Project ranking/prioritizing
Project Rating Index: Rating scale model
Preproject planning is a major phase of the project life cycle.
Industry practitioners perceive that early planning efforts in the project life cycle have a greater influence on project success than planning efforts undertaken later in the project delivery process.
There’s no right or wrong way to write a business plan. What’s important is that a plan meets the needs.
Lean startup format - small business administration: Lean startup formats are charts that use only a handful of elements to describe your company's value proposition, infrastructure, customers, and finances. They're useful for visualizing tradeoffs and fundamental facts about your company.
Key partnerships
Note the other businesses or services you’ll work with to run your business. Think about suppliers, manufacturers, subcontractors, and similar strategic partners.
Key activities
List the ways your business will gain a competitive advantage. Highlight things like selling direct to consumers, or using technology to tap into the sharing economy.
Key resources
List any resource you’ll leverage to create value for your customer. Your most important assets could include staff, capital, or intellectual property. Don’t forget to leverage business resources
Value proposition
Make a clear and compelling statement about the unique value your company brings to the market.
Customer relationships
Describe how customers will interact with your business. Is it automated or personal? In person or online? Think through the customer experience from start to finish.
Customer segments
Be specific when you name your target market. Your business won’t be for everybody, so it’s important to have a clear sense of whom your business will serve.
Channels
List the most important ways you’ll talk to your customers. Most businesses use a mix of channels and optimize them over time.
Cost structure
Will your company focus on reducing cost or maximizing value? Define your strategy, then list the most significant costs you’ll face pursuing it.
Revenue streams
Explain how your company will actually make money. Some examples are direct sales, memberships fees, and selling advertising space. If your company has multiple revenue streams, list them all.
Project identification: is the process to assess each project idea and select the project with highest priority
involves collecting, processing and analysing data on problem/needs of the areas/community/organization
issues employed in project identification: Desirability, feasibility, affordability and Relevance
Desirable: A project is desirable if it can bring a change to the society by solving the problems in development or if it has adequate market for its product/service
Realistic: A project is realistic if it has specific, quantifiable, feasible and achievable objectives, sustainable effects, acceptable risks and reliable customers.
Affordable: A project is affordable if the cost is reasonable and if there are enough human, material and financial resources for its implementation
Relevance: a project is relevant if it is agreeable to the policy and development strategy of the country and if it remains consistent with government policies.
Once a project has been identified, the next stage is to describe the idea so that it can be prioritized and move on
When a firm evaluates a large number of project ideas regularly, it may be helpful streamline the process of preliminary screening.
For this purpose, a preliminary evaluation may be translated into a project rating index.
weights and ratings are given based on the Industry scanning and Corporate appraisal or your personal ass. and exp.
It is an evaluation method that helps mgt to streamline the process of initial screening.
Factors for rating have to be identified and weights to be assigned, scores have to be given.
The steps involved in determining the project rating index are as follows:
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