A Guide to Project Management

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Unformatted text preview: Historical information MP AM SA S Tools & Techniques .1 Project selection methods .2 Expert judgment Outputs .1 Project charter .2 Project manager identified/assigned .3 Constraints .4 Assumptions 5.1.1 Inputs to Initiation .1 Product description. The product description documents the characteristics of the product or service that the project was undertaken to create. The product description will generally have less detail in early phases and more detail in later ones as the product characteristics are progressively elaborated. The product description should also document the relationship between the product or service being created and the business need or other stimulus that gave rise to the project (see the list in Section 5.1). While the form and substance of the product description will vary, it should always be detailed enough to support later project planning. A Guide to the Project Management Body of Knowledge (PMBOK Guide) 2000 Edition 2000 Project Management Institute, Four Campus Boulevard, Newtown Square, PA 19073-3299 USA NAVIGATION LINKS ACROYMNS LIST ACRONYMS LIST 53 ACROYMNS LIST Chapter 5--Project Scope Management 5.1.1.2 | 5.2.1.4 Many projects involve one organization (the seller) doing work under contract to another (the buyer). In such circumstances, the initial product description is usually provided by the buyer. .2 Strategic plan. All projects should be supportive of the performing organization's strategic goals--the strategic plan of the performing organization should be considered as a factor in project selection decisions. .3 Project selection criteria. Project selection criteria are typically defined in terms of the merits of the product of the project and can cover the full range of possible management concerns (financial return, market share, public perceptions, etc.). .4 Historical information. Historical information about both the results of previous project selection decisions and previous project performance should be considered to the extent that it is available. When initiation involves approval for the next phase of a project, information about the results of previous phases is often critical. ment ment geE L geE PL P 5.1.2 Tools and Techniques for Initiation .1 Project selection methods. Project selection methods involve measuring value or attractiveness to the project owner. Project selection methods include considering the decision criterion (multiple criteria, if used, should be combined into a single value function) and a means to calculate value under uncertainty. These are known as the decision model and calculation method. Project selection also applies to choosing the alternative ways of doing the project. Optimization tools can be used to search for the optimal combination of decision variables. Project selection methods generally fall into one of two broad categories (2): Benefit measurement methods--comparative approaches, scoring models, benefit contribution, or economic models. Constrained optimiza...
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