Scribd
Upload
4 views

Project Management

Uploaded by

muraemafsjr
Copyright
© © All Rights Reserved
Available Formats
Download as PDF, TXT or read online on Scribd
4 views

Project Management

Uploaded by

muraemafsjr
Copyright
© © All Rights Reserved
Available Formats
Download as PDF, TXT or read online on Scribd
You are on page 1/ 12

Project Management

The stages of the project life cycle


Project initiation
It is the first stage in the project life cycle.
It consists of the following steps
1. Business Case
2. Project charter
3. Project scope
4. Roles and Responsibilities
5. Stakeholders
6. Kickoff meeting
Explaining each step of project initiation
stage
Creating a business case:
• The business case is an important document that defines how the project
which is being undertaken is aligned with the company’s long-term goals.
• This document explains why a company should spend its technical, financial
,human resources etc. on the project. Basically, the rationale behind
undertaking the project should be answered.
• The business case cites all benefits, potential project risks, and issues that
could arise, along with potential solutions, costs, time, resource needs, and
projected ROI(Return On Investment).
• It may be presented to the executive team and any other project stakeholders,
who will determine if the project is worth pursuing.

*stakeholder is anyone ,who either influences or gets influenced by the project.


Project charter
• Once the business case is approved by the sponsor, a ‘project charter’ must
be established which is either written by the project sponsor or manager.
• The project charter formally documents how the project will be managed, the
project charter formally documents how the project will be managed,
including an overview of the project scope, high-level objectives
and deliverables, team member roles and responsibilities, specific resources
required, timelines, costs, potential risks and problems, dependencies, and
success criteria.
• The project charter is essentially a contract between the project sponsor,
stakeholders and the project team, defining the scope of the project
manager’s authority.
Project scope
• An overview of the project scope is to be included in the project charter;
however, a separate document must be dedicated for the project scope.
• The project scope includes a list of final deliverables, available resources,
inclusions and exclusions, project constraints, and major tasks and
milestones, all of which are designed to keep your project from exceeding
time and budget goals.
• In other words, its purpose is to outline what must be achieved(goals) and
the work that is to be done to achieve it.
• It is important to pin down the scope early in a project’s life cycle as it can
greatly impact the schedule or cost (or both) of the project down the track.
Roles and Responsibilities
• It is the job of the project manager to find the right team so that the project
is successful.
• The project manager also determines the roles and responsibilities of the
team members.
Stakeholders
• Project’s success often depends on the support and participation of its
stakeholders.
• These individuals include anyone affected by the project or those who can
affect the project.
• Stakeholders include but are not limited to project sponsors, business
experts, project team members, and end users.
• Project stakeholders can either be internal or external and each type has its
own communication requirement.
• It’s the responsibility of the project manager to ensure the means and
frequency of communication with project stakeholders according to their
influence and interest in the project.
Internal Vs External stakeholders
Kick-off meeting
• The project kick-off meeting between the project sponsor, stakeholders, and
project team creates a shared understanding of the vision and goals of the
project and builds credibility and trust.
• In this meeting, you’ll review the project charter and scope, set expectations,
clarify roles and responsibilities, establish team dynamics, and set the tone
for the weeks and months ahead.
Important links for project initiation
• https://www.workfront.com/project-management/life-cycle/initiation
• https://kissflow.com/project/project-initiation/
• https://www.investopedia.com/terms/s/stakeholder.asp

You might also like