Ch 2: Initiating a Project

About This Chapter

In this chapter we cover key steps in the initiation of a project, the development of a business case for a project, and more. Our lessons come with handy self-assessment quizzes.

Initiating a Project -- Chapter Summary and Learning Objectives

Our instructors will guide you through the key steps of project initiation, the development of a business case, and more. The lessons are available for study and review at your convenience and have been designed to maximize your understanding and retention of the information presented. At the close of the chapter, you will have studied the following topics:

  • Project feasibility
  • Calculating opportunity cost
  • The chartering of a project
  • Creation of a project team

Lesson Objective
Key Steps in Initiating a Project Outline the key steps in project initiation, including development of a business case, establishment of the project office, and the review of the project to get approval for the next phase.
How to Develop a Business Case for a Project Explain the steps of, and correct format for, the creation of a business case for the funding review process.
Project Feasibility Study: Definition & Steps Summarize the purpose and creation of feasibility studies.
How to Calculate Opportunity Cost Decide how to evaluate the tradeoffs between choices in project development.
What is a Project Charter? - Elements & Example Categorize the key elements of a project charter like goals and scope, deliverables, time frame, and budget summary.
Team Assembly & Assignments in Project Management Analyze project team creation, job assignments, and the creation of an organizational chart.

7 Lessons in Chapter 2: Initiating a Project
Test your knowledge with a 30-question chapter practice test
Key Steps in Initiating a Project

1. Key Steps in Initiating a Project

As in life, success in business projects is determined by the effort put forth in planning or initiating an activity. This lesson will cover the key steps in the project initiation process.

How to Develop a Business Case for a Project

2. How to Develop a Business Case for a Project

Without a business case, your project will never get off the ground since the case contains all the reasons that your project should go ahead and receive investment. This lesson provides step-by-step instructions and what to include in your business case.

Project Feasibility Study: Definition & Steps

3. Project Feasibility Study: Definition & Steps

In this lesson, we'll be looking at a project feasibility study, which is one tool that many organizations use to determine if the costs and risks of a project outweigh the benefits, or if a project is even viable.

The Six Constraints of Project Management

4. The Six Constraints of Project Management

This lesson specifies and explains the six constraints of project management. In addition, the interrelated nature of these constraints is explained by looking at an example.

How to Calculate Opportunity Cost

5. How to Calculate Opportunity Cost

Learn the formula that reveals the economic value in any major choice between two possibilities. Every choice involves tradeoffs, and opportunity cost shows you how to measure these tradeoffs.

What is a Project Charter? - Elements & Example

6. What is a Project Charter? - Elements & Example

In this lesson, you'll learn about project charters, including the key elements typically found in these documents. You'll also have the opportunity to explore a real-life example of a project charter.

Team Assembly & Assignments in Project Management

7. Team Assembly & Assignments in Project Management

In this lesson, you'll learn how to create a project team with the skills and capabilities to deliver the project scope. You'll come to understand different types of organizational charts and how specific job assignments/durations are determined.

Chapter Practice Exam
Test your knowledge of this chapter with a 30 question practice chapter exam.
Not Taken
Practice Final Exam
Test your knowledge of the entire course with a 50 question practice final exam.
Not Taken

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