About This Chapter
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
|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.|
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.
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.
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.
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.
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.
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.
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.
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Other chapters within the Business 311: Project Management course
- Project Management Fundamentals
- Planning a Project
- Project Cost Planning & Budget
- Tools for Project Planning & Management
- Project Proposals
- Creating Contracts with Vendors
- Executing a Project
- Monitoring & Controlling a Project
- Closing a Project
- The Project Team
- Project Management Organizations & Certification
- Required Assignments for Business 311
- Studying for Business 311