2 Types Of Business Management Documents For Projects
LAST UPDATED ON 27TH AUGUST, 2019
In managing a project successfully, there are several documents that the Project Manager need to create in order to coordinate the project. This Project management document allows the Project Manager to monitor several aspects of his project. There are two vital documents that are independent and iteratively maintained throughout the lifecycle of a project.
#1 Project Business Case
The Project Business case is a documented economic feasibility study used to establish the validity of the benefits of a selected component lacking sufficient definition and that is used as a basis for the authorization of project management activities.
The Project Management business case as part of the business management documents helps the Project Manager and the project stakeholders to understand the benefits that they are going to derive from the project. It will also help them to determine whether the project objectives can be achieved based on the available resources in the organisation.
#2 Project Benefits Management Plan as part of the business management documents
Another Business Management document that a Project Manager needs at the initiation stage is the Project Benefits Management plan. This is the documented explanation defining the processes for creating, maximizing and sustaining the benefits provided by the Project. It talks about the benefits of the project as well as what the organisation need to do to realise the benefit therein.
When it comes to the creation of a business case, the Project Sponsor is the one accountable for the creation and maintenance of the business case document.
He also provides recommendations and oversight to keep the Project business case, project management plan, project charter, as well as the Project Benefits Management, plan success measures in alignment with the objectives of the organisation.
There is a need for the Project Manager to tailor their projects in order to meet the need of the organisation. It should be noted that in some organisations, the business case and benefits management plans are always maintained at the Program level. This is to ensure that the Project aligns with other related projects in the organisation.
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