![]() ![]() This would also require analysis and research (which requires seed funding) to bring credibility in the idea through supporting evidence/data to justify its merits and value.Īs a reminder, the project initiation is the first phase of the project management life cycle to kick-off the project with clarity on objectives, outcome deliverables and team The first initial stage is to flesh out the idea to convince the business to allocate resource, funding to explore the concept. In this article, I will focus at pre-initiation phase, pre-project being approved/funded to go ahead. Project management can be decomposed in 5 phases, from project initiation to closure. The question is what business template (also named named business canvas) to use and at what idea formation stage ? In addition, it is a visual representation mapping out the idea (or project) to support pitch process (for approval/ funding consideration). This allows easier review, comparison and understanding on the objectives, merits and expected outcome of ideas as part of the project investment assessment and selection process. In my previous article on Strategic Portfolio Management (SPM), I made the argument of the need to have standardised, consistent business templates to capture ideas and projects especially at their early life-cycle phase (ideas, inception phase). “A clearly defined project from the very beginning is the key to project success- a project canvas is visual tool helping to define and communicate project at an early stage” ”All strategic change in an organisation happens through project and program management” ![]()
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