Explain The Activities That Occur When Initiating A Project

Explain the Activities That Occur When Initiating A Project

Explain the activities that occur when initiating a project. Student Success Criteria View the grading rubric for this deliverable by selecting the “This item is graded with a rubric” link, which is located in the Details & Information pane. Scenario As a Project Manager for Kingston-Bryce Limited you have been assigned to create a business case. The Board of Directors for Kingston-Bryce Limited (KBL) is eager to move forward with the acquisition of their competitor. The acquisition of the competitor will enable KBL to expand operations and triple their workforce and will take 18 months to complete with a projected cost of $5 million. In order for this acquisition to be successful, you will need to use your project management skills to ensure success. Instructions Your task is to create a business case in Microsoft Word to justify the steps necessary to complete the acquisition. The business case is essential for providing justification and details of the scope of work for the project. You will need to be creative and develop the following items as if you were running the project. Include the following (you will need to create these items): The purpose of the project The pros and cons of the project (benefits) Budget/Funding schedule (this is how you project to allocate the $5 million budget) Major risks or opportunities of the project.

Paper For Above instruction

The initiation phase of a project is critical in setting the foundation for its success. During this phase, key activities focus on defining and authorizing the project, establishing its scope, and securing approval and resources. When initiating a project, the project manager must undertake a series of essential activities that ensure clarity of purpose, feasibility, and stakeholder alignment.

The first step in project initiation involves developing a clear project charter. This document serves as the formal authorization of the project and outlines its objectives, scope, key stakeholders, and high-level requirements. The project charter acts as a guiding document that provides authority and direction to the project team. Following this, a thorough stakeholder identification process is conducted to understand the needs, expectations, and influence of all parties involved or affected by the project. Effective stakeholder analysis facilitates communication planning and ensures support throughout the project's lifecycle.

Another critical activity during initiation is conducting a feasibility study or initial analysis to assess whether the project is viable within the given constraints, resources, and organizational priorities. This includes evaluating technical, financial, and operational factors. Based on this assessment, a preliminary business case is often developed to justify the project's necessity and potential benefits. In the scenario of Kingston-Bryce Limited (KBL), this step involves outlining the strategic importance of acquiring a competitor, its potential benefits such as increased market share, and associated risks.

Resource allocation planning is also a key activity during initiation. The project manager collaborates with finance and senior management to develop an initial budget estimate and a high-level schedule. For the KBL project, this involves planning how the $5 million projected cost will be allocated over the 18-month timeline, including major expenditure categories such as due diligence, integration efforts, and operational costs.

Furthermore, risk identification and analysis are undertaken early to recognize potential obstacles and opportunities. This encompasses identifying major risks such as regulatory hurdles, cultural integration issues, or market uncertainties, as well as opportunities that could enhance project value or stakeholder benefits. Developing an initial risk management plan helps in preparing mitigation strategies and contingency plans from the outset.

Finally, the initiation phase concludes with obtaining formal approval from executive sponsors or the board. This approval signifies that the project has a well-understood scope, clear objectives, allocated resources, and risk considerations, enabling the project team to transition into detailed planning and execution. In summary, the activities during project initiation are vital for establishing a solid foundation, aligning stakeholders, and setting clear parameters to guide subsequent project phases efficiently and effectively.

References

• Project Management Institute. (2017). A Guide to the Project Management Body of Knowledge (PMBOK® Guide) – Sixth Edition. PMI.
• Pinto, J. K. (2019). Project Management: Achieving Competitive Advantage. Pearson.
• Larson, E. W., & Gray, C. F. (2017). Project Management: The Managerial Process. McGraw-Hill Education.
• Booth, B. (2012). Managing Projects in Organizations: How to Make the Best Use of Time, Techniques, and People. John Wiley & Sons.