In this ever changing world, the multilevel enterprises that manage a group of companies and activities are facing various internal issues that need to be addressed, and external opportunities that need to be considered. Defining those business problems and opportunities will have a significant influence on project identification process. The careful effort and time to recognize the needs are essential to initiate the project lifecycle and to answer practically how to identify and select projects. The upper management is facing massive challenges to decide which project must go first based on priority, greatest benefits and available resources.
B1W Project, a unique - state of art - mixed use development located in prime waterfront downtown of Abu Dhabi in the UAE, has been identified through a strategic plan between the owner and the master developer of major tourism destinations in Abu Dhabi. The focus was to foster a lifestyle that is occurring in the city, and to meet the social needs of the young and active people in a dynamic, stimulating and also leisurely environment. The projected financial outcomes indicated project IRR in excess of 15% after the end of year 1 of operation and increasing in subsequent years.
The B1W project is owned by a diversified conglomerate that owns and manages a substantial portfolios of companies in various business disciplines. Each company has its own on-going and future projects that should focus on and have it completed. The headquarters decided to develop an evaluation criteria to assess the tangible and intangible benefits of the projects. Deloitte was hired as a consultant to evaluate and study the impact of each project in different criteria. The overview estimates and financial analysis indicates that B1W Project is highly ranked among others as a profitable project with the highest overall benefit. The Chairman (owner) and his experienced committee decided to select the B1W and to give it a high level of priority to move on first. Hence the owner authorized the program director to invite the top 10 contractors to bid for B1W by sending them a request for proposal.
