Chapter 2 Flashcards
(32 cards)
Internal analysis
Within Project teams control
External analysis
Elements where the project team has little to no control
opportunities threats
- competition
- suppliers
- customers
- tech
Project identification
Start of initiating phase
Recognise need , problem or opportunity
Various ways for identification
- Result to address particular need / problem with initiative
- part of a companies normal operations / maintenance needs
- during O strategic planning
- response to unexpected events
Project selection?
Evaluating potential projects & then deciding which of these should be implemented
Steps in project selection ?
- Develop criteria
- List assumptions
- Gather data
- Evaluate each opportunity
combine gut feeling and quantitative info to make a decision
- Develop a set of criteria against which project will be evaluated ?
Criteria will be used to evaluate potential projects and support project selection
Included both quantitative and qualitative factors
Criteria examples
Risk
Chance of success
Expected timeframe
Anticipated retail price
Increase market share
Anticipated sales volume
Alignment with company goals
Competitors reaction
Public reaction
- List assumptions
Used as basis for each project
(eg. need a bank loan to complete project)
- Gather data & info
Gather data for each project to help ensure an intelligent decision regarding project selection.
(Financial aspects for each project + est. revenue for each + operating costs)
The data may be analysed using financial models so projects can be compared
Financial models to analyse data ?
- methodologies used to calculate simple payback
- discounted cash flow
- net present value
- return on investment
- life cycle costs associated with each project
- Evaluate each project against criteria
Once all data is analysed , info must be giving to those responsible for performing the evaluation
Project evaluation form
Project manager should develop a project evaluation form , listing criteria with space for comments and a rating box for each criteria
Project charter ?
Once a project is selected , it’s formally authorised using a doc called a project charter / project authorisation / project initiation doc
Project charter purpose ?
- Provides sponsor approval
- Commits funding for project
- Summarises key conductions & parameters
- Establish framework to develop baseline plan.
What does a PROJECT CHARTER include ?
- Project title
- Purpose
- Description
- Objective
- Success criteria or expected benefits
- Funding
- Major deliverables
- Acceptance criteria
- Milestone SCHED
- Key assumptions
- Constraints
- Major risks
- Approval requirements
- Project manager
- Reporting requirements
- Sponsor designer
- Approval signature & date
- Project title
- Purpose
- Description
PT - create vision for end result
P - the need & justification for project
D - provides high level description of project (major tasks , phases , key performance requirements, concept development )
- Objective
- Success criteria / expected benefits
- Funding
O - expected to be achieved - end product with anticipated benefits , indicate funds authorised for project , and expected date for completion
SC - indicate outcome , expected benefits that result from project implementation , sponsors expectations
F - total amount of money the sponsor authorised for project (so girls released in stages)
- Major deliverables
- Acceptance criteria
- Milestone SCHED
MD - end products /tangible items , expected to be produced & at completion of project
AC - quantitative criteria for each major deliverable - sponsor will user to determine each deliverable meets certain performance specifications
MS - list of target dates / times (milestones). For each key event in project funkiness
- Key assumptions
- Constraints
- Major risks
- Project rationale / justification is based on
- Requirements to complete project without disrupting current workflow (capacity to perform project)
- Any risk the sponsor thinks has a high Likely of happening , what could affect successful achievement of project
- Approval requirements
- Project manager
- Reporting requirements
- Define limits of authority of project manager
- Who has been identified as manager for project (who will organise a core team to do project planning)
- State freq & content of project status report and reviews
- Sponsor designee
- Approval signature & date
- Person who sponsor Designates to act on behalf of the project sponsor ( project manager would communicate with them , sponsor may authorise designee to sign off on deliverables)
- Sponsor has officially/ formally authorised the project
Why is the charter important ?
- Authorises going forward with a project
- provide key conditions & parameters that are framework for the project manager & team to developed a detailed baseline plan for performing project
not all projects use a P charter (informal projects )
Prepare a request for proposal ?
Decision made to outsource to external source ( contractor) bc organisation doesn’t have expertise / staff capacity to plan & perform project / major portions therof
