1 - Project Initiation

What is a project?

A project is an undertaking, by a group of people, where specific goals or tasks are set and a timeline within which these goals or tasks must be achieved are established. All projects operate under the constraints of a budget, time, finite resources and a degree of quality. It has a launch point and a point of completion.

Listed below are eight key characteristics of projects:

1. All projects are differentiable

2. Project tasks are explicit

3. Resources, such as funds, labour and machinery are required

4. Have financial limits

5. Have a timetable for tasks for to be completed

6. Labour is needed

7. Includes a degree of unpredictabillity

8. Goals and or tasks completed must adhere to certain levels of quality

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Project Life Cycle:

Project managers use a five step framework to help complete a project effectively and efficiently.

The five phases of a Project Life Cycle are:

1. Initiating - The beginning of the project, where an overview and achievable goals are outlined

2. Planning - A plan is developed, including crucial project details, goals and very importantly, how to achieve these goals

3. Executing - Tasks are implemented in order to achieve goals set out

4. Controlling - The performance of the project is measured and the progress made assessed

5. Closing - The entirety of the project and it’s related tasks come to an end

The eight characteristics of project initiation are:

• Choosing a project

• Describing the range of the project

• Detecting possible project risks

• Establishing achievable tasks for all associated with the project

• Organise and mobilise a team of people

• Create communication tools

• Record the Project Charter

• Approving ‘sign of points’ with the client

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There are two common life cycle paths that a project may follow:

1.) S-Shaped life cycle path - At the start of the project, growth is slow, thereafter momentum is developed and then the project comes to an end slowly. Top down budgeting is implemented.

2.) J-Shaped life cycle path - At the start of the project, growth is slow, and it continues on slowly and then ends quickly. Bottom up budgeting is implemented.