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Project Conceptualisation
Completion requirements
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Project requirements are derived from customer needs, which are driven by opportunities and threats. A business case and a project strategy are developed. A strategy is a high-level view of how to attain the vision/targets of the organisation at some point in the future. The strategy is reviewed at various time intervals (e.g. in a system's life cycle, during the project life cycle and in each of its phases), as well as in specific areas, for example in procurement.
The project goal is to provide value to the stakeholders. A project strategy is a high-level view of how to attain the project goal. The project objective is to produce the agreed end results, especially the deliverables, in the timeframe required, within budget and within acceptable parameters of risk. The project objectives are the set of targets that the project, programme and portfolio managers should attain to provide the expected project benefits to the stakeholders.
The project development phase covers development of the project plans and carrying out the feasibility study. A realistic project appraisal is important in the first phases of a project. Project appraisal and selection covers the analysis of a proposed project, and the decision to invest in the project in preference to other competing projects or to other parts of the business. It is a pre-requisite that there is adequate justification to support the request for project authorisation.
Once a project has been approved for investment, the project owner should produce a project charter or project definition that defines the scope of the project, its objectives and deliverables, budget, timeframe, review points and team membership.
An ongoing project review process will provide an assessment of achieved project objectives as compared to the project objectives and success criteria agreed at the outset. The outcome of a project may be considered more successful by some stakeholders, but less successful by others.