How a “Right Start” Can Boost the Chances of your Project’s Success

When your project has a robust start, there are significant chances that it gets completed within the agreed time scales while meeting all the project milestones as desired. One of the rudimentary perquisites of any project is a motivated team. When the persons at the helm of the affairs are motivated individuals who possess a vision for the rest of the team, they are not only able to plan and initiate better, they are also able to exercise superior control and monitoring thereby ensuring that the different stakeholders and contributors deliver as per the agreed timelines. This is a big factor in ensuring that a project takes the desired direction and traverses on a set trajectory.

With an increasing number of project management applications coming to the fore, My Assignment Services can provide you with comprehensive management assignment help through case studies and papers on project Initiation, Planning and Execution.

Here we shall discuss some of the most important components of the effective execution of a project:

Project initiation: Project Initiation is, without doubt, the most important and fundamental phase of a project. Being an important aspect of the project management life cycle, project initiation has bearing on the entire project management life cycle. 

Project initiation refers to the primary and foremost stage of the project management life cycle. It is in this phase of the project management cycles. That the company has to take certain vital decisions. The business has to decide if the project is needed and exactly how beneficial the project will prove for the business in the short term and the long term. There are the two most common metrics used to assess the viability of a proposed project. Those two metrics are:

* Expected return on investment 

* Feasibility of the project along with the economic cost of the project

Through the essential stage of project initiation, the business strives to make important decisions regarding the allocation of resources as well as the resource requirements. It is in the course of these discussions that a broad outline of the project or a project charter is created, the stakeholders are selected and clear objectives are arrived at. The purpose of collaborative thinking done in this phase is to ensure that the team is on the same page and that there is a common understanding of the various goals and objectives.

• It is only natural that there are multiple checks during and after the execution of the project. This is done to prevent miscommunication and to make sure that the project stays in the desired direction. 

Let Us Now Get Into the Details of Project Initiation

Creation of a business case

The Creation of a business case is extremely important. A business case is essentially a document that attempts to provide a comprehensive explanation of how the project’s objectives align with the long-term goals of the business. This business case also explains how and why it is prudent for the company to spend its technical, financial, and human resources on the idea.

A business case provides an overview of the idea and what it aims to achieve. However, it may not give out any technical details regarding the project. The business case is focused on the business aspects of the project. The purpose of the business case is to convince the management of the company to give its approval for the project. The other important component of the business case is that it must provide a reasonable explanation and answer to the financial and business-related concerns of the stakeholders.

Conducting a feasibility study

Once the business case has been approved, the next step is to certain the chances of success after taking into account the variegated factors. The feasibility study is focused on identifying the various constraints and assumptions regarding the project. The feasibility study aims at answering in extremely transparent terms whether the project is worth the proposed resources or not. Here are some excerpts from some of the recent work demonstrated by the subject matter experts at My Assignment Services:

Planning and Execution

Establishing a project charter

Creating a project charter is one of the most crucial and all-encompassing parts of project initiation. 

In many ways, it is the primary document of the project which highlights the necessary particulars such as the merits and the demerits of the project. The project charter also aims at establishing the scope of the project while demarcating the required resources for the completion of the project.

Identifying the stakeholders in the project and maintaining a stakeholder register

Effective communication and negotiation is a vital part of effective project management. A major portion of a project manager’s time goes into dealing with stakeholders. Therefore, creating a well-organized stakeholder register is extremely vital to the process.

It’s the responsibility of the project manager to ensure the means and frequency of the communication with each stakeholder 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.

Assembling the team and demarcating an office space for your project’s requirements: 

For any project, it is important to have a team and give them their roles and responsibilities. providing roles and responsibilities to your team helps in increasing the overall accountability of the entire team. 

Final review

After completing the performance of the various steps, it’s a prudent practice to review the entire project right from the initiation stage to make sure that nothing has been skipped or overlooked.

If you have been looking for trustworthy resources on project initiation, planning, control and management, the management assignment help experts at My Assignment Services can put together well thought out, thoroughly quality checked, value-added and relevant papers on project management. With the study material, not only will you get a gaping insight into project management tools and applications, but you can also score high and enhance your understanding of the intricately interconnected sub-disciplines.