Project Identification & Selection - Project Management, Entrepreneurship & Small Businesses Video Lecture | Entrepreneurship & Small Businesses - B Com

in this topic will be discussing project
identification and selection now there
are three basic steps in a lean project
life cycle so the life cycle or project
begins at the project identification
stage then the project selection stage
followed by the project management so
following your meetings and discussions
with the project sponsors the champions
and the process owners your team
typically brainstorms to figure out
project ideas the project hopper is a
centralized storage area for potential
process improvement and project ideas so
there could be several considerations
when coming up with a list of project
ideas a long list may be qualified and
then just a few ideas are shortlisted
now in the project identification and
selection process we typically have four
steps the first step is the short list
of project opportunities the second step
is determining the selection criteria
step three is prioritizing the project
opportunities and then step four
ultimately selecting the best project
opportunity now in wanting to select the
best project opportunity there are other
dimensions to consider so when we're
ranking potential projects you can use
different elements or dimensions to help
you identify it in this case we have
three examples the scale of benefit ease
of implementation and other
considerations under scale of benefit
were we're thinking about the size of
the opportunity or we're looking at the
money that is going to be saved or is
there a cost avoidance if we prioritize
this project and work on it first
what's the repeatable benefit these are
all examples of the scale when we look
at ease of implementation it's just that
is there the estimated resource hours
are they reasonable are they realistic
is a project important and at the same
time with a minimal amount of hours
required in which case not me it might
be a good candidate for a project versus
one that's going to require many
resources and lots of hours the
estimated time scale the estimated level
of resistance how much resistance are we
going to face if we try to implement
this process or look at changing this
process or the number of
cross-functional teams impact
if you have a process that's impacting
several different cross-functional teams
it could be more complicated to
implement immediately so again another
area of focus or dimension to consider
and then you have other considerations
for example do the project's align to
strategy if they're aligned to strategy
they'll most likely be supported and
therefore possibly good candidates for a
project do they sustain or develop
client focus is it related to a quality
policy maybe it's a requirement that
needs to be fulfilled and is there
capital required which if capital is
available is a good thing if and it's
not available it could prioritize that
particular project lower down on the
list now another way to help guide and
score your project ideas is by using a
priority matrix you've got a different
element of scoring related to the scale
of complexity of the project so as an
example you might have a weighting and
then you have a score from 1 to 10 and
the multiplication of these two factors
give you an overall weighted score that
then you can use to prioritize the
projects with a higher score against
criteria that is more important or
weighted higher will likely show up on
the top and therefore most likely be the
project you'd want to work on so let's
look at some project examples onboarding
program for staff improving turnaround
times for project approvals both really
good examples of administrative elements
or projects that can be used to
demonstrate in a new environment on how
the project process works streamlining
meal delivery again a very relevant
project you're helping make a process
that an end to patient or client is
requiring easier and more enjoyable
reducing elective surgery cancellations
improving the process for restocking a
supply again a very administrative but
essential process to look at in terms of
an improvement project medication
supplies ordering and delivery can we
make that process optimal turnaround
time for a new program development these
are all good examples of projects there
are cases where you should avoid
specific projects and they aren't
projects that are have specific areas of
focus per se but there
where as an example you have lack of
sponsorship if you don't have a sponsor
that will remain hands on through the
process to help you remove roadblocks
that's not a project that you should
probably take on there will be a high
risk that it will fail lack of
organizational support again very
similar to lack of sponsorship if the
organization is really not interested in
helping provide you resources tools etc
then the likelihood of that project
being successful would be quite low lack
of strategic alignment this is an
important one when you're choosing a
project ensure that it's aligning to the
strategic focus for the organization
because if not and rightfully so people
will be asking why are we doing it and
again mostly a technical element lack of
project definition as I always say if
you're going to go to a meeting always
ensure that you have an agenda for the
meeting because an agenda for the
meeting suggests and shows that there is
a focus for that meeting so whoever
organized that meeting will have a very
specific focus in conducting it and so
an agenda demonstrates that that's the
case in the case of a project if there
isn't a clear definition if you haven't
seen a project charter or you haven't
seen an a3 or any document that outlines
the specifics of the project it's
probably a project that you should avoid
you