Public formulation and implementation Essay Example | Topics and Well Written Essays - 500 words

Public formulation and implementation - Essay Example Public formulation is concerned with the generation of ideas that can help the public sector achieve a certain set of strategy. This process calls for expressions of interests from the experts. Experts from professional background such as; economists and researchers are always called upon to help the public administrators evaluate on any possible investment opportunity. After a lengthy evaluation of various strategies, the public administrator picks one project. Before doing so, a cost-benefit analysis is done to weigh on the investment viability. This is usually done to evaluate on the project that has high returns and less costs. The life years of the project is also taken into consideration. The longer the life year of the project determines the chance of investing on the project. Project approval is the second strategic steps that a public administrator follows. After the cost-benefit analysis of the project is done, internal rate of return (IRR) is also done. IRR analysis is done in order to examine the returns that the investment will realize in the entire life years of the project. The public administrator then approves for the most viable project. They approve the project and prepare the budget. Once the budget is approved, the project then prepares for the next step; implementation process. Implementation of this project is then executed. A public administrator deploys quality personal into performing this task. Day-to-day monitoring of this project is done to ensure that all the steps and processes are followed to the later. The chief project manager keep a record of the implementation process to make sure that all the provided steps is adhered to strictly. Implementation process is the key to the viability of the project as this will determine whether the project will be realized or not. An independent project expert that the public administrator appoints should work to