In all walks of life, a strong start can significantly increase the chances of achieving success. From tall skyscrapers to a football game, everything requires a strong foundation, and managing projects is no different. Initiation is the first phase in theproject life cycleand is often considered the most important. Allprojectsare temporary endeavors, which means they have a specific timeframe and a lifecycle. For simplicity and greater control, project managers divide an entire project into five distinct phases that are interconnected and which have their own start and end-points Read on to learn more about the importance of the project initiation process inproject managementand the steps you should take to ensure the project’s success. Project initiation is the first phase of the project management life cycle and in this stage, companies decide if the project is needed and how beneficial it will be for them. The two metrics that are used to judge a proposed project and determine the expectations from it are the business case and feasibility study. Why is it important?What is project initiation?
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Now that we have established what project initiation is and why it is so important, it’s time to see what are the key steps in the project initiation checklist and howproject managersinitiate their projects. Let’s see how to initiate or start a project right from the scratch: Thebusiness caseis an important document that explains how the project’s goals align with the company’s long-term plans. This document explains why should the company spend its technical, financial, and human resources on the specific project. An ideal business case does not talk about any technical details of the project and focuses solely on the business aspects. It is made to convince the upper management to approve the project and answer their concerns related to possible financial and business-related risks. After the approval of the business case, the next step is to determine the likelihood of the project’s success after considering all the factors. This study identifies the high-levelproject constraintsand assumptions of the project and decides whether the project is worth it or not.Project initiation process – 6 key steps to follow
1. Creating a business case
2. Conducting a feasibility study
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Theproject charteris perhaps the most comprehensive and important part of the project initiation process. It answers the 3 Ws to identify the scope/objective, team members, and the possible timeframe of the project. The charter is, in some ways, the first document of the project that identifies the necessary details like the goals and the constraints of the project. It also identifies theproject scopeand lists the required resources for the completion of the project. Communication and negotiations are a huge part of effective project management and a large part of a project manager’s time is usually spent dealing withproject stakeholders. PMBOK identifies stakeholders as anyone who can be influenced or has an influence on the project. Project stakeholders can either be internal or external and each type has its own communication requirement. It’s the responsibility of the project manager to ensure the means and frequency ofcommunication in project managementwith project stakeholders according to their influence and interest in the project. A common practice is to maintain a stakeholder register or a stakeholder map to decide the frequency and means of communication for each stakeholder according to their influence and interest in the project.3. Establishing a project charter
4. Identifying stakeholders and making a stakeholder register
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No project can be started without aproject team. Assembling a working project team and assigning them roles and responsibilities is a vital part of the project initiation phase. Assigning roles and responsibilities early on also increases the overall accountability of the entire team and can help you as a manager in the later phases of the project life cycle. After performing everything, it’s a good practice to review the entire project initiation stage to ensure you missed nothing. In later stages, you’ll continue reviewing your work asmonitoring and controllingis one of the five phases of the project management life cycle. Project initiation, without a doubt, requires a clear understanding of the needs of your organization and the immediate steps to be undertaken to get a project off the ground. Furthermore, afree project management toolgoes a long way toward easing the process of documenting all the requirements of a project. The best tool to go with would be a cloud-based solution that allows forproject collaborationand painlesstime tracking. A variety of views coupled with in-depth reporting capabilities would be a great add-on. Kissflow Projectcan help you with each aspect of your project, right from project initiation. Kissflow Project Discover how Kissflow's low-code platform helps you achieve faster time-to-market, Book a Custom Demo Now!5. Assembling the team and establishing a project office
6. Final review
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