Initiation
Cost Estimate Accuracy
By: Ray Myers, Jr., PMP The accuracy of project cost estimates varies depending on position in the project life cycle. Rough Order of Magnitude (ROM) Very early in the project ROM estimates are used for selection decisions Accuracy is usually plus/minus 50%, but could range from -25% to +75% Budgetary Early in the project Budgetary estimates are used for initial budget planning Accuracy... »
Financial Analysis
By: Ray Myers, Jr., PMP Financial considerations are an important consideration in selecting projects. Three common methods to determine projected financial value of projects are: Net Present Value (NPV) analysis Return on Investment (ROI) Payback Analysis About the Author: Ray Myers, Jr. is a PMP certified project manager with over 2o years experience planning and managing technology projects. Contact... »
Project Initiation Checklist
By: Ray Myers, Jr., PMP Every project is different from the last. Feel free to modify this project initiation checklist as needed. Business Case Why do this project? Why do it now? What are the critical impacts? What could go wrong? What are the costs? Project justification Project Definition Project name Project goals Business requirements Technical requirements Technical specifications Key performance indicators Constraints Maximum cost Latest completion date Dependencies Project Scope Scope boundaries In-scope Out-of-scope Deliverables Project interfaces Acceptance criteria Success... »
Project Charter
By: Ray Myers, Jr., PMP Charters vary in specific content, but most project charters include the following sections: Project objective statement Project priorities High-level scope statement, describing all expected deliverables Description of the expected users or customers The business case for the project (benefit or return on investment analysis) Rough cost estimates Target milestones and deadlines Project leader and initial staffing information Identified dependencies Key... »
ROI
By: Ray Myers, Jr., PMP Definition: Return on Investment, or ROI is a performance measure used to evaluate the net benefit of a project to the performing organization. ROI is usually expressed as a percentage. Every organization has a wish list of projects that they would like to be implemented, but funding and resource limitations usually... »
Ready, Set, Start Your Project
By Ray Myers, Jr., PMP Congratulations! You have been assigned to manage your next project and you’re eager to get started with planning. There’s a lot to be done, build the WBS, schedule the work, assemble the implementation team, and meet with the client. But with so much to do, what should you do first? ... »
Document Project Assumptions
By Ray Myers, Jr., PMP Early in the initiation or planning phases of a project, the project manger should document all project assumptions. Before we discuss documenting assumptions, we should be sure that we understand what they are. The American Heritage dictionary defines the word assumption to be: Something taken for granted or accepted as true... »
