By Simon Beuhring
If so, then join the club of projects which have been a waste of money.
Recipe for disaster
Too many times projects are started based upon loosely defined objectives. The most important stakeholder on a project – the sponsor – authorizes such projects and then sits back thinking their job is done. Project managers are then left with the job of delivering the project, often without further input from the sponsor. This is a recipe for disaster.
A fundamental principle of project management is that a project must have continued business justification. Without it, you are guaranteed to waste both precious time and money.
This means that the sponsor must be involved from the very beginning in defining the reasons for doing the project. This means being clear about the business problem(s) you are facing, or the business opportunity which is presenting itself.
Business Case is the key
The most important of all project documentation is the Business Case. This document outlines the reasons for doing the project and the expected benefits which will result from the project. It should contain an investment appraisal where the costs and risks are weighed up against the expected benefits.
Deliverables help realise benefits [Read more…]