When you are working on a project there are many things that go into it that can make or break the project. One such thing is project initiation. If you are curious to learn more about this then you are in luck today as we are going to throw light on this subject and expand your knowledge. So sit tight as you are going to find all about project initiation on this page. We are going to start the journey by introducing it and why it is part of the phases in any organization. Later we are going to cover the phases of this project initiation and in the end; we are going to share some of the tips that can be used when the phases are being followed in the project. You are going to have a better grip when you complete reading this article. Furthermore, you can learn in-depth about this concept in your pmp certification training from the best platform online.
What do you Mean by Project Initiation?
It is indeed a fact that when the project is going to start, that time could be overwhelming as so many things need to be considered. Proper planning is needed to keep things smooth throughout the project. And if there is no plan in the beginning then the tone is not set correctly from the beginning. To tackle this issue, the idea of this phase comes into the picture. We are aware that there are many stages that are introduced. It is one of the first stages that are very much important for success. This is basically the first step that is needed when the requirements are introduced and the need for the project is highlighted. In this stage, the company decides if they need to start the project and how this can be beneficial for them. There are two things that are very important in this phase and they are- business case along with the feasibility plan.
Why to have this Project Initiation Phase?
When the project is going on the table, there are various factors that are needed to give it a go. So this stage is not just the first step for the betterment of the project but is also very crucial to make sure that the project is eligible to go live or not. This helps in taking all those points into consideration and gives value to the project. This is very much important as during this stage, the stakeholders are gathered and they share the objective of the project. If the objective and the end goal are not clear and it is not communicated in a clear way to the team members, then there are high chances that the project might go south. In your pmp training, you will learn how communication is maintained throughout the project and why it is very crucial for efficient project delivery.
In this phase, the team comes together and weighs the entire factor that makes the project a success. As mentioned above also, this stage also sets the tone of the project and also decides if the project should come on the table or not. This is done by collecting relevant resources, calculating risks, having business cases, and also going for the feasibility plan. By the end of this stage, the stakeholders as well as the team remembers will be confident about the project that they are going to start as things are clear now and the goal is clearly visible to the team. They can now start planning on how they are going to complete the project and this way, the project enters from one phase to another with all the required things in their hands.
What are the Key Steps in this Process?
Working with the business case and project charter
One of the first steps that are needed to be done when you are going to start with the initiation is having a business case ready. This includes the points which demonstrate why the project is needed and how the company can be benefited from it. In this, not only do the technical aspects which will affect the business are needed to be showcased but here the risks and financial issues are openly discussed so that things are out in the open before giving a go-ahead to the project. This will help the upper management to make an informed decision. Furthermore, in the project charter it is defined there are three segments- why the project is needed, what is the scope of the project which will also have an idea for the budget that should be there and who is going to be in the team for the whole time.
Identifying the members and the pitch of the project
Now that we have the business case, we need the team who can sign off on those. There are many key people involved in the project which can include the executive in the company, the customers, or the sponsors of the project. As we are aware of the fact that there are many times in the project the negotiations and various communications are needed which is one by the project manager and this includes interacting with the people holding stakes. So when the stakeholders are defined properly in the project. The job of the project manager will become more efficient as most part of their time goes while connecting with the various key stakeholders of the project. Having a register or a map so that there is clear communication as well as feedback will help a lot in running a successful project.
Having a feasibility study
Next up is having a proper and functioning feasibility study. Till this time, you have identified your stakeholders, your pitch was approved and the project is coming on track. But before the final completion of this stage, you need to run a feasibility test. Using this, the team will be able to determine whether this project is going to have a successful impact on the organization or what would be the return on the investment for the company. After all the factors are being considered, the project’s success is calculated and this is the major step that determines if the project is going to go live or not. Also, this should be kept in mind that not every project is going to need a feasibility study as there are very few risk factors. As this is going to take time, make sure that you are doing this only when it is required.
Collecting your team and tools for the project
Now that you have shown the feasibility of the project and it is all set to come on the line, you need to assemble all the resources, tools, and methodology that you are going to use to deliver this project. A good team is very much necessary as this is going to take your project to the finish line with efficiency. Also, keep the team structure in your mind and make the team as per the requirement. As this is going to show on the budget and time taken, you should hire resources diligently. Along with the right team, having the right tool in your project is also very pivotal. You should choose the right project management tool that incorporates your organization and give the best results for all in the project initiation stage as well as the whole project.
Bonus tips for the successful project initiation process
1. Use this stage to set the tone that you want to have for the work to be done in the organization.
2. Use this opportunity to collect and indulge the resources and the investment needed early so that things are smooth later.
3. Having clients on the same page along with better communication which is established early can be very helpful in the project.
4. Have a clear kick-off meeting and agenda for your team and involve the whole team to have better collaboration.
5. Always be ahead in the project by calculating the risks and various dependencies that may arise in the project later.
6. Have a clear goal and objective defined for your project in the initial stage so that all parties are on the same page.
Project Initiation without any doubt is one of the most important processes when we need to have an efficient project delivery. With the advantages mentioned above, it is clear that the things needed in the process set the path for the project. The steps that are completed in this phase are very crucial and give an idea about the project. So choose the right tool and resources for your project and give your idea a kick start with the team of your choice. This will make sure that with the right planning and execution of the plan, you will be able to deliver the final product on time.
So if you are also looking for your pmp certification and want to enroll yourself in the best course that is available for you, then with StarAgile, you are going to find all of this. It has the best PMP certification online training modules that help the student learn all the basics as well as the advanced concepts needed in the project. The team of professionals is dedicated to giving the best material as well as experience to the people who want to learn. So grab your chance at the best opportunity for your career and start with it.