New Project Identification and Selection of Right Project, Best Business Opportunities, Thrust Areas for Investment, Industry Startup and Entrepreneurship

Description:

INTRODUCTION

The first and one of the critical steps in theproject cycle management is the identification and selection process. This isan important stage such that it can affect the whole process including that ofsustainability of the project after completion and transferring to operationalphase.

A Project activities aimed at bringing aboutclearly specified objectives within a defined time-period and with a definedbudget.

A Project is:

•        Agroup of milestones or phases, activities or tasks that support an effort toaccomplish something.

•        Acombination of Human and non-human resources put together in a temporaryorganization to achieve a specific purpose.

•        Aset of skills. Specialist knowledge, skills and experience are required toreduce the level of risk within a project and thereby enhance its likelihood ofsuccess.

•        A“cutting edge of development” or as “building blocks of development.”

•        AScientifically evolved work plan devised to achieve a specific objective withina specific period of time. It can be considered as proposal involving capitalinvestment for the purpose of developing facilities to provide goods andservices.

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