Selection of Idea for Project Formulation

The last step for project identification is selection  of idea for project formulation. It analysed ideas which are classified as:
  • Promising ideas: Promising ideas are possible alternatives for new projects.
  • Marginal ideas: Marginal ideas are stored for future uses. They are not immediately useful.
  • Reject ideas: Reject ideas are dropped due to various limitations and constraints.
A choice is made from among promising ideas for project formulation. The selected idea becomes a project.

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