Project Identification and selection is a process to assess each project idea and select the project with the highest priority.
Project Identification: The process of identifying a candidate idea for developing into a project is called Project Identification. This is a systematic process. Project Identification process starts with the generation of a product idea. In order to select the most promising project the entrepreneur needs to generate a few ideas about the possible projects.
Project Selection: Project selection starts from where project identification ends. Project selection is a careful study of each project idea in detail and choosing one of them for further consideration and development.
It is not too difficult to find good projects in need of investment or other assistance. Project identification & selection typically starts with generating ideas. The biggest challenge is to select the ideas that have the highest chance of becoming beneficial projects. To help in this process, practitioners can use an organized approach for narrowing down and moving forward with the ideas that can be best converted into projects.
Project Identification & Selection could be from several sources: –
- Progressive Farmers
- Entrepreneurs
- Technical Experts
- Local leaders
- Bankers
- Mass Media
- National Policies
