3 - IPMP - Working in Teams _ Project Mandate

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University of South Australia *

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5102

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Information Systems

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Nov 24, 2024

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pptx

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35

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PROJECT INITIATION
THE SESSION • Scope Definition & Goals • Identifying Project Needs • Introduction to: feasibility and project selection WORKSHOP ACTIVITY: The Project Brief & Case Study
PROJECT MANAGEMENT ROLE 07/10 11/11 11/11 16/12 16/12 27/01 27/01 25/02 25/02 25/03 DATES
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PROJECT MANAGEMENT ROLE PROJECT MANAGER TO PROVIDE COMBINED MINUTES TO THE PROJECT BOARD AT THE END OF EACH MANDATE:
DESIRED MILESTONES PROJECT MANDATE (07/10/2020) PROJECT BRIEF (11/11/2020) RISK STR./REG. (16/12/2020) & PROJECT PLAN (25/02/2021) FULL DEVELOPED BUSINESS CASE (25/03/2020) PROJECT INITIATION DOCUMENTATION (02/04/2021)
(Gido and Clements, 1999) STARTING UP PHASE • Identify the needs • Run Feasibility Studies • Identify Stakeholders • Identify Risks • Assign Roles and Responsibilities OUTCOME: Develop Project Brief &Outline Business Case THE PROJECT LIFE CYCLE
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IDENTIFY THE NEED Frame (1987) identifies three phases on identification of needs: • Needs emergence – influenced by change • Needs recognition – gaps, improvement, expectations • Needs articulation – clarifying the understanding by describing its characteristics • Sometimes the strategic need for a project is determined by senior managers before a project managers and team are involved.
IDENTIFY THE NEED Regardless of project type its scope needs to be clearly defined
IDENTIFY THE NEED Lack of adequate definition can lead to: • Imprecise goals • Unrealistic wide scope • Solving the wrong problem • Contradictory targets • Time wasting undertaking • tasks that are not necessary or impossible
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CLARIFY THE SCOPE In clarifying the project scope, information needs to be collected about • Stakeholders and their interests • Sponsor, project team, functional managers, influential individuals and/or groups • Project aims and objectives and how the project is going to achieve them within appropriate resources and time constraints • Opportunities offered and threats to its success
QUIZ TIME! 11
QUIZ TIME! 12 Go to www.menti.com and use the code 53 23 07 8
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DEFINING CUSTOMER REQUIREMENTS 1 3 “I want this room painted blue”
1 4 Project failure often stems from ambiguous or incomplete requirements This statement is ambiguous and incomplete. • Does not say what type of blue or how much of room to paint. DEFINING CUSTOMER REQUIREMENTS
1 5 WE DO NOT WANT TO END UP LIKE THIS! … SET UP AND AGREE WHAT IS GOING TO BE PRODUCED! DEFINING CUSTOMER REQUIREMENTS
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WILL IT WORK? CONFIRM THE NEED • For some projects, particularly complex or the ones with high degree of uncertainty (e.g. international projects), it may be appropriate to carryout a feasibility/evaluation study before planning and implementation • A feasibility study will help to determine whether or not a project should go ahead and, if so, help to identify the approach that should be taken
TYPES OF FEASIBILITY • Operational/Technical Feasibility • Compatibility of new with existing, fit for use/purpose, staff skills/knowledge and competence to work with new technology • Environmental/Social Feasibility • Stakeholders concerns, impact on local environment • Financial/Economic Feasibility • Cost of resourcing the project, benefits it may bring, cost that may arise if not implemented/completed
FINANCIAL FEASIBILITY • Costs • Capital costs – the total costs needed to bring projects to an operable status • Revenue Costs – non-capital, recurrent running costs • Finance Costs – e.g. value, interests, overdrafts... • Benefits • Tangible • Intangible
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WHAT IS YOUR ANSWER? 19
QUESTION: • Kingston Business School is considering opening a new centre in Glasgow, offering the same range of courses as the London centre. Requirement: • What is the likely feasibility of such a project? • What information would you require in order to make an informed decision?
I NEED A COFFEE AND YOU?... 5 MINUTES COFFEE BREAK!! 21
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METHODS FOR SELECTING PROJECTS The people in charge for selecting projects need to ensure overall organizational priorities are understood, agreed upon, and communicated. Once this common understanding is in place, it is much easier to prioritize potential projects.
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METHODS FOR SELECTING PROJECTS The prioritization should consider criteria derived from project management, finance, and strategic aspects and should include asking questions such as: • What value does each potential project bring to the organization? • Are the demand of performing each project understood? • Are the resources needed to perform the project available? • Is it feasible to complete the project within the expected time and at the projected cost while managing associated risks? • Is the project financially beneficial and compatible with other investment decisions? • Which project will best help the organization achieve its strategic goals?
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METHODS FOR SELECTING PROJECTS There are different methods of systematically selecting projects. The methods include both financial and scoring models. Both financial and nonfinancial factors have to be considered when selecting a project 1. Using a Cost-Benefit Analysis Model to Select a Project • Cost-benefit analysis is a financial tool used to determine the benefits provided by a project against its costs
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FINANCIAL MODEL FOR PROJECT EVALUATION NET PRESENT VALUE (NPV): The analyst first discounts the expected future value of both the project costs and benefits, recognizing that a dollar in the future is worth less than a dollar today. Then the analyst subtracts the stream of discounted project costs from stream of discounted project benefits. If the NPV is positive, then the organization can expect to make money from the project. BENEFIT-COST RATIO (BCR): The ratio is obtained by dividing the cash flow (using NPV principles) by the initial cash outlay. A ratio above 1.0 means the project expects to make a profit, and a higher ratio than 1.0 is better.
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FINANCIAL MODEL FOR PROJECT EVALUATION INTERNAL RATE OF RETURN (IRR): The analyst calculates the percentage return expected on the project investment. A ratio above the current cost of capital is considered positive. PAYBACK PERIOD (PP): A person calculates how many years would be required to pay back or recover the initial investment . Short pay back period are more desirable.
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FINANCIAL MODEL FOR PROJECT EVALUATION
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METHODS FOR SELECTING PROJECTS 2. Using a Scoring Model to Select Projects • In addition to ensuring that selected projects make sense financially, other criteria have to be considered. The scoring model helps to select and prioritize potential projects
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SCORING MODEL FOR PROJECT EVALUATION 1. IDENTIFYING POTENTIAL CRITERIA: These criteria should include how well each potential project fits with the organization’s strategic planning. Criteria may include risk, timing, resources needed, etc. Company leadership team jointly determine what criteria will be used to select projects. 2. DETERMINING MANDATORY CRITERIA (PP): Are there any situations that dictate a project must be chosen regardless of any other considerations? (e.g. safety or security situation).
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SCORING MODEL FOR PROJECT EVALUATION 3. WEIGHTING CRITERIA: Next, the leadership team determines the relative importance or weight of each decision criteria. Executives determine which criterion is most important and give that a weight of 10. Most organization will decide to use about three to five criteria. Lesser-rated criteria can be used as tiebreakers if needed.
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SCORING MODEL FOR PROJECT EVALUATION 4. EVALUATING PROJECTS BASED ON CRITERIA: Now the leadership evaluates each project on each criterion at a time. Each project will be rated on a specific criterion with a score ranging from 1 (project has very little or negative impact to this criterion) to 5 (excellent impact). The rating should be multiplied by the weight assigned to that criterion.
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PRIORITIZING PROJECTS Once projects have been selected, they will need to be prioritized. The decision makers will need to determine which ones will get assigned resources and be scheduled to begin first. The scoring model helps to inform this decision where other issues have to be also discussed: • The urgency of each project • The cost of delaying the expected benefits from various projects • Practical details concerning the timing • Opportunity costs associated with the project
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QUIZ TIME! 33
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QUIZ TIME! 34 Go to www.menti.com and use the code 53 23 07 8
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ANY QUESTIONS? THANK YOU FOR LISTENING! F.Dimaddaloni@kingston.ac.uk
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