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L3 Business Induction Project: The project life cycle

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Mark Grant

on 10 September 2017

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Transcript of L3 Business Induction Project: The project life cycle

The 5 stages of a project
1) Project conception and initiation
The project needs to be defined at the start.
2) Project definition and planing
Develop a "roadmap" to be followed
3) Project launch or initiation
The phase where deliverables are developed and completed.
4) Project performance and control
Measuring project progression and performance and ensuring that everything happening aligns with the project management plan.
5) Project close
This phase represents the completed project.
L3 Business Induction Project: The project life cycle
5 stages of a project
1) Project conception and initiation
2) Project definition and planing
3) Project launch or initiation
4) Project performance and control
5) Project close
This prevents "mission creep"
What the "business case" is = what is the desired outcome.
Research into feasibility
issues such as cost, time, personnel etc evaluated.
Stakeholders with control give the "green light" or not.
Project charter or Project Initiation Document Created.
It should include business needs, stakeholders, and the business case. What might these be for BMW here?
Setting SMART targets
BMW to to bring out an electric car.
Contractors contracts end.
All documents need to be stored together.
Maybe an end of project event.
"Post mortem" What went well? What didn't?
Final budget and reports created.
2-5 key performance indicators (KPIs)
What are the KPI's in the video?
Project Performance
Effort and Cost Tracking
Quality Deliverables
Project Objectives
Project Manager may need to make adjustments.
Develop team
Assign resources
Execute project management plans
Procurement management if needed
PM directs and manages project execution
Set up tracking systems
Task assignments are executed
Status meetings
Update project schedule
Modify project plans as needed
not planing on moving to electric van/SUV/ motorbike
Thinking of BMW bringing out a new electric car what should they do for the following?
Specific – To set specific goals, answer the following questions: who, what, where, when, which, and why.
Measurable – Create criteria that you can use to measure the success of a goal.
Attainable – Identify the most important goals and what it will take to achieve them.
Realistic – You should be willing and able to work toward a particular goal.
Timely – Create a timeframe to achieve the goal
Collaborative – The goal should encourage employees to work together.
Limited – They should be limited in scope and time to keep it manageable.
Emotional – Goals should tap into the passion of employees and be something they can form an emotional connection to. This can optimize the quality of work.
Appreciable – Break larger goals into smaller tasks that can be quickly achieved.
Refinable – As new situations arise, be flexible and refine goals as needed.
scope of the project is defined and a project management plan is developed
Scope Statement – A document that clearly defines the business need, benefits of the project, objectives, deliverables, and key milestones. A scope statement may change during the project, but it shouldn’t be done without the approval of the project manager and the sponsor.
Work Breakdown Schedule (WBS) –This is a visual representation that breaks down the scope of the project into manageable sections for the team.
Milestones – Identify high-level goals that need to be met throughout the project and include them in the Gantt chart.
Gantt Chart – A visual timeline that you can use to plan out tasks and visualize your project timeline.
Communication Plan – This is of particular importance if your project involves outside stakeholders. Develop the proper messaging around the project and create a schedule of when to communicate with team members based on deliverables and milestones.
Risk Management Plan – Identify all foreseeable risks. Common risks include unrealistic time and cost estimates, customer review cycle, budget cuts, changing requirements, and lack of committed resources
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