4 Major Business Needs in Project Management
As part of the business needs in project management, we always have a business case. A Business case is a documented economic feasibility study used to establish the validity of the benefits a selected component lacking a sufficient definition that is used a basis for the authorization of further project management activities.
The Business Case as a document lists the objectives and reasons for the project initiation. It also helps in measuring the project success at the end of the project against the original plan. It should be noted that the business case as a document is a document that is used throughout the project lifecycle.
The Business case may also be used before the project initiation activities. It is often used to decide whether a project should move to the next phase or not.
The process of defining the business need, analysing the situation, making recommendations and defining evaluation criteria for the project is applicable to any organisation’s project. A Business case may include but is not limited to documenting the following:
#1 PROJECT PROMPTER AS PART OF BUSINESS NEEDS IN PROJECT MANAGEMENT
One of the benefits of the Project business needs document is that it helps organisations to determine what is prompting the need for action in a project. It helps the Project Sponsor and other stakeholders to determine the reasons why a particular project should be executed.
#2 SITUATIONAL STATEMENT AS PART OF BUSINESS NEEDS IN PROJECT MANAGEMENT
The situational statement is another component of business need in a project. It documents the business problem or opportunity to be addressed including the value to be delivered to the organisation. It helps the organisation to see the situation that they are in. They will be able to plan how these problems can be addressed.
#3 IDENTIFICATION OF STAKEHOLDERS AS PART OF BUSINESS NEEDS IN PROJECT MANAGEMENT
Stakeholders are individual or groups that will be affected negatively or positively by a project. The Project Manager through stakeholders identification will be able to communicate with these stakeholders in order to know their expectation for the project. It will also allow the Project Manager to get buy-in for the project.
#4 SCOPE IDENTIFICATION
A Project Scope can be defined as “What is” and “what is not” part of a project. The Project business needs will allow the project Managers to know what should be covered in the project. He will also be able to collaborate with other stakeholders in order to achieve project objectives. This will also allow the project team to decide on whether the project can be achieved based on available resources in the organisation.
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Adeniyi Salau is a Digital Marketer, Project Manager and SEO Expert of repute with about a decade of Blogging and online marketing experience. He is always ready to share his experience with others.