Good business decisions never come up right away. Decision making is a thorough and often time-consuming intellectual process, so every decision maker needs to take a number of steps (for example, analyze the problem, determine possible solutions, select evaluation criteria, identify desired outcome, others) in order to find a logical choice among available alternatives… In this article, I talk about how to make good business decisions. Here you will read about 8 major steps that help you be a better decision maker in your business.
When you have a project for evaluation and proposal, first you must make sure that you have reviewed and analyzed all adequate alternatives or options to the project. By reading this Project Feasibility and Option Analysis Template you will find out how to identify options, evaluate them for feasibility and select the best one for your project design.
Regardless of the chosen approach and management strategies for implementing a project, there are always some alternative ways to implement the project using the same resource base and meeting the same business need. Such ways are called “project alternatives“. In the Initiation Phase, the identification and management of project alternatives will provide options for completing the project, while addressing the original business problem and delivering the expected business benefits.