This Week You Will Select A Project Topic To Need

This Week You Will Select A Project Topic That You Will Need To Sub

This week, you will select a project topic that you will need to submit via discussion for approval. The Course Project Approval discussion provides more information about the project's requirement for approval. Once you receive approval from your instructor, create a business case to justify the need for your project topic.

The business case must contain the following:

  • Executive Summary
  • Reasons (Create Problem Statements)
  • Business Options
  • Expected Benefits
  • Expected Dis-Benefits
  • Costs (Budget estimate)
  • Timescale (Schedule estimate)
  • Investment Appraisal
  • Major Risks

Paper For Above instruction

The process of selecting and justifying a project requires meticulous planning and strategic thinking. The first step involves choosing a project topic that addresses a specific need or problem within a particular context, such as a business or organization. Once the topic is selected, it must be submitted for approval via a discussion forum where feedback from the instructor ensures alignment with academic and practical standards. This approval process is critical, as it confirms that the project idea is feasible and relevant.

After obtaining approval, the developer must construct a comprehensive business case that convincingly justifies the project's necessity and potential value. The business case begins with an Executive Summary, providing a concise overview of the project’s purpose, scope, and anticipated impact. This summary sets the stage for stakeholders and decision-makers to understand the core proposal quickly.

Following this, it is essential to clearly articulate the reasons for the project, often in the form of problem statements. These statements identify specific challenges or deficiencies that the project aims to resolve. For instance, inefficiencies in current processes, gaps in service delivery, or opportunities for technological advancement may serve as the driving forces behind the proposal. Clearly defining these problems ensures the project remains focused and anchored in real needs.

Next, the business case should explore various business options or solutions. This involves analyzing alternative approaches to addressing the identified problems, weighing their advantages and disadvantages. Such options provide decision-makers with a spectrum of strategies, enabling informed choices based on feasibility, cost, and potential impact.

Expected benefits are then detailed, highlighting the positive outcomes that the project is anticipated to deliver. These may include increased efficiency, cost savings, improved customer satisfaction, or competitive advantages. Conversely, it is equally important to identify expected dis-benefits—potential negative impacts or challenges that might arise from implementing the project. Recognizing dis-benefits helps in planning mitigation strategies and setting realistic expectations.

Estimating costs is a critical component, where a budget estimate is developed to outline the financial resources required. This includes direct costs such as personnel, technology, and materials, as well as indirect costs like administrative support. Accurate budgeting ensures that decision-makers are aware of the financial commitment involved.

The timescale or schedule estimate provides an outline of the project timeline, including key milestones and deadlines. A well-structured schedule facilitates effective project management and resource allocation, ensuring timely completion.

Investment appraisal involves evaluating the project's financial viability, often through techniques such as return on investment (ROI), net present value (NPV), or payback period assessments. These analyses help determine whether the projected benefits justify the costs and risks involved.

Finally, the business case must identify major risks that could threaten the project's success. Risks could stem from technological uncertainties, market dynamics, resource availability, or external factors. Including risk assessments enables proactive planning and enhances the likelihood of successful project delivery.

In conclusion, developing a compelling business case is vital to justify a project effectively. It not only outlines the strategic importance and benefits but also anticipates challenges and resource requirements, thereby supporting informed decision-making and strategic planning within an organization.

References

  • Kerzner, H. (2017). Project Management: A Systems Approach to Planning, Scheduling, and Controlling. Wiley.
  • Meredith, J. R., & Mantel, S. J. (2014). Project Management: A Managerial Approach. Wiley.
  • PMI. (2017). A Guide to the Project Management Body of Knowledge (PMBOK® Guide). Project Management Institute.
  • Lock, D. (2013). Project Management. Gower Publishing, Ltd.
  • Zwikael, O., & Smyrk, J. (2011). Creating the Ideal Proposal: A Guide for Planning and Writing Project Proposals. Springer.
  • Harris, E. (2014). Practical Project Management in Construction. Routledge.
  • Schwalbe, K. (2015). Information Technology Project Management. Cengage Learning.
  • Nicholas, J. M., & Steyn, H. (2017). Project Management for Business, Engineering, and Technology. Routledge.
  • Turner, J. R. (2014). The Handbook of Project-Based Management. McGraw-Hill Education.
  • Fleming, Q. W., & Koppelman, J. M. (2016). Earned Value Project Management. Project Management Institute.

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