Initiation Flashcards
How do you build a shared understanding in the process of creating the Project Charter and you have a vision Statement already.
Understand Project: Learn what project is about and how it fits in the org landscape and business objective so you can clearly articulate it to Shs and team.
* Know project boundaries from agreements before SH negotiations.
* Look at existing agreements to build holistic understanding.
* Memorandum of Agrmt, Service level agreements, Comms between key Shs, Sows.
Share Project Agreements(Vision Statement +Project Charter) w/ Team and Shs
* Share project vision w/ techniques like: Product Box Exercise(Describe product features, functions, benefits from Customer POV) or XP Metaphor( explain complex idea in simple familiar terms)
Agree or Negotiate: Reach agreement and buy-in
* Interview Shs to understand their success criteria to put into Charter.
* Gather Expert Judgement on Technical Success Criteia extracted from Shs Success Criteria.
* Check Org OPAs: To find Org standards for similiar project such as Quality, performance, etc.
* Org KPIs, Quality Policy, UAT requirements.
Uphold Agreements throughout the Project:
* Vision Made prior by Sponsor or PO.
* Project Charter Made after buy in from Shs and team and negotiated Success Criteria.
Note: When project is the result of a SOW or contract, this can serve as the Charter.
What is a Project Vision and who makes it?
- Project Vision: Clear Vision of the desired objectives and alignment with the organization’s strategic goals.
- Created by Sponsor or PO
- Refer to it throughout project to maintain alignment w/ strategic goals and objectives.
- When project begins critical to have clear vision and desired objectives.
What is a Project Charter?
Project Charter:
* Authorizes project
* Enables project manager to apply resources to project work
* Defines rationale why org undertaking project and business need
* From Business Case and Feasibility Study and prior agreements
* Verifies alignment with strategic goals
* Because it states a business need that is approved at exec level.
* Keeps everyone(Shs & Team) focused on a clear project vision
* From: Vision Statement
* Everyone can now refer to this as a high level project Vision
* Created once Shs and team members have accepted agreements and negotiations completed for success criteria from Shs.
What is a Business Needs Document?
- Forms prerequisites of a business case, and basically business need. Document answers the question why the project needs doing in the first place.
- Provide high level deliverables
- Prerequisites of formal business case
- Describe requirements- what needs creating and/or performing
- Captures items such as project definition, business requirements, options, presentations, strategic alignments, benefits, etc.
What is a Strategic Plan?
A high-level business document that explains an organization’s vision and mission plus the approach that will be adopted to achieve this mission and vision, including the specific goals and objectives to be achieved during the period covered by the document.
Included in strategic management are:
* Vision: Where the business wants to go (aspirational)
* Mission: Its pre-established objective or purpose
* Objectives: Defined areas of pursuance
* Goals: Milestones, resources
* Strategies: Resources used to accomplish organizational purpose
* Programs/projects
* Operation procedures (SOPs)
* Organizational structures
What are the Project Charter Contents?
- Names - project sponsor, project manager, key stakeholders
- Project description, including preliminary requirements, measurable objectives.
- From interviewing Shs on success criteria and Tech experts on tech success criteria.
- Review Org OPAs: to find other org standards for similar project such as quality, performance, KPIs, User Acceptance Testing(UAT) requirements.
- Business needs, including financial goals or milestones
- Needs Assessment
- Business Case
- Benefits MP
- Summary schedule and milestones
- Benefits MP
- Assumptions, boundaries and constraints, including overall risk, approval requirements and approved budget.
- Information from the business case, including success critera and exit criteria
Whats do we identify from SHs in the Develop Project Charter process?
Develop Project Charter Process:
* Meetings: We’ll need meetings w/ key stakheolders to identify high level charter information:
* Project objectives
* Success Criteria
* Key Deliverables
* High Level Requirements
* Milestones and more
What is a Business Case?
Biz case is a “Feasibility Study”
Shows us whether the time and cost investment of project is worth expected benefit, results in a Go/No Go Decision for Project.
Created from Business Needs Assessment first: This shows the ORGANIZATION GOALS and OBJECTIVES, and recommends project ideas to meet those goals. These NEEDS can be summarized and put into business case.
What is a Needs Assessment?
Biz Needs:. This shows the ORGANIZATION GOALS and OBJECTIVES, and Recommends project ideas to meet those goals. These NEEDS can be summarized and put into business case.
* A Needs Assessment may precede the business case
* A business Case starts by making Needs Assessment first.
* What prompted need for action? Benchmark could reveal gap between competitor we need to close.
* What is biz prob or opp?
* Who are SHs or areas affected?
* Maybe there’s a strategic change, technology change and we have to make a change. And that’s why we’re calling for this project.
* This can include the orgs current org goals and objectives.
* We put that needs assessment into the Business case and match it up against the cost
Whats in a Business Case?
Business Needs:
* Describe:
* What has prompted the need for action?(Might include the orgs current goals and objs.)
* Technical Challenge?
* Competitor Coming in?(benchmarking find gap w/ competitor)
* What is the business problem or opportunity?
* Maybe strategic change, technological change and we have to make a change. Which is why we are calling for this project.
* Who are the Stakeholders or areas affected?
* Just one Department? Or Entire Org?
Analysis of Current Situation:
Describe:
* Root causes of problem or main contributors to the opportunity.
* Have to do research, figure it out, get expert judgement
* Why is this happening? How can we Solve it?
* A gap analysis of where we are to where we need to be.
* Any known risks we have as well.
Solutions Options: Once analysis done, want to gather solution options.
* Identify set of options to be considered for addressing biz problems or opp, which may include options such as:
* Required: Items reqd to address the prob.
* Desired: Items that are desired to be fulfilled to address the problem
* Optional: Items non essential., might get small benefit
* Do nothing: i.e biz as usual, no project req’d.
* Do the Minimum work possible: The key criteria required to address the problem.
* Do more than the minimum work: Criteria that goes above and beyond solving the prob.
Reccomendations: Which option will we recommend? Sponsor or whoever funding it final decision maker.
* Which option will we pursue?
* What are the results of this particular option vs other options?
* Options may give: ROI- 10M or $1M or 10% or 20%
* Opt2 : -5%
* What’s the difference between options.
* Any assumptions and dependencies?
* Any assumptions we’ve made, to early to have all the answers.
* High level milestones we want to achieve.
* By June? Or Next Year? Other wise competitor may take over?
How does a Business Case in Agile work?
In Agile we Have:
* A Prioritized List of Features> That Deliver Customer Value> And are Delivered Incrementally.
* Each of these features may need a “Business Case”
* Or a simplified idea of one, showing Cost Vs Benefit.
- This will help the PO prioritize the items, and ensures the highest items of vale are always being delivered.
What is the Benefits Management Plan?
The Benefits MP describes how and when the project benefits will be delivered, and how we will measure those benefits.
1.Target: First want to define the target benefits that we want to realize.
* Do we want 20% increase in customer use or Extra $200k/year in product sales?
2.Strategy: What’s the org strategy and how does this meet it?
* Org Strategy: Strying to increase sales? So we want to match those 2 things
* Target aligned w/ org Strategy.
3.Timeframe: for achieving benefits?
* Do we want one big release and get back our money in 1 year? Next five years? Next Month?
* Milestones
4.Owner: Who owns the benefit?
* Person we’re delivering the project/product. Sponsor usually.
5.Metrics: The measure shows the benefits are realized.
* The measure we want, what metrics we’ll use?, Is it percentage? Dollar figure?
6.Assumptions: Assuming market conditions from past 3 years. Or any assumptions that we need to make to say that these are the benefits we’re going to realize.
Whats the order of these events and why?
a. Vision
b. Mission
c. high Level Scope
d. Benchmarking
1.Vision: defines future state or long term goal of the project.
* Defining the vision and mission provides the project’s overall purpose and direction
* Example: “To be the leader in eco-friendly energy solutions by creating the first zero-emission battery.”
2.Mission: explains the purpose of the project and how it will contribute to achieving the vision. It gives clarity on what the project will deliver and why it exists.
* More detailed version of vision created after vision.
* Example: “To develop a scalable, efficient, and environmentally friendly energy storage system within 18 months.”
- Define Project Scope(high level): The scope outlines the specific deliverables, boundaries, and requirements of the project.
* Scope defines the “what” of the project—what work needs to be done, what deliverables will be produced, and what is not included. Without a well-defined scope, the project may suffer from scope creep and misalignment between the team and stakeholders.
* Example: “The project will focus on the design, testing, and initial manufacturing of the battery system, excluding large-scale production.
4.Conduct Benchmarking: involves comparing your project or proposed solutions with industry standards, best practices, or competitors to identify gaps, opportunities, and best practices. It helps assess the business viability and provides insights on how to approach the project more effectively.
* Why this is third: Once you know what your project aims to achieve (vision and mission) and what it will entail (scope), benchmarking ensures that the approach aligns with external success standards and identifies areas for improvement or differentiation. This provides validation before committing significant resources.
