Since underdeveloped countries are capital starved and deficient in other vital resources, wastages should be minimized and optimal results achieved. This pinpoints the need for meticulous planning and careful preparation of development projects. Planners many be faced with the dilemma of choosing between multiple projects of seemingly equal economic value a choice which can only be facilitated through systematic, realistic and formal project studies to clearly established priorities.
It must be ensured, through the mechanism of project evaluation that projects marked out for implementation should be of the highest priority or urgency from than national viewpoint. Inter linkages between sectors and inter dependence between projects should also be carefully considered in sectoral and project studies undertaken for the purpose. Project studies should also take stock of the existing institutional arrangements and pin point shortcomings if any and how these can be improved.
All this information should help in identifying and compiling limited lists of the probable, projects likely to be selected. This should be followed by preparation of feasibility studies on the marked projects. If these feasibility studies are positive or reveal a favourable picture, then detailed work on project preparation can be launched. All this confirm that projection is very serious business and for good results a lot of time and effort has to be put into it. This is a point which can only be ignored by under developed countries at considerable cost.
It must be ensured, through the mechanism of project evaluation that projects marked out for implementation should be of the highest priority or urgency from than national viewpoint. Inter linkages between sectors and inter dependence between projects should also be carefully considered in sectoral and project studies undertaken for the purpose. Project studies should also take stock of the existing institutional arrangements and pin point shortcomings if any and how these can be improved.
All this information should help in identifying and compiling limited lists of the probable, projects likely to be selected. This should be followed by preparation of feasibility studies on the marked projects. If these feasibility studies are positive or reveal a favourable picture, then detailed work on project preparation can be launched. All this confirm that projection is very serious business and for good results a lot of time and effort has to be put into it. This is a point which can only be ignored by under developed countries at considerable cost.