Project Identification Checklist

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The purpose of project identification:

• Making sure a candidate project will pass through constraints of project formulation;
  These constraints are the following ones:
  
  • Lack of a viable or feasible project idea and concept;
  • Lack of comprehensive project definitions and realistic goals;
  • Lack/deficit of required resources and infrastructure;
  • Inability to overcome government restrictions;
• Validation of business reasons for projects to be undertaken;
• Establishing the objective ranking and selection of candidate projects;
• Justification of financial interest and commitment of an organization;
• Setting up a clear process for candidate projects to achieve finances;
• Anticipating future needs in resources, including their quantities, capabilities and skills;
• Avoiding over-commitment (overload) of limited resources; 

Complete certification of a business case:

• Collect formal information to define a candidate project;
• Engage technical analysts and other concerned experts into evaluation of gathered information;
• Compile, format, and document a candidate business case into a Business Case paper;
• Recognize the new candidate project with necessary corporate identities (project code, etc);
• Submit the Business Case document to appropriate screening committee for review;
• Elaborate or supplement the business case with additional information once requested;
• If the business case is accepted, then address it to repository for further ranking and selection;
• If the business case is rejected, then give an explanation for the rejection and consider redoing;
• Update the business case once any additionally requested information is added and review it; 

Score and rank candidate projects:

• Objectively score and rank the candidate projects that are listed in the corporate repository (see this Project Scoring Checklist for more information);
• Research character of opportunities identified through the business cases:
  • Radical Innovation – a breakthrough change in business or technology;
  • Complementary Innovation – changes for optimization to improve existing situation;
  • Exploration – expansion and development of existing things;
• Examine every opportunity to learn how it can result into profit if realized by organization;
• Evaluate target dates of all candidate projects to figure out their urgency;
• Evaluate the total business impact and review a variety of effects associated with each project;
• Evaluate scales, costs and durations for all projects to learn their fitness to corporate standards;
• Assess risks connected to all candidate projects;
• Make a decision by using criteria for identifying the most worthwhile project among candidates;

Evaluate and determine project resources:

• Finally select a single candidate project based on its scoring and preliminary resource needs;
• Identify the critical project needs (people, technology, money);
• Estimate investment size and make a projection on the payoff scale and period;
• Set criteria to identify expected requirements for amounts and capabilities of future resources;
• Identify future employment opportunities, and future training ...

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