Title: Initiating Projects
Course: MAN 2582 Intro to Project Management > Section: Module 3

Introduction

So, how does a project start?

Project initiation is the first of the five phases of the project management lifecycle, the other four being planning, executing, monitoring and controlling, and closing.

Project initiation is the concrete first step in the launch of a project. It's the phase that identifies the individual business need and justifies the expense, the risk and the resource allocations for the project. Projects that emanate from the company’s mission statement, vision statement, and strategic plan are always more successful.

There are several keys to the success of the initiation process. The involvement of senior management, in particular a project champion and the project sponsor, usually spells the difference between success and failure.

The project initiation phase usually culminates in the submission of a work request that is also called a business case. The business case should always justify the project on the basis of its return on investment, its net present value, and its breakeven analysis. Even if the dates and budget figures are within 25% of the final schedule and budget, care should be taken not to base this document on anything but sound research.

Objectives

Upon completion of this module, the student will be able to:

- Describe the five project management process groups, map them to the project management knowledge areas, discuss why organizations develop their own project management methodologies, and understand the importance of top management commitment and organizational standards in project management
- Prepare a business case to justify the need for a project
- Identify project stakeholders and perform a stakeholder analysis
- Create a project charter to formally initiate a project
- Describe the importance of holding a good project kick-off meeting

Readings & Video Resources

An Introduction to Project Management, 4th Edition

- Chapter 3

The following video is also available in the MAN 2582 Course Resources folder.

- Project Documents and Templates
  - Work Request Video