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Planning Project Selection & Appraisal - Project Management, Entrepreneurship & Small Businesses Video Lecture | Entrepreneurship & Small Businesses - B Com
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FAQs on Planning Project Selection & Appraisal - Project Management, Entrepreneurship & Small Businesses Video Lecture - Entrepreneurship & Small Businesses - B Com
| 1. What is project selection and appraisal in project management? |  |
Ans. Project selection and appraisal is the process of evaluating and choosing the most appropriate project to undertake based on various criteria. It involves analyzing the potential benefits, risks, and feasibility of different project options to determine which one aligns best with the organization's goals and resources.
| 2. What factors should be considered during project selection and appraisal? | |
Ans. Several factors should be considered during project selection and appraisal, including the project's strategic alignment with the organization's objectives, its potential return on investment, the availability of resources and expertise, the level of risk involved, and the project's feasibility in terms of technology, market demand, and competition.
| 3. How can project managers appraise the feasibility of a project? | |
Ans. Project managers can appraise the feasibility of a project by conducting a thorough analysis of its technical feasibility (can the project be implemented?), economic feasibility (is it financially viable?), operational feasibility (can it be integrated into existing systems?), and legal and ethical feasibility (does it comply with regulations and ethical standards?).
| 4. What are some common project selection methods used in project management? | |
Ans. Common project selection methods include financial methods such as net present value (NPV), return on investment (ROI), and internal rate of return (IRR), as well as non-financial methods like scoring models, cost-benefit analysis, and strategic alignment analysis. These methods help in objectively evaluating and comparing different project options.
| 5. How does project selection and appraisal contribute to the success of small businesses? | |
Ans. Project selection and appraisal are crucial for the success of small businesses as they help in identifying and prioritizing projects that have the highest potential for growth and profitability. By carefully evaluating project options, small businesses can allocate their limited resources effectively, minimize risks, and ensure that their projects are aligned with their long-term goals and objectives.
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Nov 16, 2024 Last updated |
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