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How to initiate a project?

How many times have you heard that initiating a project is very difficult in your organization? I hear this all the time, although when I look from the outside, the initiation process does not seem very complicated. So let's discuss what are the main requirements for initiating projects.

What are the basic documents most often used to initiate projects?

Before moving on to the documents, let's remember what a project is. Project management defines a project as an action that creates a unique service, product or result and has a beginning and an end.

Regardless of the maturity of project management, in each organization you will find certain requirements that must be met, if you want to initiate a project.

The most common requirements for initiating a project are:

  • project description (project charter) - this document most often consists of:

    1. reason - why the project is needed

    2. purpose - description of what result is suppose to be achieved with the project

    3. consequences - what, if the project was not initiated

    4. initial project implementation plan - initial self-assessment of how long the project may take

    5. business requirements - i.e. how the process should work, after the implementation of the project

  • project business plan (project business case) - in this document you need to find:

    1. costs - how much the implementation and maintenance of the project in the long term (usually in the context of 5 years) will cost for the organization

    2. benefits - what monetary benefits will be achieved, such as revenue growth, reduction of operating costs, etc.

    3. payback period - this one is one of the most easily calculated indicators, which helps to understand how many years it will take for all the costs associated with the project to pay off. This indicator is calculated by comparing the planned benefits with the spent costs of the project, for example: the project cost 200 euros and the benefit per year is 100 euros - the project will pay off in 2 years


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