Podcast
Questions and Answers
What is the primary focus during the Initiation Phase of a project?
What is the primary focus during the Initiation Phase of a project?
What is a primary component of the Business Case?
What is a primary component of the Business Case?
Which of the following is NOT typically included in the Business Case?
Which of the following is NOT typically included in the Business Case?
How should estimated costs in the Business Case be categorized?
How should estimated costs in the Business Case be categorized?
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What question should be asked before launching a project?
What question should be asked before launching a project?
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What does the brief analysis of alternatives in the Business Case typically include?
What does the brief analysis of alternatives in the Business Case typically include?
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What is likely to happen if the answer to 'Should the project be started?' is yes?
What is likely to happen if the answer to 'Should the project be started?' is yes?
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What is a potential risk mentioned for the project?
What is a potential risk mentioned for the project?
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What is the primary objective of the full product launch option?
What is the primary objective of the full product launch option?
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Which option offers the lowest risk of product launch delays?
Which option offers the lowest risk of product launch delays?
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Which promotional method is included in the full product launch?
Which promotional method is included in the full product launch?
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What benefit does the soft product launch primarily provide?
What benefit does the soft product launch primarily provide?
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Who is primarily responsible for selecting the desired product launch option?
Who is primarily responsible for selecting the desired product launch option?
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Which option includes no promotional activities beyond minimal updates?
Which option includes no promotional activities beyond minimal updates?
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Study Notes
The Initiation Phase
- The first decision in a project is whether it should be started.
- Different options or “paths” should be considered before launch.
- The Business Case is developed to evaluate various approaches for the project.
The Business Case
- A Business Case presents options to project sponsors for approval.
- It includes:
- Description of opportunities
- Possible solutions/alternatives
- Benefit, cost, and risk analysis for alternatives
- Recommended solution and implementation process
- Project requirements
- A short implementation plan
- Estimated costs can be tangible (e.g., higher expenses) or intangible (e.g., increased risk).
- Estimated benefits include tangible (e.g., increased sales) and intangible (e.g., improved brand recognition).
Developing Options
- A case study by Deco Productions presented three launch options:
- Soft product launch: Minimal promotion relying on word-of-mouth.
- Moderate product launch: Soft launch plus extra promotion through existing channels.
- Full product launch: Moderate launch plus promotional video and trade show materials.
Estimating Costs
- Cost estimates are rough and include:
- Required budget (e.g., salaries, materials).
- Risk of delay in product readiness.
- Cost estimates for Deco Productions' options:
- Soft launch: $10,000, 1% risk of delay.
- Moderate launch: $25,000, 5% risk of delay.
- Full launch: $60,000, 10% risk of delay.
Estimating Benefits
- Benefits estimations are also rough, focusing on:
- Increase in market share.
- Increase in brand recognition.
- Benefits estimates for each option:
- Soft launch: No increase in market share or brand recognition.
- Moderate launch: 3% market share increase, moderate brand recognition.
- Full launch: 6% market share increase, significant brand recognition.
Selecting the Option
- The final decision involves key stakeholders, including the Project Manager and Project Sponsor.
- For the case study, Option C (Full Product Launch) was selected due to its potential for higher market share and brand recognition.
Launching the Project
- The Project Charter is created to officially announce the project and authorize the Project Manager.
- Project Charters should contain:
- Project goals and objectives.
- Project budget.
- Identification of stakeholders and sponsors.
- Key project milestones.
- Overall project risks.
Project Charter Example
- Project Name: DCV4Launch—DecoCam V4 Product Launch
- Project Budget: $60,000
- Key Stakeholders include Vice-Presidents of various departments and the CEO.
- Project Milestones establish timeline for project approval, completion of trade show materials, and final project completion.
Kickoff Meeting
- A kickoff meeting is necessary to bring together key stakeholders, allowing for interaction and addressing concerns before entering the Planning Phase.
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Description
This quiz tests your understanding of the initiation phase of project management, specifically focusing on the development of a Business Case. You will explore various options, their benefits, costs, and the recommended solutions for project approval. Assess your knowledge of project launch strategies and implementation planning.
