Alternative way of Fetching the Next Value in Sql Server.

create table Project_Master
( 
  project_id int identity not null primary key,
  project_name varchar(100) 
) 

create function Next_Project_Number(@id int) 
returns char(5) 
as 
begin 
   return 'P' + right('0000' + convert(varchar(10),@id),4); 
end

alter table Project_Master 
add Next_Project_Number as dbo.Next_Project_Number(project_id);