Posted by Imad on May 19, 2025, 10:31 am
Project Initiation
🧠Main Idea:
This is the first official phase of any project. It’s where you define the project’s purpose, explore options, and decide whether the project is worth pursuing.
🔑 Key Concepts:
• Start with a business case that outlines the problem, opportunities, and recommended solution.
• Conduct a feasibility study to check if the project makes sense financially and practically.
• Write clear project objectives—if your goals are vague, misunderstandings will follow.
• Use tools like the Weighted Decision Matrix to compare options more objectively.
• Financial tools include:
• NPV (Net Present Value): Measures project value over time.
• ROI (Return on Investment): How much benefit you get from what you spend.
• Payback Period: How long it takes to earn back your investment.
• The Project Charter makes it official. It outlines scope, goals, stakeholders, constraints, and risks.
This is the first official phase of any project. It’s where you define the project’s purpose, explore options, and decide whether the project is worth pursuing.
🔑 Key Concepts:
• Start with a business case that outlines the problem, opportunities, and recommended solution.
• Conduct a feasibility study to check if the project makes sense financially and practically.
• Write clear project objectives—if your goals are vague, misunderstandings will follow.
• Use tools like the Weighted Decision Matrix to compare options more objectively.
• Financial tools include:
• NPV (Net Present Value): Measures project value over time.
• ROI (Return on Investment): How much benefit you get from what you spend.
• Payback Period: How long it takes to earn back your investment.
• The Project Charter makes it official. It outlines scope, goals, stakeholders, constraints, and risks.