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Wednesday, May 11, 2011

Summary - Project Initiation

Let us now summarize whatever we have learnt over the course of the previous few chapters reg. the Project Initiation Phase.

• Organizations start projects for different reasons, such as to meet a business or legal requirement, to take on a business opportunity, or to develop a solution for a problem.
• However, the underlying motivation is always to meet some business objectives in the strategic plan of the organization.
• Three categories of methods are available to select from the proposed projects.
• The first method is the benefit measurement method, which evaluates the benefits from the project.
• Constrained optimization methods focus on the probability of completing the project successfully, and
• Expert judgment relies on expert advice.
• As a project manager, you need to identify each stakeholder: an individual or an organization that is going to gain or lose from the successful completion of your project.
• The initiating project stage is constituted by two processes: Develop Project Charter and Identify Stakeholders.
• The two documents generated by the initiating stage are the project charter, which names and authorizes the project manager, and the stakeholder register, which identifies the project stakeholders and relevant information about them.
• Based on this information, you develop the stakeholder management strategy.
• The project charter also includes project justification based on the business needs and a high-level description of the product or service that the project will offer to meet those business needs.
• Issuing an approved project charter moves the project from the initiation stage into the planning stage, which is composed of a number of processes collectively called the planning process group.
• These processes will be covered in the subsequent chapters.

Previous: Stakeholder Management Strategy

Next: Important Terms & Definitions

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