Feb 06, 2017 10:31 PM EST

Tips From Ford CEO: How To Evaluate The Project You Want To Pursue

No one can be sure that a business idea would be successful. One should need to assess a project before deciding on whether to proceed or not. Ford's President and Chief Executive Officer Mark Fields shared some questions you should answer first.

The first thing that Mark Fields asks is "Where do we want to play?" This pertains to what market Ford wants to operate, Fields told Business Insider.

Setting the scope of the project would also make it easier to make a plan, according to InnovationManagement.se. Where you want to operate is part of the scope, as well as the overall aim of the initiative you are working on.

The second question is "How will we win?" Fields said that optimism is not enough and you have to be honest with what the project can meet.

This would be your plan on how you will execute the initiative. Identify that factors that would make you say your initiative is a success. Set objectives that are specific, measurable, attainable, realistic and time-framed. This is also where risks assessment comes in.

The third question from Fields is "What capabilities do we need?" Know what aspect of the project the company can already do internally. Then, evaluate what talents you need to source from the outside, including the technology you might need. As a big company, you might consider a partnership or an acquisition. It is important to optimize the resources and allocate them accordingly.

"The key is making sure that whoever we work with, value is created for both partners," Fields told Business Insider. "Because if it's not, that's not going to last."

What other considerations can you add to evaluate whether a project is worth pursuing? Share with us your thoughts through the comment box below!

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