Chapter 2 - Starting the Project Flashcards
What question is asked before a project starts?
“Should the project be started?”
What is a Business Case?
Document that considers different approaches/paths in a project
What is the main objective of the Business Case?
Compare estimated costs with estimated benefits
What are tangible costs and benefits?
Costs/Benefits that can change:
- higher costs
- increased sales
What are intangible costs and benefits?
Costs/Benefits that can’t be directly changed:
- increased risk of missing a deadline
- greater brand recognition
Who is involved in deciding which option from the Business Case will be chosen?
Project Manager, members of Project Team, Project Sponsor, Key Stakeholders
What does the Project Charter do?
Announces project exists and authorizes Project Manager to proceed with the project
What is contained in the Project Charter?
- Goals and Objectives
- Budget
- Project Sponsor and Project Manager
- Key Project Stakeholders
- Overall Project Milestones
- Overall Project Risks
How is the project officially launched?
Through a Project Kickoff Meeting
Who is involved in the Project Kickoff Meeting?
Project Manager, Key Stakeholders are gathered
What are the key project roles?
- Project Sponsor
- Project Manager
When does the project officially begin?
When the Project Sponsor approves the Project Charter
What are Milestones?
Important event (end of a deliverable) that occurs during a project
What is the role of the Project Manager?
Manages project and ensures objectives are complete
What is the role of the Project Sponsor?
Provides financial resources, support, approval for project
