Projects have risks. Risks come in different forms, such as losses in finances, reputation, market share, customer loyalty, etc. A business case can help reduce these risks. A business case is a phase gate that determines whether a project will continue to the next phase, be terminated, or be modified. Before initiating a project, organizations…
Most projects and organizations require outside support to achieve their objectives. They often lack information on the requirements, prices, and technology involved. In this case, they need information on their requirements to proceed further. They get this information through Request for Information (RFI). They share the available information with prospective sellers to provide them with…
Projects always require supplies, consumables, or support from third parties, and a Request for Quotation (RFQ) is a great help in these situations. The document communicates its requirements to sellers or service providers. The seller will review the offer and ask for clarification if required. The buyer usually organizes a bidder conference where all bidders…
When your organization has a problem but doesn’t have a solution, they ask for help from third parties. At this point, Request for Proposal (RFP) helps them out. In this document, the organization explains the problem, and the vendors have to submit their best solution. RFP is different from RFQ. With RFP, buyers have a…
A project kick-off meeting is one of the most important meetings for a project. During the project life cycle, you will have many meetings with your stakeholders. Other meetings may involve you and your team members or include management and the client discussing the project status, issues, and plans. These meetings have their significance; however,…
Rarely an organization has unlimited resources to go after all available opportunities. In most cases, they have limited resources and they have to select the best option.
In project management, organizations have many techniques for project selection. They make a decision as the stakes can be high and wrong ones are costly.
Let’s say your organization has many proposals but they cannot undertake all of them due to resource constraints. Therefore, they will select a project that is the least risky and could provide them with the maximum profit. Often, recognition is also a factor.
As a project manager, you may not have any role in the project selection process but you should know why the project was selected and how it fits into the organization’s strategic objectives.
Projects occur to fulfill the stakeholders’ requirements. If they are not happy, you cannot say that your project was a success. Project management is about managing stakeholders.
You want to complete your project with minimal obstruction. So, you must identify your project stakeholders at an early stage, and then engage with them throughout the project life-cycle.
You start the process of identifying stakeholders after the sponsor signs the project charter.
Today, we are going to discuss the Cost-Benefit Analysis, which is also known as Benefit-Cost Analysis. Cost benefit analysis in itself is a vast subject; however, in this blog post I’ll try to give you a general idea about the process.
I hope that once you go through it, you’ll have a basic understanding about this benefit measurement method.
Usually, these kinds of analyses are performed by high level stakeholders; e.g. top management, or an organization’s board members.
They sit together and analyze which project is more profitable to them and aligned with the organization’s objective, and then pick the best project.
When I started my PMP exam preparation, I had difficulty understanding the difference between a process group and a knowledge area. Every PMP aspirant is confused about this in their initial stage of preparation.
You may also wonder why the PMBOK is not organized according to process groups.
These questions bothered me also.
Now, I have passed the exam and I understand these issues. Therefore, I am writing this blog post to explain my knowledge to you.