Time
3 hours 24 minutes
Difficulty
Beginner
CEU/CPE
4

Video Transcription

00:02
Welcome back to the county A project plus becae +0004
00:06
I am very Lario, your instructor.
00:10
So we are starting now with a project initiation. So what are we learned?
00:18
First, we're gonna learn the different components of initiation stage followed by the activities off the Project charter and finalizing with importance off the business case.
00:31
Let's go back and review really the life cycle off a project.
00:36
There are five stages initiation planning, execution, muttering and clos e.
00:41
This lesson is about the initiation stage.
00:45
At this point, the initiation stage is where the business cases may. The reason why we have a project
00:56
that's where we try to justify and why that's this is where the project is actually put together and starts.
01:04
So the initiation is the formal authorization or charging off a project.
01:11
So the first age us we have here is developing a project Charter
01:17
dis provides the formal authorization
01:19
for a project to begin
01:21
in what the project is going to perform. When I look into this *** in a few seconds
01:27
next we have the business case justification,
01:30
which is a study in where we explain why the project is needed
01:38
and what the results, how the results will benefit the enterprise or the community.
01:44
And finally we identify high level risks in what concerns there are pertaining this project and its results.
01:53
So the project charter again is the document that provides the formal approval for the project to get started.
02:01
It describes
02:04
what the purpose off the project is, what the objectives
02:08
are.
02:10
Ah, destination or an explanation off the intention off the project and the idea of explaining also how is expected to come about high level items or delivery bubbles that the project we'll provide
02:30
and finally this a *** factors. How do we identify if the project that we are pursuing is yielding the results that we said they would deal?
02:43
This is very important because it will help our sponsors our stakeholders to see the value in the other project and thus authorizing its initiation
02:55
as well as help us prove that during the execution of the project that we are what going in walking towards the right direction.
03:06
So what makes the project charter? What are the project charter resource is, what do you put in it? First is the statement of work is how the project is going to be executed.
03:19
The 2nd 1 is the business case. We will discuss the business case in a second. But in short, the business case is how you justify the project, whether in a monetary value,
03:31
saying that is going to save or produce on X amount of dollars,
03:38
constraints and assumptions. This are the different challenges that will come about. That you foresee happening
03:46
in as well as different
03:51
resource is that you also
03:53
foresee us being part or different activities. That being part, for example, on assumption, could be that X Y. C supplier will be able to increase their production off part, maybe just to make sure that they can fulfill your demand throughout the project.
04:13
Also, you have agreements and contracts that you will sign, including suppliers, temporary workers, project managers and other individuals that will be involved throughout the project and are part of the overall cost
04:30
enterprise Environmental factors. This includes the policies that are made, the enterprise work, the culture of the company, the investment off each member, how how this is seen. There are nonessential structure, functional matrix
04:49
or project ized,
04:51
and finally, the organisational process assets, which will be each of the elements that the organization provides,
04:59
Um, in order for it to sustain the project as a whole.
05:03
Let's look into the business case as we mentioned
05:06
the business case is, the justification is how you
05:13
see and show the value off the project that you are
05:18
executing.
05:20
Also, the business case has to be in alignment with the business itself.
05:28
So if a project is against what the company does, then the strategic plan off the company is against the strategic
05:36
ah project or the line of thought off the project
05:43
as well as we've mentioned, the business case tried to prove the value to the business.
05:48
And also there's visibility studies. Sometimes, you know, there could be very good projects, very good intentions, very good ideas. But maybe it's not possible
05:58
because the factors that are needed are not there yet. In this example, we could use movies if you were to remember Star Wars in how
06:10
Brian Lucas jumped all the way to the ladder, meeting like halfway through the through the serious, because all that he wanted to do for the 1st 1 the 12 and three levels, or or stages of the movie, there were
06:29
no, it was too hard. There were no technologies
06:31
for that at the moment.
06:33
Also, you have alternatives. Alternatives are the what if scenarios Plan B's that you device in case the visibility off path is not there.
06:47
Another component is a high level scope. The high level scope addresses the problem being solved.
06:56
Um, what problem is being expressed and how you plan to solve it? The different requirements,
07:02
the different milestones and checkpoints that you will have to show progress
07:10
of the assumptions in terms of resource is in terms off environment,
07:15
the budget. How much will it cost, how much you need in terms off personnel in terms, off material to build it and the different challenges or constrains that we foresee? Um, again, the constraints could be the typical
07:34
three that we have so far. Budgets, Copan time or there could be other additional external constrains
07:41
that could be around policy, politics, culture.
07:46
And with this we could go into manufacturing and in wise is more convenient to manufacture this piece of equipment in in one place versus another, because off taxes, because
08:01
different reasons. So
08:03
that's where it constrains coming.
08:05
Also, you have high level risk risk is going to be a long discussion. We'll have time for later. On
08:13
risk is basically anything that presents a either a threat or a opportunity for the project's execution and how we foresee how we
08:24
plan for it and how we handle it.
08:28
That the enterprise. That's also to define what is called the risk appetite,
08:33
how long they're willing to go into this and how much they're willing to put in in terms, off off efforts and budget,
08:45
regardless of how high the stakes are
08:50
and also controls our control is what you implement to buffer back a risk or to reduce the amount of a threat
08:58
from materializing so sometimes controls.
09:01
I'll help us by enabling balancing out of risk and enabling the project to succeed.
09:09
Sometimes the controls are too much, and then you know the cost of it control than overruns, the cost of the risk. But we will discuss that in a later section
09:22
to wrap it up.
09:22
What have we learned in this section?
09:24
The components of initiation stage of activities that we will come we see in the Project charter and the importance of the business case and other high level components for the initiation stage.
09:39
Well, this is all for now. Looking forward to seeing you in our next presentation.

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Instructed By

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Humberto Hilario
Information Security Manager and Director of Education at PC AGE Career Institute
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