The process of turning certain thinking into a work plan is known as project formulation. The lack of something gives birth to thinking. Therefore, thinking is considered to be the initial point of project. According to Louis J. Goodman says, “Project formulation is a parameter of a project. It aims at gaining preliminary formal commitment to the project ideas. Project identification is the first stage of project planning and the second stage is project formulation and it determines the project objectives and output. It also estimates of various resources required including the project schedule for achieving the project objectives. The formulation techniques are: 1. Feasibility analysis 2. Network analysis 3. Input analysis 4. Financial analysis 5. Cost benefit analysis 1. Feasibility analysis: Feasibility analysis is one of the techniques of project implementation. Feasibility study is the study of ...
If there is a will there is the way...