1860 Module 2 Project Initiation.pdf

~ UNIVERSITY OF TORONTO ~ SC HOOL OF CON TI NU ING STUD IE! Course 1860 - Foundations of Project Management Module 2: Project Initiation ~ UNIVERSITY OF TORONTO ~ SC HOOL OF CON TI NU IN...

~ UNIVERSITY OF TORONTO ~ SC HOOL OF CON TI NU ING STUD IE! Course 1860 - Foundations of Project Management Module 2: Project Initiation ~ UNIVERSITY OF TORONTO ~ SC HOOL OF CON TI NU ING STUD IE! Module 2 - Section 1 Project Selection @) Project Selection Approaches There are several ways organizations can select projects: - Strategy Implementation - Four stage planning process SWOT Analysis - Balance Scorecard - Weighted Scoring - Financial measures - Expert judgment 9 UN IVERSIT Y OF TO RONTO ~ SCHOO L 0 1 CONT INU ING STUOIE~  ~ Strategy Implementation Circle IC-1.2 Strategy Benefit Objectives ( \ Feedback Projects I Value Products ~ ~ ~~~~~:S~~iT~~.~~~~~O;~ 10.:r- Source Gen P: New Generabon of Product OWners Who Care About Customers, Trvig, Monkhouse , 2019 A good org has a mission, vision - doesnt change our strategy changes - but should be tied to the vision/mission through projects we create products, which then is valued by the consumer, listen to feedback Strategy - organizations create their strategic plan including the Mission Vision and values Objectives - based on the Strategic plan, organizations then create their strategic objectives Projects - to support the Strategic objectives, organizations identify strategic initiatives which are projects Products - projects create products and services Value - products deliver value to customers by addressing customer needs Feedback - customers provide feedback to the organization based on their experience. the feedback can be good or bad Benefit - the customer feedback, the organization can determine if the benefits are realized and update their strategy based on the benefits being realized or not  ~ Project Strategy Selection Process IC-1.3 9UN IVERSIT Y OF TO RONTO ~ SCHOO L 0 1 CONT INU ING STUOIE~ we want projects to be aligned with the strategy, not random/self-serving if suggestion is denied, what can we do differently? Is the project tied to the Strategic plan? have similar projects been done? is there a business case? is there a project selection framework? how will the project benefit the organization?  ~ Four Stage Planning Process IC-1.4 Projects should support an organization's business plan Focus is on selecting the right project at the right time Strategic Planning Business Area Analysis Project Planning Resource Allocation 9UN IVERSIT Y OF TO RONTO ~ SCHOO L 0 1 CONT INU ING STUOIE~ Timing is everything to be successful Sometimes a project may not be right if someone can do it better - you want to be the best at what you are doing - hedgehog method Strategic planning: senior Executives develop the Strategic plan; first step is to determine longer-term strategy, goals and objectives Business area analysis: directors and department managers analyze needs in their areas; second step is to analyze business processes Central to achieving strategic goals Project planning: various managers and stakeholders proposed projects; third step to Define potential projects that address the top two layers Resource allocation: authorized managers allocate resources to selected projects; last step to start choosing projects and assigning resources to them  ~ SWOT Analysis IC-1.5 A technique to evaluate projects Strengths Strengths Weaknesses Weaknesses Opportunities Threats Opportunities Threats Information should tie back to organization's strategic plan SWOT can be used in other areas of project management such as risk identification 9 UN IVERSIT Y OF TO RONTO ~ SCHOO L 0 1 CONT INU ING STUOIE~ is the project feasible? SWOT entirely relates to the org strengths/weakness -internal opportunities/threats - external ~i ~ SWOT Analysis - Virtual Conference IC-2.1.Strengths Experience holding.Weaknesses Have never held a virtual successful conferences conference. Availability of strong No experience with the. speakers Engaged membership technology.Opportunities New virtual technology.Threats available. Pandemic continues Downturn in economy Reach more members Other online organizations. Raise profile in community and offerings 9 UN IVERSIT Y OF TO RONTO ~ SCHOO L 0 1 CONT INU ING STUOIE~ ~ i ~ SWOT Analysis - Virtual Conference - Al Please complete a SWOT analysis for the virtual conference project. Strengths Weaknesses... Cost-efficiency Accessibility... Technical challenges Engagement.. Data Analytics Flexibility.. Monetization Security concerns Reduced environmental impact Content overhead Opportunities Threats... Global reach Innovative content delivery... Competition Technical issues.. Reduced geographic boundaries Cost savings for attendees.. Sponsorship challenges Zoom fatigue Advanced analytics Regulatory changes 9 UN I VERSIT Y OF TO RONTO ~ SC HOO L 0 1 CONT INU ING STU OIE~  ~ Balanced Scorecard Approach IC-1.6 Financial Stewardship Financial Strength into Perpetuity 9 UN IVERSIT Y OF TO RONTO ~ SCHOO L 0 1 CONT INU ING STUOIE~ 10 what is the org interested in? for profit - money How do we look to our stakeholders or those who are providing funding to us? what Financial Resources do we need to achieve this initiative? How do we look to our customers and other stakeholders? do we meet and exceed their expectations? As a result of this initiative will we save time, resources, and money? what internal processes must we excel at in order to attract and retain our customers and other key stakeholders? How do we keep getting better? what skills do our staff need for these initiatives? C,! Balanced Scorecard - PMExpo Projects~ IC-2.2 Financial Stewardship Marketing campaign People and Learning Customers + Program Virtual conference Process Website 9 UN IVERSIT Y OF TO RONTO ~ SCHOO L 0 1 CONT INU ING STUOIE~ 11 9 UN IVERSIT Y OF TO RONTO ~ SCHOO L 0 1 CONT INU ING STUOIE~  Weighted Scoring It is often hard to quantify many criteria used to select projects Provides a systematic process for selecting projects based on criteria Criteria can be based on SWOT, Balanced Score, or other approaches Weighted scoring uses: - Criteria that can be scored numerically - Each criteria is weighted - The total weights add up to 100% Weighting can be used for other project decisions, such as seller selection 9 UN IVERSIT Y OF TO RONTO ~ SCHOO L 0 1 CONT INU ING STUOIE~ 13 assign a weighting to qualities that matter to you Weighted Scoring - Sample Option 1 Option 2 Option 1 Option 2 Weighted Weighted Score Score Score Score Criteria 1 20% 2 0.40 5 1.00 Criteria 2 20% 3 0.60 3 0.60 Criteria 3 30% 4 1.20 2 0.60 Criteria 4 15% 0.15 4 0.60 Criteria 5 15% 5 0.75 3 0.45 Total 100% 3.10 3.25 Notes Weight of all criteria must add up to 100% Scores here are based on 1 to 5, where 5 is the best Weighted Score= Score x Weight 9 UN IVERSIT Y OF TO RONTO ~ SCHOO L 0 1 CONT INU ING STUOIE~ 14  ~i ~ Weighted Scoring - Virtual Conference PMA-PM would like to include a virtual element to the PMExpo Two alternatives have been identified: - A live stream of the conference events - A parallel conference but with pre-recorded speakers To make the selection, the team have identified four criteria: - Cost - Member benefit - PMA staff skills - Risk score 9 UN IVERSIT Y OF TO RONTO ~ SCHOO L 0 1 CONT INU ING STUOIE~ 15 EXAMPLE  ~i ~ Weighted Scoring - Virtual Conference Scoring Criteria Cost Over $100,000 Between $50,000 Under $50,000 and $100,000 Member benefits Very low, no new Some, up to 5% High, over 5% members new members new members PMA staff skills No skills, need to Some skills need Required skills on contract to invest in staff, minimal resources training or some training contractors Risk score High - Risk score Medium - Risk Low - Risk score 5 and over score between 3 3 and less and 5 9 UN IVERSIT Y OF TO RONTO ~ SCHOO L 0 1 CONT INU ING STUOIE~ 16 EXAMPLE  Weighted Scoring - Virtual Conference Evaluation IC-2.3 Which option would you pick? Live stream -~ili:1§.ii-E--mmi Cost 30% $110,000 0 $60,000 Benefit 40% High 2 Medium Staff 20% None 0 Some Risk score 10% 5 0 3 Total 100% 0.8 1.0 9 UN IVERSIT Y OF TO RONTO ~ SCHOO L 0 1 CONT INU ING STUOIE~ 17 Q Proiect Selection - Questions IC-3.2 1. Each organization has different criteria for selecting projects. Some may be tied to revenue; others to enhance efficiency within the organization. Of the options listed below, which one is the most critical? a. Business development b. Resource optimization c. Financial gain d. The right timing 2. If a weighted score for a project is based on three criteria, the first weighted 50% and the other two weighted 25% each, what would be the weighted score for a project with scores of 100 on the first criteria, 80 on the second, and 60 on the third? a. 75 b. 80 C. 85 (50 + 20 + 15) d. 90 Answers available via Interactive Content on Quercus 23 ~ UNIVERSITY OF TORONTO ~ SC HOOL OF CON TI NU ING STUD IE! Module 2 - Section 2 Project Justification  Business Case A key document often produced during pre-initiation May also be referred to as Business Needs Elements include: a. Introduction/ background b. Business objective c. Current situation, problem and/or opportunity d. Preliminary project requirements e. Budget estimate and financial analysis f. Assumptions and/or constraints g. Potential risks h. Options and recommendations 9 UN IVERSIT Y OF TO RONTO ~ SCHOO L 0 1 CONT INU ING STUOIE~ 20 Not every org/project will have a business case (also called executive summary) Can help with the justification for others’ buy-in Can find a template online sometimes a doc sometimes a powerpoint a. high-level overview b. what is the purpose of this project? what are we trying to solve? c. what is the problem? need? d. what resources are needed?  Benefits Management Plan Identifies how and when the benefits will be delivered Describes processes, tools, and techniques that should be in place to measure benefits Elements include: - Target benefits - Strategic alignment - Timeframe for realizing benefits - Benefit owner - Metrics - Assumptions - Risks 9 UN IVERSIT Y OF TO RONTO ~ SCHOO L 0 1 CONT INU ING STUOIE~ 21  Financial Methods Four methods (of many): - Payback Analysis - Net Present Value - Return on Investment - Expected monetary value All involve estimation of investment costs and benefits and then evaluate the outcome of this investment 9 UN IVERSIT Y OF TO RONTO ~ SCHOO L 0 1 CONT INU ING STUOIE~ 22 Someone from the finance dept should help with this  Payback Analysis An important financial consideration is payback analysis The payback period is the amount of time it will take to recoup, in the form of net cash inflows, the total dollars invested in a project Payback occurs when the cumulative benefits equals or exceeds the cumulative costs Many organizations want IT projects to have a fairly short payback period 9 UN IVERSIT Y OF TO RONTO ~ SCHOO L 0 1 CONT INU ING STUOIE~ 23 Accountable to the board - how did you spend the money? You want to recoup within 1-2years  a~ Payback - Virtual Conference For the Live Streaming option for the Virtual conference, the project team is estimating the cost is $110,000 (Year 1) and the benefits will be $55,000 per year for four years. Benefits include increase in membership and increase in sponsorship revenue Payback occurs when the cumulative benefits equals or is above the cumulative costs What is the payback? 1111!!111111 llilil... ;;;;we +;;+ Benefits $0 Benefits $55,000 $55,000 $55,000 $55,000 Costs $110,000 $0 $0 $0 $0 Cash flow -$110,000 $55,000 $55,000 $55,000 $55,000 Cum. Cash Flow -$110,000 -$55,000 $0 $55,000 $110 ,000 [ Payback is 2 years ] 9 UN IVERSIT Y OF TO RONTO ~ SCHOO L 0 1 CONT INU ING STUOIE~ 24 Year 1 - only spending money, no benefits - cash flow is only out (negative sign) The payback occurs in Year 3, cumulative cash flow is how much total since the beginning >watch language, payback happens in 2 years but happened in year 3  Net Present Value (NPV) Analysis Net present value is the time value of money - $ earned today has more value than $ earned in the future Net present value (NPV) analysis is a method of calculating the expected net monetary gain or loss from a project by discounting all expected future cash inflows and outflows to the present point in time It looks at the opportunity cost of capital; investing in the project versus elsewhere Projects with a positive NPV should be considered for selection if financial value is a key criteria in project selection The higher the positive NPV, the better Refer to NPV Explained doc 9 UN I VERSIT Y OF TO RONTO ~ SCHOO L 0 1 CONT INU ING STUOIE~ 25 E.g., $10k has more ‘buying power’ in 2004 than it does in 2024 a~ Net Present Value - Virtual Conference For the Pre-recorded option for the Virtual conference, the project team estimates the cost is $60,000, and the benefits would be $30,000 in the first year, $20,000 for years 2 and 3 and $10,000 in the fourth year. What is the NPV using a discount rate of 10%? w;;;;aw;;;;aw;;;;aw;;;;ww;;;;w Benefits $0 $30,000 $20,000 $20,000 $10,000 $80,000 PV Benefits $0 $24,793 $15,026 $13,660 $6,209 $59,689 Costs $60,000 $0 $0 $0 $0 $60,000 PV Costs $54 ,545 $0 $0 $0 $0 $54 ,545 Cash flow -$60 ,000 $30,000 $20,000 $20,000 $10,000 $20,000 NPV -$54 ,545 $24,793 $15,026 $13,660 $6,209 $5,144 NPV is $5,144 (= $59,689-$54,545) Excel formula: NPV(.1, -60000, 30000, 20000, 20000, 10000) 9 UN IVERSIT Y OF TO RONTO ~ SCHOO L 0 1 CONT INU ING STUOIE~ 26  Return on Investment Return on investment (ROI) is calculated by subtracting the project costs from the benefits and then dividing by the costs ROI = (Total Discounted Benefits - Total Discounted Costs) I Total Discounted Costs The higher the positive ROI, the better Many organizations have a required rate of return or minimum acceptable rate of return on investment for projects 9 UN IVERSIT Y OF TO RONTO ~ SCHOO L 0 1 CONT INU ING STUOIE~ 27 You make informed guesses (or hoping rather than predicting) surrounding benefits You make assumptions, and then do market research to feel where the weather is going Total Discounted Benefits: net present value  a~ Return on Investment - Virtual Conference For the Pre-recorded option for the Virtual conference, the project team is estimating the cost is $60,000 and the benefits will be $30,000 in the first year, $20,000 for years 2 and 3 and $10,000 in fourth year. What is the ROI? - ¥114·¥1fM4·¥1iM·¥111M·¥114-- 1 Benefits $0 $30 ,000 $20,000 $20,000 $10,000 $59,689 Costs $60 ,000 $0 $0 $0 $0 $54 ,545 Cash flow -$60 ,000 $30 ,000 $20,000 $20,000 $10,000 ROI ROI is 9% = (59,689 - 54,545) / 54,545 l 9UN IVERSIT Y OF TO RONTO ~ SCHOO L 0 1 CONT INU ING STUOIE~ 28 PV = the discounted amount Look at the excel - example from earlier to get the ROI Returns = $80,000 (80,000-60,000) - 60,000 = 33% ????  Decision Trees and Expected Monetary Value (EMV) Decision trees are used to make decisions under uncertainty With a decision tree, there are a number of options that may happen Each option has a probability that it will occur and if it occurs, you can determine the potential outcome If the outcome is quantified in a monetary amount, then you can calculate the expected monetary value for each option 9 UN IVERSIT Y OF TO RONTO ~ SCHOO L 0 1 CONT INU ING STUOIE~ 29 this helps with risk management/analysis to decide between two projects  Decision Trees Layout Expected Potential Monetary Probability Outcome Uncertain Value of Outcome Event Decision Node P11 x 011 P12 x 012 P21 x 021 P22 x 022 9UN IVERSIT Y OF TO RONTO ~ SCHOO L 0 1 CONT INU ING STUOIE~ 30 Some orgs like higher or lower risk projects - you need to figure out which one makes sense and you are willing to take  Decision Tree - Virtual Conference: Live Streaming Uncertain event 1 - Uncertain event 2 - What Expected revenue Will attendees be able will be the attendance at to travel to an in- the PMExpo? - < person event? --- ¥++- 40 % $20,000 * 90% * 40% =$7,200 IIII ,.. IIJl-lift++t ~ $110,000*90%*60%=$59,400 -....,, - --f-f+E -. 5111_ 1,++- $5,000*10%*40%=$200 $20,000 * 10% * 60% = $1.200 All totals added together Expected Monetary Value $68,000 9 UN IVERSIT Y OF TO RONTO ~ SCHOO L 0 1 CONT INU ING STUOIE~ 31 Example during COVID - likely that there will be travel restrictions Probabilities are the percentages ignore the actual numbers - pretend they were given to you by the powers that be - just look at the maths  Decision Tree - Virtual Conference: Pre- recorded Uncertain event 1 - Uncertain event 2 - What Will attendees be able will be the attendance at to travel to an in- the PMExpo? person event? 40 % 1111 I H · + F $5,000 * 90% * 40% = $1,800 IIII , ~111-IH++- $20,000*90%*60%=$10,800 - I - I 4 0% 111-Ml+i·E $1,000 * 10% * 40% = $40 - ~... , ,.. $4,000' 10%' 60% = $24-0 Expected Monetary Value $12,880 9 UN IVERSIT Y OF TO RONTO ~ SCHOO L 0 1 CONT INU ING STUOIE~ 32 ~i ~ Proiect Selection: Virtual Conference IC-2.4 Would you pick Live Streaming or Pre-recorded? I Selection Method Live Streaming Pre-recorded Weighted Scoring 0.8 1.0 Payback Year 2 Year 3 NPV $58,493 $5,144 ROI 58% 9% Expected Monetary Value $68,800 $12,880 9 UN IVERSIT Y OF TO RONTO ~ SCHOO L 0 1 CONT INU ING STUOIE~ 33 Q Business Case - Questions IC-3.3 IC-3.4 1. If a project cost is only $100 paid at the end of Year 0 and its annual benefits are $20/year, what is its payback period? a. 3 years b. 4 years c. 5 years d. 6 years 2. The value of money today is typically worth more than the same amount of money in the future is the basic concept of _analysis. a. critical path b. cash flow c. investment d. net present value Answers available via Interactive Content on Quercus 39 ~ UNIVERSITY OF TORONTO ~ SC HOOL OF CON TI NU ING STUD IE! Module 2 - Section 3 Starting a Predictive Project  Proiect Charter Formally authorizes the existence of a project and provides direction on the project's objectives and management Like a contract, key internal project stakeholders should sign the charter to acknowledge agreement on the need and intent of the project Project manager should play a major role in developing the project charter It may be a couple of pages, or a multiple page document Examples are available in the textbook, website for book, and on www.projectmanagement.com 9 UN I VERSIT Y OF TO RONTO ~ SCHOO L 0 1 CONT INU ING STUOIE~ 36 5 process groups 10 knowledge areas 49 processes PMI knowledge 1st thing we do during the traditional approach business case happens by higher-ups relating to strategy/reasoning for project project charter means the project has been approved and we are now initiating  Proiect Charter Key Inputs Agreements Project Charter 9 UN IVERSIT Y OF TO RONTO ~ SCHOO L 0 1 CONT INU ING STUOIE~ 37  Proiect Charter Contents See PMExpo page in Project title Quercus for full example of a Project Project manager's name Charter for the Virtual Conference posted in Business need Module2 Description of the project Budget Milestones; start and end dates Success criteria Approval requirements Development approach High level and known risks, assumptions and constraints Stakeholder roles and responsibilities Sign-off section 9 UN IVERSIT Y OF TO RONTO ~ SCHOO L 0 1 CONT INU ING STUOIE~ 38 gathers all possible information - PM responsibility - do your best  8 Project Title Proiect Charter - Virtual Conference Virtual Conference I Date: May 15 ~ I Version : 2 lC -2.5 Project Manager Janet Symthe , [email protected] The Virtual Conference project will set up live streaming on the PM Expo sessions that can be Scope Description viewed by members or paid attendees from the website or app. Streaming the PM Expo will allow members and others interested in attending to view the Business Need conference without traveling. The streaming of the conference will allow PDA-PM to reach more people and create interest in projects. Project Start: June 1 Software : $20 ,000 Technology selected : July Labour: $170,000 Milestones Budget Demo completed : September Equipment: $10,000 PMExpo Stream : October Total : $200,000 Project Success Criteria The project must be completed on time , within budget and high quality Approval requirements The project is signed off by the Program Manager of PM Expo Development Approach Will use a critical path method The project will issue Assumptions : Constraints Risks status reports every Speakers will The streaming can There is not Management Approach second week and hold accept streaming not interfere with enough bandwidth monthly steering Contractors are the attendees' Attendees will not I. committee meetings available experiences object Stakeholders PMExpo Program Manager Marketing Manager Venue staff IT Manager I: Membership Manager Event Manager Approval PMExpo Program Manager Date Group assignment 1 - to use this template and fill out Development approach - traditional (critical path) vs agile vs hybrid Constraints - something preventing you or tying your hands (e.g., hard deadline) Risks - uncertainties Stakeholders - anyone impacted by or can impact the project a~ Pro· ect Charter - Virtual Conference - Al 1 § The PMExpo team asked ChatGPT: Please complete a project charter for the virtual conference project including the following sections: Scope description (20 words) , business need (20 words) , milestones (maximum 2), budget with 3 line items, two project success criteria, two approval requirements, development approach (20 words) , management approach (20 words) , two assumptions, two constraints, two risks , two key stakeholders , and an approval section.* *The restrictions on the length are for the purpose of showing the results. 9 UN I VERSIT Y OF TO RONTO ~ SC HOO L 0 1 CONT INU ING STU OIE~ 40 a~ Pro· ect Charter - Virtual Conference - Al 2 § Project Title: Virtual Conference - Connect Project Manager: [Your Name] Project Sponsor: [Sponsor' s Name] Approval Date: [Date] Scope Description: Develop a virtual conference platform for Connect 2023, including content delivery, registration, and interactive features for global attendees. Business Need: Address the need for a virtual event solution to reach a global audience, provide networking, and adapt to changing circumstances. Milestones: Platform Development Complete: [Date] Successful Connect Virtual Conference: [Date] Budget: Virtual Conference Platform: $[Amount] Marketing and Promotion : $[Amount] Technical Support and Security: $[Amount] Project Success Criteria: Achieve a minimum of 1,000 regi stered attendees. High attendee satisfaction with a post-event survey rating of at least 85%. Approval Requirements: Project Charter Approval: [Name and Title] Successful Platform Testing and Readiness : [Name and Title] Development Approach: Leverage an Agile methodology to ensure flexibility, rapid iterations, and close collaboration with stakeholders for a dynamic virtual conference platform. 9 UN I VERSIT Y OF TO RONTO ~ SCH OOL 0 1 CONT INUING STUOIE~ 41 a~ Pro· ect Charter - Virtual Conference - Al 3 § Management Approach: Regular team meetings, clear communication, and proactive risk management will ensure project alignment, accountability, and on-time delivery. Assumptions: Adequate technical resources and expertise are available. Marketing efforts will attract a diverse global audience. Constraints: Budget limitations may restrict the extent of features. Adherence to data privacy regulations may impact data handling. Risks: Technical issues affecting platform stability. Competition from other virtual events impacting attendance. Key Stakeholders: Project Sponsor: [Sponsor's Name] Marketing Team: [Names] Attendees and Presenters: [Names and Organizations] Approval Section: We, the undersigned, approve this Project Charter and commit to the successful execution of the Connect 2023 Virtual Conference project. Project Sponsor: [Sponsor's Name] Date: [Date] Project Manager: [Your Name] Date: [Date] 9 UN I VERSIT Y OF TO RONTO ~ SCH OOL 0 1 CONT INUING STUOIE~ 42  Proiect Kickoff Meeting The purpose of the kickoff meeting is to formally start the project The kickoff meeting should include the core team members In some cases, kickoff meetings can include clients and stakeholders A kick-off meeting has some basic objectives: a. Introduce the people at the meeting b. Recap the information in the Project Charter, including the purpose of the project, the scope, the major deliverables, the risks, the assumptions, the estimated effort and budget, and the deadline c. Discuss the major roles and responsibilities of the project team, clients and stakeholders d. Discuss the project management procedures e. Discuss and answer any outstanding questions ~ f. Confirm that the project is now underway ~ ~~~6~!, ~6iT~~1~g~~~o~g 5 43 The kickoff will look different based on the project, but the objective is to let stakeholders/project team know about the project and that you are leading it Q Starting a Predictive Proiect - Questions IC-3.5 IC-3.6 1. What document provides justification for investing in a project? a. Project charter b. Business case c. Net present value analysis d. Stakeholder register 2. What document formally recognizes the existence of a project and provides direction on the project's objectives and management? b. Project charter c. Business case d. Stakeholder register e. Stakeholder management strateg,,.._v_ _ _ _ _ _ _ _ _~ ~ ~ ~~~~~~s~;;:T~~.~~~~0'0;,'.; Answers available via Interactive Content on Quercus I49 ~ UNIVERSITY OF TORONTO ~ SC HOOL OF CON TI NU ING STUD IE! Module 2 - Section 4 Starting an Adaptive (Agile) Project  ~ Adaptive Project Initiation (scrum} IC-1.7 Project Brief Strategy Product Product Goals Deliverables Vision Roadmap Processes 9 UN IVERSIT Y OF TO RONTO ~ SCHOO L 0 1 CONT INU ING STUOIE~ 46 Scrum master product manager development team - they complete the tasks came from software terms Adaptive Proiect lnitation STRATEGY PRODUCT VISION PRODUCT ROADMAP STRATEGY PRODUCT VISION PRODUCT ROADMAP Once the strategy is The adaptive project With the vision set, the set, then the product initiation starts with product owner will owner create the the organization's create a roadmap to product vision to strategy and the set the direction for the describe the future strategic objectives development team state  Product Vision Describes the future state that would be achieved by developing and deploying a product Product vision template: For target customer who statement of need or opportunity. the product name is a product category that key benefit, reason to buy. Unlike primary competitive alternative, our product statement of primary differentiation. 9 UN IVERSIT Y OF TO RONTO ~ SCHOO L 0 1 CONT INU ING STUOIE~ 48 Product manager works with the product sponsor to develop the vision - why are we here? this product or this service  a~ Product Vision - Website IC-2.6 A new website is needed for the PMExpo The product vision for the Website could be For PMExpo attendees who need information about the conference, the PMExpo Website is an online tool that provides personalized information about the PMExpo. Unlike direct mail, our product will be personalized and always available with updated information. 9 UN IVERSIT Y OF TO RONTO ~ SCHOO L 0 1 CONT INU ING STUOIE~ 49 EXAMPLE  Product Roadmap The product roadmap breaks down the product vision or product strategy into a high-level direction for the development of the product To create a product roadmap - Break down the product vision into specific business goals - Prioritize the business goals to determine what should be addressed first - Translate the highest priorities into large features - Gain alignment with stakeholders 9 UN IVERSIT Y OF TO RONTO ~ SCHOO L 0 1 CONT INU ING STUOIE~ 50 rough draft of how we deliver the product we dont know a lot in the beginning, we are guessing  ~i ~ Business Goals - Website For the Website, the following business goals have been identified and prioritized as follows: Business Goal Description ·AIHOM Registration Allows potential attendees to complete and enter all their 4 Page registration information on one page Promotion Page Can be updated by marketing staff with current information ; including keynote speakers , special promos Event Page Provides overview on event, benefits of the PM Expo and 2 links to through registration page Venue Page Allows attendees to see the hotel layout, rates and book 3 rooms Program Page Shows speaker bios, topic overview, and allows attendees to 5 flag sessions they are interested in Personal Page Allows attendees to see who else has registered , create a 6 profile to build their professional network 9 UN I VERSIT Y OF TO RONTO ~ SCH OOL 0 1 CONT INUING STUOIE~ 51 the priorities are given so we know the order to do them in. you can complete one or a few at a time (see next slide)  ~i ~ Product Roadmap - Website IC-1.8 Quarter 1 Quarter 2 Quarter 3 Quarter 4 Technology -w - w... Marketing Event -w Attendees w... 9 UN IVERSIT Y OF TO RONTO ~ SCHOO L 0 1 CONT INU ING STUOIE~ 52 Can be month 1,2,3 or quarter, day, whatever they may be contingent on one another 1st column is who is doing/responsible for each task Rows are when the tasks are expected to be completed  Proiect Brief Due to the nature of the project, for iterative and adaptive projects, a modified project charter is used The focus is on: - Why are we doing the project? - the product vision - Who benefits and how? - What does "done" mean - acceptance or release criteria? - How are we going to work together? - team charter Can also be called: - Project data sheet - Agile product charter See PMExpo page in Quercus for full example of a Project Brief for the Website project posted in Module2 9 UN IVERSIT Y OF TO RONTO ~ SCHOO L 0 1 CONT INU ING STUOIE~ 53 not all projects have a brief, but may have  ~i ~ Proiect Brief - Website IC-2.7 Project Website I Date: May 15 Create a website for the PMExpo that contains all the required information Vision about the PMExpo for attendees Allows attendees to register for the PMExpo, obtain current information about the PMExpo, and personalize it to enhance their conference Benefits experience Enable sponsors and partners to promote their product and services in advance and after the PM Expo. The website is available 7x24 The website can be personalized by user Acceptance Information about the conference, logistics, accommodation are included on Criteria the website and regularly updated Readable on smartphones The team will use two-week iterations to develop the website Approach In the first iteration , the team will create a team charter, approach , and initial product backlog 9 UN I VERS IT Y OF TO RONTO ~ SCHOOL 01 CONT INUING STUOIE~ 54 EXAMPLE - its a modified charter ~i ~ Proiect Brief - Website - Al (1) The PMExpo team asked ChatGPT: For the PMExpo there is a website project. The website project is to develop a PM Expo specific website used for conference registration , providing details on the event program , offering venue information , booking links, promoting event announcements , and FAQs. Please complete a project brief for the website project with the following information: project vision (20 words) , two key benefits, two acceptance criteria, and a summary approach using agile (20 words).* *The restrictions on the length are for the purpose of showing the results. 9 UN I VERSIT Y OF TO RONTO ~ SC HOO L 0 1 CONT INU ING STU OIE~ 55 ~i ~ Proiect Brief - Website Al (2) / Project Project Vi sion PM Expo Website Development Create a dynamic PM Expo website, delivering a seamless registration experience, ' comprehensive event information, and engaging content to enhance attendee participation. Key Benefits 1. Streamlined Registration: Simplify the registration process for attendees and exhibitors, reducing administrative burden. 2. Enhanced User Experience: Deliver a user-friendly platform that provides valuable event information and promotes engagement. Acceptance 1. User-Centric Design: The website design must prioritize user experience, ensuring ease Criteria of navigation and responsiveness. 2. Seamless Registration: Attendees and exhibitors should complete the registration process efficiently, including payment processing if required. Approach Leverage Agile methodologies to enable iterative development, frequent stakeholder feedback, and adaptability for a dynamic and user-focused PM Expo website. '-. _/ 9 UN I VERSIT Y OF TO RONTO ~ SCH OOL 0 1 CONT INUING STUOIE~ 56  Summary Organization Strategy Adaptive/ Iterative Predictive/ Increment Product Vision Project Charter Product Roadmap Project Brief 9UN IVERSIT Y OF TO RONTO ~ SCHOO L 0 1 CONT INU ING STUOIE~ 57 Objectives must be SMART goals Q Starting an Adaptive Proiect - Questions IC-3.7 IC-3.8 1. A _describes the future state that would be achieved by the development and deployment of a product. a. Product strategy b. Product roadmap C. Product brief d. Product vision 2. A project brief is: a. Another name for a project charter b. Is similar to the product roadmap C. A modified version of a project charter d. Is used for predictive projects Answers available via Interactive Content on Quercus 62