Chapter 3 Flashcards
What is a business case?
A business case is a document that details a project’s MOV, as well as alternatives to the project that could be compared to it.
Why should a project begin with developing a MOV?
A MOV determines the end goal of a project, the value it is supposed to produce, which then helps determine scope, its requirements, and in the end, whether it was successful or not.
What is a MOV?
A MOV, or measure of value, is a statement of a project’s goal in such a way that it is clear how it delivers value, not just profit or whatever.
Why should a project align with an organization’s strategy, vision, and mission?
If a project doesn’t align with an organization’s strategy, vision, and mission, then it’s not providing any value, and is a waste.
What is the difference between an organization’s strategy, vision, and mission?
An organization’s mission statement clarifies what it does, who they do it for/to, and why/how they do it. A vision statement is a more “feel-good” version of this, and is meant to be inspirational. An organizational strategy puts the two together and is used to define what that organization actually considers “value”.
Why must the MOV be measurable?
A MOV needs to be measurable so that it is clear to stakeholders, clear in how far or close it is to fruition.
Why is it important that the MOV provide value to an organization?
If a MOV doesn’t provide value, then what’s the point of doing it?
Why must stakeholders agree on the project’s MOV?
It is necessary for stakeholders to agree on a MOV to ensure that it’s actually realistic, and that it will provide the value that it is believed to be able to deliver. It’s a reality-check, basically.
Who must verify whether the project’s MOV is doable and worth doing?
Stakeholders must determine if a project’s MOV is doable/worth doing.
What makes a good MOV?
A good MOV must be measurable, provide value, have stakeholder agreement, and be verifiable.
What are project objectives? Why are they important?
Project objectives are measures and goals within a project that support the MOV, like schedule, scope, budget, and quality. They’re important, because they support the MOV, but they don’t necessarily ENSURE a successful project if they are completed, or the reverse. It’s possible to have a successful project that goes over-budget, as long as it delivers on the MOV.
Why are business cases needed?
A business case is an analysis of a project’s value, feasibility, costs, benefits, and risks, as well as a similar analysis of alternatives to the project. This is used to determine if the project is actually worth doing, or if there are better alternatives.
What are the advantages of having a cross-functional team develop the business case?
A cross-functional team involved in the creation of the business case means that you’ll have a much more diverse set of knowledge involved, which will allow it to be more realistic in its feasibility, more credible, and will be much more likely to be in-line with organizational goals.
What are the three types of project feasibility?
The three types of project feasibility are:
- Economic: Even if the value is world-shattering, shit still costs money to do.
- Technical: Is it too complex for us? Do we has the smarts?
- Organizational: How will this impact our people and how we do things? Can we adapt to it?
What is the total cost of ownership?
The total cost of ownership is a measure of the overall cost of acquiring, developing, maintaining, and supporting a project over its life. It includes calculating up-front costs, ongoing costs (maintenance, upgrades), and indirect costs (downtime for patches, etc).
