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Archive | 1 Project Initiation

Project Scope Statement

The Project Scope Statement is defined by the project sponsor. The project manager must ask the right questions to get the sponsor to clearly state the end result they want the project to deliver. It must be stated in measurable terms as acceptance criteria. Those criteria are the real definition of what the sponsor wants and […]

Cost-Benefit Analysis in Project Initiation

Cost-benefit analysis is a simple technique for comparing the business value a project will produce with the cost of producing it. Project managers use cost-benefit analysis in the project initiation phase to show the value of doing a project. During project initiation, the sponsor and project manager must justify the project to get the organization’s approval to spend the […]

Statement of Work – SOW

In many organizations, 60% to 70% of the projects finish late, over budget and/or fail to deliver much value. Not using a Statement of Work – SOW during the project initiation is a major cause of project failure.  Project Phases Main Page The project sponsor or customer issues the Statement of Work. It is their first […]

Project Launch – Video

Project launch, also called project initiation, is a critical phase of every project. If it is not done properly, the odds of the project’s success drop significantly. The purpose of the launch/initiation meeting is to build team member and stakeholder enthusiasm for the project. The project manager must also communicate the key strategic issues for the […]

Stakeholder Analysis

Stakeholder analysis is one of the most important tasks in project management.  Stakeholders are the people who are affected, positively or negatively, by the project.  You must make an effort to the identify the project stakeholders early in the planning process.  Let’s look at an example of a small project and see how to identify […]

Project Cost Benefit Analysis

A project’s cost benefit analysis is important in any organization, especially in the banking sector. It always comes down to costs and benefits. The perceived value of a project and the prognosis for approval heavily depend on the ability of the project manager and sponsor to show how it benefits the organization. The tool most often used […]

How To Initiate Projects

Projects fail when executives and stakeholders initiate projects like they’re ordering lunch at the drive-through window of a fast-food joint. In this situation, you, the project manager, can’t control the scope so the project finishes late and produces very little business value. Consistent project failure usually starts when PMs and sponsors initiate projects with fast food order-taking techniques. […]

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