With reference to earlier blog describing Management Products and Specialized Products or Specialist Products, this blog describes some important management products which are required or mandatory to be created to initiate project by raising required funding or sponsorship to execute the project.
Important Management Products to initiate Project
- Business case
This document or Management Product describes business view or aspect of the project under consideration. A business case documents describes economic feasibility to justify an initiative and is a basis for project initiation. It includes the feasibility study and explains why the opportunity is worth pursuing. It provides the commercial viability, affordability, and achievability of the project. This is described as DAV.
- Project Brief
A Project Brief is used to provide a full and firm foundation for the initiation of the project. The purpose of the project brief is to provide the foundation upon which the project rests. It establishes the parameters under which the project is initiated, as well as the stakeholder inputs into the initiation phase. It is prepared by the project manager, reviewed by the senior users and suppliers, and approved by the executive.
Key elements of a Project Brief are –
- Project definition – Covers Project background, objectives, desired outcomes, and scope are identified.
- Outline business case – An overview of why the project was needed and the underlying business goals.
- Project product description – An overview of the final product or service which the project must produce, including any user quality or user acceptance criteria. This refers to Specialized Products or Specialist Products.
- Project approach – An overview of the processes and procedures that the project will employ to achieve its objectives. Although the processes won’t be fully defined until the Project Plans are produced, any parts that are clearly defined at this stage are included in the project brief.
- Project management team structure – Team composition showing project leadership & hierarchy and roles and responsibilities.
- References – Any reference to other projects or corporate experience that need to be considered by the project.
- Project Charter
The Project Management Institute (PMI) insists on creating the project’s charter because it is the most crucial document.
The project charter is the document issued by the project initiator or sponsor that formally authorizes the existence of a project and provides the project manager with the authority to apply organizational resources to project activities.
A Project charter establishes the project, names the project manager, and provides them with the power and funding necessary to carry out the project. High-level details are contained in the project charter. The project charter must be signed by a person outside the project who is in charge and has required authority to arrange for the funding. The person that signs documents may be an Executive or Sponsor or Senior Management – representing business interest. A project does not exist without the project charter, nor can a project manager be appointed or empowered.
Note- If a Project is authorized based on Customer Request or Legal requirement then a Charter must come first. If a Project is a result of a Market Demand, Strategic Opportunity or Technological Advance then a business case must come first.
Although the project manager is not responsible for establishing the project charter, their expertise in project management may allow them to assist the project sponsor in doing so.
Key elements of a Project Charter are –
- The project overview – A project overview contains a description of the business need, purpose, and product or service that is to be provided.
- Preliminary roles and responsibilities – This section describes the duties of the project team. This includes people who should be involved and why and how they might be involved. This might include customers, stakeholders, and the project team.
- Identification of the project manager – The project manager identification designates the project manager who has primary project oversight responsibility.
- A description of the project manager’s authority – The description of the project manager’s authority outlines the level of authority given to the project manager. This would include financial oversight and level of decision making.
- Approvals Signature – This is the approval required from the project’s sponsor to give the go-ahead to the project.
Note-A project brief is often referred to as a project proposal or a project charter. It is a very important document that outlines the project. A brief that is written well during the initiation stage can make or break a project. The success or failure of a project at the first stage completely depends on the project brief.
- Project Plan
A project plan or project management plan enables team to define the road map or path of execution by identifying the tasks, project timelines, resources, task dependencies, etc. The project plan provides team members with a structured approach to managing and tracking project progress.
Various sub-plans or sections or approach comprise of Project Plan. The sections are –
- Scope Management-The project plan defines its scope, including its deliverables, boundaries, and exclusions.
- Resource Allocation-The project plan identifies the resources such as personnel, equipment, materials, and budget required for each activity.
- Time Management-The project plan includes a detailed timeline or schedule that specifies each activity’s start and end dates and important milestones.
- Risk Management-The project plan identifies potential risks and includes response strategies to address them.
- Communication and Collaboration-The project plan includes a communication plan that outlines how project information will be shared among stakeholders.
- Quality Management-The project plan defines the quality standards and requirements that need to be met for project deliverables.
- Cost Management-The project plan includes a budget that outlines the estimated costs for each activity and the overall project.
- Performance Measurement-This sub-section describes metrication program that will be adopted from corporate governance to measure project progress and success.
- Change Management-The project plan includes processes and procedures that will be followed for managing changes to the baselines.
- Documentation-The project plan serves as a comprehensive project documentation, capturing key information such as project objectives, scope, timelines, resources, and risks.
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While Project Charter and Project Brief have similarity or more or less same in nature, the project charter and the project plan serve different purposes and cater to different needs in project management. The project charter establishes firm foundation of project’s vision, objectives, and stakeholders, while the project plan outlines the detailed tasks, timelines, resources, and dependencies necessary to execute the project.