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The Discovery/concept phase starts prior to the project. Project ideas are reviewed for fit in terms of budget, return on investment, ties to strategic objectives, and other factors. This phase ensures that only viable and applicable projects get worked on and others are rejected. The major tasks involved in this phase include: Creating a business case Analyzing a project's return on investment (ROI) Reviewing prequalified vendors and predetermined clients Checking pre-existing contracts Analyzing capital expenses and operational expenses associated with the project The Initiation phase begins once a project idea is approved This is the official start of a project, and a high-level summary is drafted to cover several project aspects, including scope, timeline, resources, and goals. This phase culminates in the project getting kicked off. Some of the tasks involved in this phase include: Creating the project charter Identifying key project stakeholders Developing a responsibility assignment matrix Creating a records management plan Defining communications and access methods Reviewing artifacts from prior projects Building the solution design for IT projects Kicking off the project The Planning phase focuses on taking the high-level project summary and outlining the activities and expectations in the form of plans and tracking Some of the tasks involved in this phase include: Reviewing resource availability Assessing procurement needs Assigning and training resources Creating a communication plan Generating a detailed scope statement Establishing work breakdown structure and backlog Creating a project schedule Reviewing budget Establishing a QA plan Conducting an initial risk assessment Building a transition/release plan Creating a project management plan