Question

Explain how to evaluate the need for new projects and describe to value and manage risk for those new projects.

Answer 1

Evaluation is critically examined the need of project. Its bojective is to make judgement about the project.

One can evaluate project by collecting and analyzing information about the project activities, caracteristics and outcomes. Its pupose is to make judegement about the project so that one can optimize the result of the project. It also increases effectiveness and efficiency of project. It also perform impact and sustainability analysis.

Value of these projects is find by return on investment approach, balanced scorecard approach and organizational competency approach, This tells where new pojects are going to help organization or not.

To manage risk of the project one has to find the risks first once you find project risk then we need to assess the severity of these risk. After assessing it we need to manage the risk by minimizing its impact by taking required steps.