GEB3422CBE Section 01 CBE Business Project Management (11 We

GEB3422CBE Section 01cbe Business Project Management (11 Weeks) - CBE Online Course - 2024 Spring Quarter

Explain the activities that occur when initiating a project.

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The initiation phase of a project is a critical component of the overall project management process, serving as the foundation upon which the entire project is built. During this phase, project activities focus on defining the project at a broad level, establishing its feasibility, and securing authorization to proceed. The key activities involved in project initiation include developing the business case, identifying stakeholders, defining the project scope, and securing necessary approvals.

One of the foremost activities in project initiation is creating a comprehensive business case. This document serves as the primary justification for the project, illustrating the benefits, costs, risks, and strategic alignment with organizational goals. In the context of the Kingston-Bryce Limited (KBL) acquisition project, the business case would delineate why acquiring a competitor is vital for growth. It would include details such as expanding operations, tripling workforce, and anticipated financial impacts—highlighting the strategic importance of this expansion. The creation of a compelling business case involves gathering relevant data, conducting analyses, and presenting a persuasive argument for project approval.

Identifying stakeholders is another vital activity during initiation. Stakeholders encompass individuals or groups affected by the project, including internal employees, management, shareholders, and external entities like regulators or community members. Proper stakeholder identification ensures all relevant parties are considered and engaged early, facilitating smoother project execution later. For KBL, this might include the company's executive team, legal advisors, key employees, and potential regulatory agencies.

Defining the project scope is also essential in the initiation phase. Scope definition involves establishing what the project will and will not include, setting clear boundaries to guide planning and execution. For the acquisition, scope clarification would specify the extent of the operations to be integrated, the timeline of 18 months, and the projected budget of $5 million. Clearly articulated scope statements help prevent scope creep and ensure stakeholder alignment.

Securing approvals and funding is a critical activity in initiation. The project manager must present the business case and scope to the Board of Directors or senior management to obtain formal authorization to proceed. For the KBL project, this involves convincing stakeholders of the project's strategic value, feasibility, and cost-effectiveness. Additionally, initial resource allocations are discussed during this step, setting the stage for detailed planning.

Finally, initial risk assessments are conducted to identify potential obstacles or opportunities that could impact project success. These early risk evaluations inform subsequent planning and mitigation strategies. For the acquisition, risks might include regulatory approval delays, integration challenges, or market uncertainties. Recognizing such risks upfront enables better preparedness and contingency planning.

In summary, activities during project initiation revolve around establishing the foundation for success through careful justification, stakeholder engagement, scope definition, securing necessary approvals, and early risk assessment. These activities ensure that the project is aligned with organizational goals and has a clear pathway toward detailed planning and execution.

References

• PMI. (2017). A Guide to the Project Management Body of Knowledge (PMBOK® Guide) (6th ed.). Project Management Institute.