03 - ISE515 - Starting a Project.pdf - Section 2 Starting A...

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Section 2 Starting A Project Copyright 2019 KRE Consulting ISE 515
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2 What will we learn: Initiating Process Initiating Process Business Cases RFPs Contracts
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Agenda: 3 Purpose Evaluation Criteria Acceptance
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4 Purpose Why? Meeting code: 515EK2
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5 Why does one Start a Project? Technological Advancements Legal Requirement Social Need Market Demand Customer Request Business Need ? ? ?
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6 Where Do You Find Out About Project Opportunities Customers Referrals, Networking, Contacts Create your own Look for needs and areas of improvement. Listings of Opportunities Government RFPs, Federal Business Opportunities Source services Classifieds/Ads Trade Publications ()
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7 Evaluation Criteria Is My Project Aligned? Meeting code: 515EK2
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8 Starting A Project Business Case Why? Objectives Organizational Buy - Ins Mobilization How? Who? Contracts, Request For Proposal’s, etc.
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9 Business Case: Definition It’s goal is to predict the results of a business decision in terms that are clear, concrete and credible. A Business Case is a decision support and planning tool that projects the likely financial results and other business consequences of an action. A Business Case is usually comparing multiple options that need funding. The word ‘ Case ’ is similar to a criminal trial where something needs to be proven with evidence and reasoning.
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10 The Value of a Business Case A Business Case is more than just a financial analysis exercise, it: Must argue convincingly that the evidence supports conclusions. Must outline the methods and assumptions underlying the case. Must explain the uncertainties and contingencies of the case. No major decision in a business should be made without a solid business case (It shows good stewardship). A good business case makes it easier to get funding for the project , It helps maintain your focus during project crisis (you do not question the project’s relevance), and as a result, there are less conflicts after project completion in regards to the value of the system.
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11 Business Case: Structure and Content A Business Case should include the following sections in addition to the financial analysis: Business Purpose & Context - Current State Physical Description - Scope Project Justification - Project Benefits Project Alternatives High Level Project Schedule Business Requirements Overview Technical Requirements Overview Critical Success Factors Assumptions - Dependencies Risk Analysis & Mitigation Plan
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12 Typical Project Selection Models Numeric Payback Period Average Rate of Return Discounted Cash Flows (NPV) Other (Annual Worth, ERR, Cost/Benefit Ratio) Non-Numeric The Sacred Cow The Operating Necessity Competitive Necessity Comparative Model
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13 Which project should we choose? A Filtering process always occurs: How To Start Successful Projects Compare to organization’s strategy and goals Consider available alternatives Consider available resources
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14 Rosenau; Originally in videotape presentation by Association for Media-based Continuing Education for Engineers, Atlanta, GA
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