Project Identification is a repeatable process of analyzing and approving of candidate projects as reasonable to be undertaken by the organization. This process is applied when organization needs to make right choice between several candidate projects in order to undertake the most advisable one. Project identification includes studying, documenting, validating, ranking and approving candidate projects to be included into an organization’s portfolio.
Identification of a project is started from identification of a problem underlying it, so the problem is based upon a “root” – a problem it addresses and concentrates at to deliver a solution for, and then it gets identified with more details, such as resources, etc. Project identification is necessary to:
- Validate a business need and justification for each candidate project;
- Accept and apply objective criteria to rank the candidate projects;
- Control and limit involvement of resources into projects reasoning from their reasonability;
- Plan the workforce to serve the anticipated HR needs of the candidate projects;
- Allow a more reasonable investment policy based upon profitability of candidate projects;