Wednesday 12 June 2019

Project Initiation

Once a project is selected it must be initiated, it is in this phase that the project manager learns:
  • The objectives of the project
  • The business reasons as to why the project was selected
  • Information about the project deliverables, Timeline, and budget
  • Gains approval to proceed with the project
The initiation phase of a project lays the groundwork for the project
  • defines the reasons why they project is undertaken
  • the primary business benefits of the project
  • the goals the project is expected to achieve
  • ensures that all stakeholders are on the same page
  • acknowledgment by management of resources required: time, budget, scope
  • Project Charter (main deliverable)
Once a project has been added to the project portfolio the organization assigns a project manager to it. The main deliverable of the initiation phase of a project is the charter, the project charter defines:
  • Purpose of the project: a simple business statement about what the project is about
  • Objectives: are clear an measurable statements as to the results of the project. When defining Objectives make sure that they meet the SMART criteria
    • Specific & clearly stated
    • Measurable or Quantifiable
    • Achievable
    • Relevent
    • Time-bound
  • Key requirements: List what is needed to achiece the objectives
  • Main deliverables (Schedualed milestones): a schedual of what will be deliverd and when
  • Resources Required: the things needed to deliver the project succesfully
    • Budget
    • Personnel
    • Equipment
    • Materials 
  • Major Risks: what could prevent the project from being a success
    • Schedule
    • Budget
    • Profitability 
    • Technical
    • Organizational
    • External
  • Key stakeholders & sponsers: people who are affected by the project and people who have influence over the project, at a minimum this will be the sponsor, the clients and the team. 
  • Project Sign off: this is where the project signed off by the sponsor and PM and client