25-08-2017, 09:32 PM
GENERATION OF PROJECT IDEAS
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Generation of Ideas
Generation of ideas mainly comprises of two elements. The first one being the source of the ideas which can either be internal or external in nature and the second one being the methods used to identify these sources and gather information about them. The methods can be differentiated by the time horizon in which they are implemented
Stimulating the flow of ideas
Strengths, Weaknesses, Opportunities, and Threats (SWOT) is a well-known analysis technique adopted by business owners to improve the current position of their business. The internal aspects of a company are the strengths and weaknesses such as the quality of the product or the managerial skills. The external factors are the opportunities and threats like the development of a completely new market or the arrival of new competitors. The SWOT analysis helps to identify the core activities and how to perform them well.
Clear articulation of objectives
A clear articulation of objectives will help in grouping the efforts of employees, which would in turn make them think more imaginatively.
Developing a conducive climate
It is essential to develop an environment in an organisation, where the employees of a company can bring out their creativity. The ideas of the employees must be acknowledged properly and promptly.
MONITORING THE ENVIRONMENT
A promising investment idea allows a firm to exploit opportunities in the environment by drawing on its competitive strengths External forces affect business decisions. These forces can be economic, social, political, and technological factors. A firm needs to constantly monitor its environment to remain competitive. A business environment is dynamic in nature.