UBS

Initiation

What is Project Initiation?

Project Initiation is the initial phase of the project management life cycle, during which firms determine if the project is required and how valuable it will be to them. A business case and a feasibility study are two methods for assessing a proposed project and determining its projected outcomes.

Importance of Project Initiation Phase

Starting a new project is exciting, but before you get started on the planning process, make sure your endeavor will genuinely provide value. That’s where project initiation comes in—it’s a method for demonstrating the business case for your project and demonstrating that the work you’ll be doing is doable. Project initiation also guarantees that stakeholders are notified early on, allowing you to acquire critical resources, get visibility for your project, and avoid costly barriers later on.

What Comes Under the Project Initiation Phase

  • Developing a business case
  • Running a feasibility study
  • Drafting a project charter
  • Enlisting and managing stakeholders
  • Selecting the right team and project office
  • Finally, putting the finishing touches

The project’s main staff and team leaders meet at the initiation phase, and the project manager decides whether to continue with the project, develop it more before committing to it, or discontinue it. Project Initiation is a continuous process that does not end once the project has been approved and started.

Throughout the project’s life cycle, the project Initiation process is used to assess the project’s and staff’s success. Furthermore, if necessary, you can undertake corrective steps. Although Project Initiation can be used as an evaluation tool, it is primarily a planning tool that, when utilized properly, can help you develop a successful program that can connect with all levels of the business.

Also, See: Estimation

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