Project initialisation

Basic idea

The set-up phase. Establishes the business case — a living document that justifies, at every gate, why the project is still worth doing — and selects an appropriate methodology (PRINCE2, PMBOK, Agile, hybrid).

Key facts

• Business case = factual basis for go/no-go decisions; sized to project cost/benefit.
• Should be reviewed and re-signed at key stages, not written once and forgotten.
• Contents: exec summary, rationale, options, benefits, dis-benefits, timescale, costs, investment appraisal, major risks.

There are many approaches and methodologies that are widely used across industry with organisations favoring standard industry ones (PRINCE2, PMBOK, Agile etc) or usually a modified version of these they make their own.

Setting up a project for success. A business case is the key.

The purpose of the Business Case is to establish mechanisms to judge whether the project is (and remains) desirable, viable and achievable as a means to support decision making in its initial and continued investment.

• Provides a factual base for key decision makers to decide if the project should be undertaken.
• Demonstrates how the project adds value to the organisation
• Has a set of pre-defined standard organisatinal characteristics (costs, benefit, risk, etc.)
• It is not all about size - size depends on the cost/benefit.
• It is a living document throughout the project that should be reviewed and signed off at key stages.

A business case contains

• Exec summary
• Reasons why its required
• Business options
• Expected benefits
• Expected dis-benefits
• Timescale
• costs
• Investment appraisal
• Major risks

Siblings

• Agile
• Prince2
• Project Management
• project manager
• Project Screening
• Projects
• Waterfall