The process of identifying a candidate idea for developing into a project is called Project Identification. This is a systematic process and some times it may be a
serendipitous act.
Sources of Project ideas
- Observation
- Trade and Professional magazines
- Bulletin of Research organizations
- Government sources
Project selection is a careful study of each project idea in detail and choosing one of them for further consideration and development. A project idea is universal. However, a project must be implemented in the background of factors such as
- Technology
- Equipment
- Investment
- Location
- Market
Project Formulation
The process of studying a selected project further with reference to investment decisions is called project formulation. It considers issues such as relevance and feasibility of the project. It
involves a step-by-step procedure to investigate and develop project further.
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