Sunday, November 13, 2011

Too Many Good Ideas, Not Resources

I think one of the biggest challenges facing business leaders today is to screen all potential projects that cross their desks and decide what initiatives worth and what not.

I recently got a wild hair and decided I wanted to build a boat. I searched the Internet for the past few weeks in search of the right "project." I found a manufacturer of Maine is the website convinced me that wanted to buy plans to build one of its boats. I measured my garage to see how much space I had to work and reduced my choice of two styles.

Last night, I wrote, I explained my experience level, and asked if he had any advice. His answer came early this morning. He described the characteristics of the vessel, as well as strengthening and veil, and asked what I wanted to get my boat. What I look for in the construction process and wanted to sail the boat later?

In essence, presented the business model for each boat, including:

1. My goal for the construction and sailing

Two unique properties of each boat

3. The costs associated with the construction of each ship

Business leaders today are often faced with the challenge of too many good ideas and not enough resources to act upon them all. Sometimes difficult decisions must be made by organizations to make a project work. The management of working tools should facilitate the evaluation of potential projects to help make these decisions based on more than whether a project is a good project. In today's economy, the decision should be based on whether or not the project is the best project or provide the greatest value. And that requires making decisions based on predetermined indicators including:

1. The policy is a strategy and a vision

2. Understanding the potential risks and risk mitigation plans

3. The potential benefits of the project

4. The costs, including the opportunity cost of not doing project

The fifth resource requirements

How does your organization evaluate potential projects to be implemented? There is a project management software that makes these decisions?

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