Project ideas are generated based on consumer needs, market demand, available resources, and technology. Ideas are also influenced by external factors like natural calamities and political considerations. The selection process evaluates ideas based on their profitability, feasibility, required resources, and market acceptance. Key tasks in generating and screening project ideas include monitoring the business environment, looking for opportunities, performing preliminary screening using a project rating index, and assessing sources of positive net present value. Shortlisted ideas are then evaluated against criteria such as identified customer needs, technical feasibility, required research and development, profit potential, market fit, and resource requirements.