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
Guidelines on Project Selection
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 Project Selection
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.
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