Weighing the Pros and Cons

...looking at a project in just narrow cash terms may mean you miss out on some of its other potential benefits,

The easiest way to do this is through a cost-benefit analysis -- simply comparing how much benefit the idea will bring against how much it will cost in terms of resources. That might give you an overall feel for one project over another, but a more useful approach in some form of "decision matrix" that helps you compare many different alternatives on a number of cost and benefit dimensions.

Sometimes, looking at a project in just narrow cash terms may mean you miss out on some of its other potential benefits, like entering a new market, or learning some new skills, that you could then use in future projects.

ACTION POINT: Consider all of the cost's and benefits for any innovation opportunity.