How to Initiate Projects Successfully

How to Initiate Projects Successfully

Did you know that a large percentage of projects are cancelled before they even reach the detailed planning phase? The most common reason is that they have not been properly defined and scoped, and as a result, they lack the sponsorship needed to ensure their success.

Therefore, it's critical that you initiate your projects as quickly and efficiently as possible, by taking these 6 steps:

Step 1: Develop a Business Case

The first step taken when initiating a new project, is the creation of a comprehensive Business Case. A Business Case describes the business problem / opportunity to be addressed by the project and the alternative solutions available. The potential costs and benefits associated with each alternative solution are also defined.

The Business Case becomes the foundation for the project as it fully documents the reasons for creating the project and the key benefits to be delivered. Once produced, the Business Case should be formally endorsed by the Project Sponsor, before funding is allocated to the project.

Step 2: Undertake a Feasibility Study

A Feasibility Study is completed to identify the likelihood of the alternative solutions actually delivering the benefits stated in the Business Case. Based on the results of the Feasibility Study and the Benefits and Costs portrayed in the Business Case, a preferred solution is identified and once again, is approved by the Project Sponsor.

If you can complete a comprehensive Feasibility Study, then you will greatly improve your chances of delivering your project successfully. 

Step 3: Establish the Project Charter

Once the problem and solution have been identified, a new project is then defined to deliver the solution. The "Project Charter" is documented, which essentially describes what the project sets out to achieve and the boundaries within which it must achieve it.

The project vision, objectives, scope, deliverables, project organization and an implementation plan are all clearly stated in the Project Charter document. 

Step 4: Appoint the Project Team

Now that the project is defined, it is time to appoint the team. The Project Board is established and the Project Manager is recruited to take on responsibility for the project. The Project Manager recruits the Team Leaders and they in turn help recruit project staff. Every team member is assigned a detailed Job Description, defining their role and responsibilities within the project. 

Step 5: Set up a Project Office

The Project Office environment is then established, as the physical place of residence for the team for the duration of the project. This environment will provide the premises, equipment, materials, tools and processes required to enable the members of the project team to perform their roles successfully. A checklist is used to ensure that the Project Office has been set up correctly and will continue to support the Project as needed. 

 Step 6: Perform Review

Once the project has been defined and the team have been appointed, you're ready to perform a project phase review. A Phase Review is completed to ensure that all of the required Initiation activities have been undertaken and to provide formal approval to proceed to the next phase: Project Planning.

And there you have it - 6 steps to initiating projects successfully.