It consists of the following stages:
1. Project Identification: It refers to identification of business/investment opportunities. It
involves scanning of the environment to find out investment opportunities.
2. Project Formulation: It is the translation of the idea into concrete project with scrutiny of its
important preliminary aspects.
3. Project Appraisal: It involves searching, scrutiny, analysis and evaluation of market,
technical, financial and economic variables. It examines the viability of the project.
4. Project Selection: It is the process of choosing a project rationally in the light of objectives
and inherent constraints on the basis of appraisal.
5. Project Implementation: It is the stage of birth of an enterprise. At the end of this stage, the
idea becomes a reality.
6. Project Follow Up and Evaluation: It is the process of assessing the performance of the
project after it started functioning. Project evaluation simply means assessing the progress of
the project.
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