Business Case is one of the primary documents that allow summarizing the need for launching a project and analysing possible alternatives. Throughout the lifecycle of the project this document is used to show the project justification and reasonability. In the Initiation Phase, Business Case is used as a way for making decisions on initiating the project, setting primary goals and defining the cost-benefit ratio.
Have you ever faced the situation when your project was going swimmingly well but then suddenly, for some unknown reasons, you have found yourself out of budget, behind the schedule, and with no idea of what to do next? Such a situation is caused by incorrect project management, which means you have made some critical mistakes when initiating, planning and/or executing project activities. Here’s a 6-step guide that will tell you how to fight incorrect project management. The guide will show you what to do when your project goes wrong.
Successful initiation of a new project is always based on project sponsorship. If the project is well funded by project sponsors, it has the required financial foundation to carry out works, achieve objectives and produce deliverables.
Project sponsor is a person(s) or an organization(s) that is in charge of driving the project towards directions that will bring the project to successful realization of expected benefits. Project sponsor finances project initiatives and works, takes care of engagement processes, facilitates development of the initial scope and the project charter, and participates in processes of project communications management.
Project initiation stage – Project Initiation Document (PID). Duties of project owner and project team
The project initiation is the first project stage which usually entails generation of concept behind a new project (project conceptualization). The primary purpose of the project initiation stage is to establish the scope of project, discover its boundaries and specify what the project should accomplish.