Your company is deciding on starting new projects but there is a lot you need to do to make sure these projects are right for your company and will be financially rewarding to the bottom line. Before you begin you and your project management team will need to go through a Project Evaluation Process.
To start this Project Evaluation Process you will need to start with knowing what the goals, objectives and interests of the stakeholders are to be. Basically you will need to be able to define what service or issues will the projects address and at what cost. You will need to then research the benefits of the projects using both quantitative and qualitative methods.
Keep in mind as you do your Project Evaluation Process you are going to have to consider, and then evaluate all of the options against the key criteria of economic, financial, social and in some instances environmental. When you are doing this you will need to set up a list they will be able to describe the context within which the project will be set.
In the project evaluation process you are going to be addressing issues that could potentially be brought up by stakeholders to you when you present the project to them. They will want to know how the project will impact the company and if it can be accomplished efficiently and economically. The Stakeholder will want to see that everything has been looked into assuring them a positive outcome. This will include whether the project will meet the proposed plan. Also you will need to look at areas of the project to make sure they will implement in the best way and changes put in place before the project starts. You will have to consider whether the project is the right project or is there a better project that you should consider. You will also have to see if the project has any side effects that could affect the company in the positive or negative.
The Project Evaluations Process is best done with a planning team that has input from resources that will be involved in the project. This should include the people who will be managing the project, possible contractors, suppliers and stakeholders. This insures that every step is evaluated and considered.
One simple way to ensure his project evaluation process is complete is to follow a simple guideline. This guideline should include doing your research, discuss all recommendations, scope out the proposed project, then evaluate the time and cost the project will run. By remembering this you evaluation process will be complete and you will know if the project is a go or no go project.