Category: Succeed as a consultant
As the first step in the project lifecycle, project initiation is critical in determining the ultimate success of a project. While this phase breathes life into exciting plans, its purpose is to bring ideas to ground, establish the validity of a project, and employ a keen structure with measurable goals to ensure success.
A project charter is a preliminary document that gives authority for work to commence on a project.
Acting as a source of reference throughout, it details project scope, budget parameters and timelines. It establishes project purpose, outlines key stakeholders and those responsible for approvals, including the project manager.
Succinct and specific, yet comprehensive, the charter sets down goals, expectations, measurable objectives and the potential for limitations and risks. Getting the project charter right from the start is the basis for achieving success.
Comprehensive and thorough, a feasibility assessment examines how a project’s objectives align with return on investment, time constraints and practical resources. It closely analyses a project’s financial viability against factors such as the technical tools, skills and equipment that will be needed.
It also examines possible legal conflicts and consequences and what the ultimate operational and organisational benefits will be delivered as a result of the project.
Assessing feasibility is a crucial stage in project initiation. It helps PMs gain a detailed picture of the true value of a project and helps them make informed decisions on budget and resource allocation throughout the project lifecycle.
Assessing feasibility helps project managers gain a detailed picture of the true value of a project, and make informed decisions on budget and resource allocations.
Engaging and managing project stakeholders is an important part of successful project management.
A stakeholder list should include all those who can either influence or be influenced by the project, whether they exist within or outside of an organisation. This includes all team members, managers, sponsors, customers and end users.
Gathering qualitative and quantitative data through stakeholder mapping and analysis helps determine who all the relevant stakeholders are and the level of influence they receive or possess. Anyone identified as a key stakeholder should be involved in the project approval process.
Once a project charter has been created and stakeholders and viability established, the next step in the initiation phase is to assign project roles to relevant team members. Collectively, they make up the project management office (PMO).
The PMO is led by the project manager who allocates roles to individuals with the necessary skills and knowledge and who will manage the project on behalf of the organisation. The PMO drives the project from the start and becomes the source of knowledge for the project, ensuring best practice and procedures are adopted throughout.
Critical to the success of any enterprise project is highlighting all risks during the initiation phase. While pitfalls should be considered in congruence with potential advantages, projects can easily go off track, for instance:
Ill-defined objectives can lead to scope creep. But with a detailed project roadmap and clear goals from the offset, the likelihood for a project to stretch beyond its original scope is reduced. Regular communication and frequent updates from the beginning also ensure team members stay within the parameters set out in the Project Charter.
Unrealistic financial targets can set budgets off-course. The initiation phase allows time for accurate budget planning, setting realistic costs for each element of the project, building suitable contingencies and not assuming a project will fall under budget. Regular budget reviews will keep costs in line with the original project scope and schedule to support staying on track.
With a detailed project roadmap and clear goals from the offset, the likelihood for a project to stretch beyond its original scope is reduced.
During the initiation phase, it’s critical to confirm the availability of necessary resources. Without the required skills, people, finance, equipment and technology, a project can easily fail in the early stages. Various resource allocation models and systems can be used to avoid overallocation and to help assign and schedule resources in the most cost-efficient and effective way.
A significant risk to be considered in the initiation phase is that of time. Tasks can often take longer than anticipated with unmet deadlines impacting delivery milestones. This has a knock-on effect on other elements of the project and can result in overrunning on budget. To rule out schedule risk from the start, it’s important to be realistic about task duration, to build in additional time for greater flexibility and to develop a clear project schedule.
Read also:
Integration of AI in project management
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