19/01/2013

Business Selection Process

Prepared for:
Ami Nawaz Ali Lecturer of City University

Prepared by
Faysal Islam 09322015 Batch: 13th Dept.: B.S.T.E.

Textile Project management

Acknowledgement
I have money, a lot of. Thats not mean that I can chose any business anywhere and make 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.

Textile Project management

Content
Sl No 01 02 03 04 05 06 07 08 Topic Introduction factors Why Do Project Selection When to Do Description Steps Incubator Last word Page 04 04 04 05 06 07 10 13

Textile Project management

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

Textile Project management

sources including: the community, funders, local and national governments and NonGovernmental 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.

Textile Project management

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 ownership and support, and increases the chances of a successful outcome.

Stakeholder input should be included at the ideas stage; consult widely as you are developing 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

Textile Project management

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 weighting

1.2 Score the Project Ideas

1.3 Inform the Stake holder

Project Selection Spreadsheet

Textile Project management

STEP 1.1 Define the Selection Criteria and Weightings

Purpose Useful Tools

To agree what criteria to use in selecting projects. 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 2 Review implementing agency project priorities and capability. 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 Spreadsheet using the Project Selection Spreadsheet TEMPLATE. 5 Record criteria and weightings in the Project Selection Spreadsheet.

At the end of this step: The Project Selection Spreadsheet includes selection criteria and weightings.

Textile Project management

STEP 1.2 Score the Project Ideas

Purpose Useful Tools

To score the project ideas to assist in selection. 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 4 Repeat steps 1 and 2 for each remaining criteria. 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 Spreadsheet includes the project scores Project ideas are listed according to Project Total Score.

STEP 1.3 Inform the Stakeholders Purpose Useful Tools To inform the stakeholders of the outcomes of the Project Selection Stage. Guidelines on Project Selection Guidelines on Stakeholder Engagement

Textile Project management

10

Actions
Action Description 1 2 For each stakeholder, identify the appropriate format of communication. Communicate the outcome and planned next steps. Note: If appropriate provide copies of Project 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 and management, for example) startup. areas of business (finance, marketing who provide guidance on the

Everyone would love their Pinterest or Instagram a top quickly. But getting a depends on many factors. talented team, a great product sales, a business model thats feasible

startup to be the next business that rockets to the startup off the ground

Among them, you need a or service, strong marketing and 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.

Textile Project management

11

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 relocating if 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? If what 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 successful accelerators 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 be assured 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 mental energy 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 that focus on other niches. You want one that will connect you to leaders in your industry,

Textile Project management

12

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.

Textile Project management

13

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.

Textile Project management