERIA IN SCREENING PROJECTS •Investment •Rate of return •Risk •Likely profit •Payback •Similarity to existing business •Expected life •Flexibility •Environment impact •Competition Le us look at the following example – REDUCING VEHICULAR POLLUTION IN DELHI Brain Storming IDEAS GENEATED IN BRAIN STORMING – REDUCE VEHICULAR POLLUTION IN DELHI Restrict registration of new vehicles Enforce strict emission regulations for vehicles Ban diesel run vehicles on road Introduce MRTS – Mass Rapid Transport System for the city Encourage use of car pools Grow more trees/ green belts in the city Declaring no traffic zones in the city Ban vehicles with an age of ten or more years from plying on the roads These and more ideas could be generated through a Brainstorming exercise SCREENING OF IDEAS •Criteria chosen for screening: –Effectiveness to achieve objective –Cost of the proposal –Ease of implementation –Time needed This is...
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