Justifying the project is a great mechanism to confirm that our project really addresses the need and paves the way for improvement. In this article I will talk about analysis which is regarded as a great and convenient way to justify and confirm projects
In the previous article we described two major steps for engaging key stakeholders in project implementation. Now we are going to talk on how to establish productive relationships with key stakeholders. We will focus on the key points for developing a strategy for managing stakeholders.
Evaluation planning is the final high-level process of the Project Setup phase to develop a comprehensive evaluation plan that explains how the project manager should plan for measuring the success of the project effort. Evaluation planning is necessary for making appropriate reviews and analysis of the project implementation process. The project manager in consultation with an advisory board and experts must create a plan for evaluating status and progress of the implementation process. This person will be responsible for information the key stakeholders on the progress through exchanging regular status reports and also the final project report.
Conducting a feasibility study is one of the key activities within the project initiation phase. It aims to analyze and justify the project in terms of technical feasibility, business viability and cost-effectiveness. The study results serves as a way to prove the project’s reasonability and need for launch. Once the study is done, a feasibility study report (FSR) should be developed to summarize the activity and state if the particular project is realistic and practical. Let’s find out what FRS means, why it’s important and how to write it.
Stating cost projection is an activity carried out during the project initiation phase to identify costs for development, implementation and maintenance of the project. The analysis of costs is a tool of project cost planning and management to identify, estimate and describe total cost of project management initiative. Cost projection statement and analysis are required activities that allow making the project estimated and well-grounded in financial terms. Among other tools, cost projection estimates and spreadsheets are used to develop the project charter. They are developed with help of project costing software.
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