Business selection process

7/29/2019 Business selection process

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19/01/2013 Business SelectionProcess


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Textile Project management

Prepared for:

Ami Nawaz Ali

Lecturer

of

City University

Prepared by

Faysal Islam

09322015

Batch: 13th

Dept.: B.S.T.E.


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Acknowledgement

I have money, a lot of. Thats not mean that I can chose any business anywhere andmake profit from it. I have to choose the right business to make money from money.

Choosing the right business make the startup process of a business easier. To chose the

right business one have to follow a process. This will take him at the starting point of the

steps of success.

Our lecturer Amir Nawaz (sir) gives us chance to study on business selection process. So

we are thankful to him. We are thanking him these people also who help us to finish

this. And of course we are grateful to the almighty Allah. Alhamdulillah. Without whos

wish finishing these task would not be possible.


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Content

Sl No Topic Page

01 Introduction 04

02 factors 04

03 Why Do Project Selection 04

04 When to Do 05

05 Description 06

06 Steps 07

07 Incubator 10

08 Last word 13


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Introduction:

Project Selection is a process to assess each project idea and select the project with the highest

priority.

Projects are still just suggestions at this stage, so the selection is often made based on only brief

descriptions of the project. As some projects will only be ideas, you may need to write a brief

description of each project before conducting the selection process.

Factors for project selection (why using business selection process):

Benefits of project selection:

Benefits: A measure of the positive outcomes of the project. These are often described as "the

reasons why you are undertaking the project". The types of benefits of eradication projects

include:

Biodiversity Economic

Social and cultural Fulfilling commitments made as part of national, regional or international

plans and agreements.

Feasibility: A measure of the likelihood of the project being a success, i.e. achieving its

objectives. Projects vary greatly in complexity and risk. By considering feasibility when selecting

projects it means the easiest projects with the greatest benefits are given priority.

A detailed review of a project's feasibility is conducted in the Feasibility Study Stage.

Why Do Project Selection?

Often you will have a number of suggested projects but not enough resources, money or time

to undertake all of the projects. The ideas for eradication projects may have come from many


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sources including: the community, funders, local and national governments and Non-

Governmental Organisations (NGOs). You will therefore need a way of deciding on a priority

order and choosing a project.

If your organisation has limited experience in conducting eradications then it is recommended

to concentrate on a small number of projects, ideally one project at a time, until the people in

your organisation have developed the skills and experience. Grow capacity and build up to

undertaking multiple projects at any one time. Do the easy projects first. Work towards the

most difficult and rewarding projects. Use the easy projects to help answer questions/solve

issues for the more difficult projects. Use the best opportunities to learn.

You may have a mix of straight forward and difficult eradication projects and do not know

where to start. The Project Selection Stage will assist you by providing a process to compare the

importance of the projects and select the most suitable project to undertake.

By following the Project Selection Stage you will follow a step by step objective method for

prioritizing projects - this can be used to explain to stakeholders the reasoning behind why you

selected a particular project.

The benefits of completing the Project Selection are:

a transparent and documented record of why a particular project was selected a priority order for projects, that takes into account their importance and how

achievable the project is

When to Do?

Undertake a Project Selection when you have more ideas than the number of projects you can

undertake and need to select the project that should be given priority.


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One only have 1 project, it may still be useful to score the project against a set of criteria to

identify the strengths and weaknesses of the project. The results may be useful later in the

Feasibility Study Stage.

Who Should Be Involved?

Agency Management:

Set selection criteria to ensure the selection process aligns with agency strategies. Selection processes are often run as a management initiative before the implementing

Project Manager is assigned.

Stakeholders:

Stakeholder participation at the start of a project creates strong community ownershipand support, and increases the chances of a successful outcome.

Stakeholder input should be included at the ideas stage; consult widely as you aredeveloping the ideas for projects as the community will be the source of many of the

best project ideas.

Stakeholders must be informed of the outcome of the Project Selection Stage.

Project Manager:

Involving the Project Manager in the Project Selection process will help build ownership in the

project and support a successful project in the long run.

Description

Each project idea is scored against the selection criteria and a total project score is calculated.

By ranking the ideas in order of the highest score you are able to see which idea has the highest

priority. This procedure gives you the ability to take a number of possible projects and identify


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Project

Selection

Spreadsheet

which project is most important to first move to the Feasibility Study Stage. This Stage is not

required if you only have 1 project idea.

Before one Begin

He will need to have:

consulted with the local community and other stakeholders on project ideas. collected together the project ideas. read the Resource Kit - Project Selection Overview . read the Resource Kit - Guidelines on Project Selection.

Steps:

1.1

Define Selection

Criteria

And

wei htin

1.2

Score the

Project Ideas

1.3

Inform the

Stake holder


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STEP 1.1 Define the Selection Criteria and Weightings

Purpose To agree what criteria to use in selecting projects.

Useful

Tools

Guidelines on Project Selection

Project Selection Spreadsheet TEMPLATE

Project Selection WORKED EXAMPLE

Case Study on Project Selection from Ratcliffe et al (2009)

Case Study on Project Selection from Island Conservation (2007)

Actions

Action Description

1 Review implementing agency project priorities and capability.

2 Identify relevant stakeholders to be involved in project selection process.

For more information, refer to the Guidelines on Stakeholder Engagement.

3 Collaborate with agency management and stakeholders to define criteria and relative

weightings.

For more information, refer to the Guidelines on Project Selection.

4 Create a Project Selection Spreadsheetusing the Project Selection Spreadsheet

TEMPLATE.

5 Record criteria and weightings in the Project Selection Spreadsheet.

At the end of this step: The Project Selection Spreadsheetincludes selection criteria and

weightings.


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STEP 1.2 Score the Project Ideas

Purpose To score the project ideas to assist in selection.

Useful

Tools

Project Selection WORKED EXAMPLE


Actions

Action Description

1 Score each project against criteria 1 and record the scores in the Project Selection

Spreadsheet.

2 For each project idea, multiply the criteria score and the weighting to give the

weighted score. Record the weighted scores in the Project Selection Spreadsheet.

For more information, refer to the Project Selection WORKED EXAMPLE.

3 Repeat steps 1 and 2 for each remaining criteria.

4 For each project idea, sum the weighted scores to give a Project Total Score. Record

the Project Total Scores in the Project Selection Spreadsheet

5 Order the Project Total Scores highest to lowest to give a priority list.

At the end of this step:

The Project Selection Spreadsheetincludes the project scores

Project ideas are listed according to Project Total Score.

STEP 1.3 Inform the Stakeholders

Purpose To inform the stakeholders of the outcomes of the Project Selection Stage.

Useful

Tools


Guidelines on Stakeholder Engagement


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Actions

Action Description

1 For each stakeholder, identify the appropriate format of communication.

2 Communicate the outcome and planned next steps.

Note: If appropriate provide copies ofProject Selection Spreadsheet.

At the end of this step: Stakeholders will understand the selection decision.

Incubator

And the selected project starts.

But for the startup Incubators are the best.

A business incubator is a program designed to provide support to new businesses to help them succeed.

Every incubator program is different, but incubators and accelerators typically include access to

mentors or experts from different areas of business (finance, marketing

and management, for example) who provide guidance on the

startup.

Everyone would love their startup to be the next

Pinterest or Instagram a business that rockets to the

top quickly. But getting a startup off the ground

depends on many factors. Among them, you need a

talented team, a great product or service, strong marketing and

sales, a business model thats feasible and some money and even business

partnerships to make it all work. Sometimes you may think the planets have to align just right! Thats

where startup accelerators or business incubators come in.


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How to Choose

The incubator that will best serve your startup depends on what youre looking for. Here are

some criteria to keep in mind:

Geography: Look close to home first. If nothing is available, consider relocatingif relocation will not be an issue for your family. Note: some incubators have very

specific place of business requirements.

Fits With Your Needs: Does the incubator offer what your startup REALLY needs? Ifwhat you need is investors and industry partners, then an incubator that focuses on

mentoring, providing seed funding and making connections with influential investors

should be your focus. If your greatest need is access to physical facilities, utilities and

telecommunications/Internet, then focus your search on incubators that provide those

benefits. Be sure to make a list of your needs first.

Difficulty to Get In: Of the thousands of applications that the most successfulaccelerators receive, only a fraction are accepted. The more difficult ones to get into

tend to be the most rewarding.

Track Record: Youll want an incubator that has successfully helped businesses launch,find funding or otherwise succeed. Research to find out what percent of graduates have

accomplished these milestones, and what the incubator did to ensure that success.

Speak with graduates to get their take on the program as well.

Whos Running It: If youre going to dedicate time to an incubator, you want to beassured that the people running it have their own proven track records as

entrepreneurs. What experience do they have that will help you run your company

better? How much time do they spend with participants?

Amount of Time Youll Need: Some incubator programs will sap all of your mentalenergy and time, so consider that this will be time spent away from your startup (in the

sense of daily operations) and family.

Niche: Many incubators focus on tech and Web companies, but there are others thatfocus on other niches. You want one that will connect you to leaders in your industry,


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has mentors who understand your industry, and/or can provide industry-specific

facilities.

Theres no rule saying you can only apply to one incubator, or even the same one once. Make a

list of those youd get the most benefit from and apply to any youd be willing to relocate for.

Some startup founders attend multiple incubator programs, getting more contacts and more

experience they can apply to their businesses.


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Last word:

Business is not the way only used to develop ones personal life. It improves the country. It

changes the picture of the whole nation. So who are capable to invest they should know how to

do so for their own and their countrys good luck.

Business selection process

Documents

Transcript of Business selection process