Answer to Question #186729 in Management for Prabhdeep Singh

Question

Subject: Project Planning and control

What do you mean by generating and screening of business ideas? (please answer in 150 words)

Answer 1

Idea generation is an innovative process that entails the creation, growth, and communication of new ideas and concepts that will serve as the foundation for your creativity strategy. Any great idea begins with a great idea, but one idea seems to come from a lot of people. Idea screening, on the other hand, is the stage in the new product creation phase that comes after idea (or concept) production. It is focused on knowledge from practice and consumer analysis and often includes the use of scoring templates, checklists, or personal decisions.

Thus, generating and screening business ideas entails carefully generating, developing, and communicating new ideas and innovations, as well as deciding which ideas to hold and which to reject based on personal judgments, checklists, and ranking models based on market analysis. This would help decide whether the project is compatible with the company's overall goals and whether it would have a viable return on investment. The key goal of idea screening, however, is to exclude unsound ideas before devoting resources to them.