Where Do Projects Come From
Before a project is initiated, it must spring from ideas. The main sources of projects are capability gaps, operational needs, strategic growth initiatives, and mergers and acquisitions. What an organization is capable of executing will necessitate the initiation of projects to fill the gaps. Also, mergers and acquisitions unleash potential that can be tapped through the initiation, planning and eventual execution of projects.
Projects success is influenced by both internal and external factors. One internal driver of a project is the organizational culture or needs. Organizational culture is a factor that a firm has control over and plays an important role in deciding the success or failure of a project. One driver of a project from an external source is the economy. The performance of the economy will have a bearing on the overall viability and success of project. This is the reason why carrying out economic feasibility of a project is an important aspect of projects.
As mentioned, projects spring from ideas. The pathway of ideas before they turn into chartered projects is called the project lifecycle. This lifecycle covers the processes of initiation, planning, execution, monitoring and controlling, and closure. The path must be followed progressively starting with initiation all the way to closure.Where Do Projects Come From
Evaluation and assessment of a project are necessary to ensure its success. Evaluation and assessment involves the determining aspects such as estimated budget or cost of the project, return on investment, scope of the project, any associated risks, and if the project aligns with the organization’s strategy. There must be a clear justification of a project and this can be achieved through the analysis of the aforementioned aspects.
Furthermore, project initiation and modeling brings together several stakeholders and influencers. These include finance department team, steering committee, project management officers, and top executives. All these stakeholders work together to bring a project into fruition.
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