Strategic Project/Initiative Identification and Implementation April 28-April 29 2016
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Transcript of Strategic Project/Initiative Identification and Implementation April 28-April 29 2016
Economic Development Strategic PlanningJim DamicisSenior Vice PresidentCamoin Associates
April 28-29,2016
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Strategic Project/Initiative Identification & Implementationoverview of principal stages of the project cycleproject identificationproject assessment project implementation
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principal stages of the project cycle
identification
assessment or appraisal
implementation
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ways to gather ideas
prior and existing plans and documents
utilizing existing meetings
one-on-one discussions
focus groups
soliciting input through email/social media
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project identification consider range of alternative projects & programs
identify projects & programs in light of:o strategic economic development goalso objectiveso strategies established earlier
broadly evaluate project proposals
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broad criteria Does it help achieve a goal or objective?
Does the community have the resource & capacity to undertake the program?
noteolimit depth of analysis osimply decide if further consideration is
warranted
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project assessment individuals who identify proposals should prioritize project options
stakeholders should establish set of standards or criteriao identify the best possible projects o recognize both the positive & negative impacts
conduct research to assess feasibilityo initial or first phase: assess which proposals to pursue, &
prioritize o second phase: in-depth feasibility study
ingredients for a successful project:
Camoin Associates 8
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project worksheets
basic description
relation to strategic plan (in terms of goals)
economic development benefits
regional benefits & issues
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project worksheets
resources available for execution
additional resources required
potential barriers to overcome
conclusions about project feasibility
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project feasibility section
funding
capital cost
required municipal/gov’t body proceedings
government support
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after collecting project information...
quantify information
• tally scores for each program
input data into matrix
• higher scores reflect higher feasibility
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assessing alternatives
priorities impact
feasibility - time- cost-social/political- technical
cost-benefit analysis
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priorities
projects that reflect plans goals & objectives rank higher
review alternatives individually
compare alternativeso likely effects o how well it meets the specific goals
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impactdetermine positive & negative o local economy o regional way of life
all ventures have advantages & disadvantages
estimate degree of impact of each
rank projects with greatest net effects as top priorities
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economic feasibilitytimeo 1-2 year projects rank highero longer completion time increase uncertainty
costo operating expenses and financing capacityo opportunity costs
expensive & time consuming proposals with low returns should be designated low priority
cost-benefit analysis determines economic viability
used to assess a single project or for comparison
can be used to determine most efficient use of
resources
processo identify & calculate costs & benefits o calculate the net impact
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sunk costs
project costs do not include sunk costs
costs, prior to implementation, may includeo existing infrastructureo buildingso serviceso supplies
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benefits all revenue that results from project operation
measured by increase in output or cost savings
examples of project revenues o municipal taxeso fees or charges for services o sale of remaining equipment
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direct & indirect costs
direct costs & benefits result specifically from the project
indirect costs & benefits result because of ripple effects
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social/political feasibility
Rank highly proposals with a great degree of community support from public officials, business leaders, & residents. Social support can make or break a program alternative.
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technical feasibility Can the region handle a project of this magnitude?
Do the right people with the right skills exist in the to carry out the project?
Is the technology available?
Is the experience & knowledge there?
Are the resources available?
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sample vertical matrixCriteria/Proposed Project Project
1Project
2Project
3Project
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in line with present goalsexploits opportunitydepends against a threatlength of time to measure impactfinancing availablepolitically acceptablehas stakeholder supportnecessary skills/staff/space
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action plans tasks involved
o sequence with respect to other tasks.
who or what organization is responsible for each task
realistic timetables for the completion of different activities
expected impacts or results of the action
funding requirements, including identification of sources
performance benchmarks
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sample implementation matrix
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implementing programs
need for flexibilityo leave room for changes & delayso develop strategy for problem resolution
keeping the plan aliveomarketing, market, marketing
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amending programs & successive planning efforts
revisit & update annually
confirm or adjust
opportunities or threats require immediate actiono new grant program, plant closing, natural
disaster
Jim Damicis, Senior Vice President – Principal - Camoin Associates• Immediate Past President, Northeastern
Economic Developers Association• IEDC, Economic Development Research
Program, International Economic Development Council
• Collaborator – Communities of the Future• 25+ Years Experience in Economic and
Community Development
[email protected]: @jdamicisLinkedin: www.linkedin.com/in/jdamicisBlog: www.camoinassociates.com/blog/
• Comprehensive Economic Development Strategies (CEDS)
• Stakeholder Engagement• Workforce Development• Market Analysis & Financial Feasibility• Evaluation & Benchmarking Indicators• ED Communication & Marketing