Project Management Guide

After a decision is made to enter the initiation process for a project, the collection of input information begins. This is where the project boundaries can be a little unclear, but it is generally accepted that activities starting with the collection of inputs for initiation are part of the project. Remember that the project has not yet been authorized, so all resources required for the initiation processes must be funded explicitly by the project initiator. In other words, someone has to pay for the time required to produce the project charter.

It is entirely possible that the organization decides not to pursue a project after it sees the project charter. The project charter might show that the project will not be worth the resource expenditures. In such a case, the resources already expended to produce the project charter have actually saved the organization from wasting many more resources. Therein lies part of the value of project initiation.

Project Selection Methods: The organizations should employ formal methods to select projects. Formal methods make it possible to compare multiple projects and select the one(s) that will produce the most benefit for an organization without being persuaded by emotional ties to certain projects. Additionally, organizations can set specific standards that potential projects must meet to be accepted. It is not important that you have an in-depth knowledge of these methods, but you will need to be able to identify each type of method and understand their basic differences.

Benefit Measurement Methods: Benefit measurement methods document the relative benefits of completing each project. This approach enables organizations to compare projects by comparing their impact. Each specific method uses different measurements and results in different types of output.

Mathematical Models: Mathematical models analyze project description data to result in a more standardized set of output values. Simply put, a mathematical model can rate a project on a scale from 1 to 100. The organization then decides how desirable a single project is based on its rating.

Project Management Methodology: The organization’s standard practices when conducting project activities, along with the project management standards, make up the project management methodology. Any standards, guidelines, procedures, or just common practices all work together to form the general way of managing projects within any organization. The particular methodology you use depends on the culture of your organization and all these factors affect the content of the project charter.

Project Management Information System: The project management information system is the collection of computerized tools used to collect, store, analyze, and interpret project information. Although most project managers use software to schedule projects, the PMIS often consists of far more than just project management software. When managing a project, learn which tools are available and use them to support the project throughout its life cycle.

Expert Judgment: One of the tools and techniques used in project initiation is tapping the expert judgment of others. Some technical or procedural details might require input from an expert in a specific area. Such experts can be stakeholders or customers of the project or be totally unrelated to the project. When determining input sources for the project charter, or any needed expert input, consider any of these alternatives:

• Internal organization assets with specific expertise
• External consultants
• Stakeholders, including customers
• Professional or trade associations
• Industry or user groups

You can download the template of project charter from the following link:

http://www.pmvista.com/templates/ProjectCharterTemplate.doc

The password is: pmvista