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For the project to succeed, get off to a good start

  For the project to succeed, get off to a good start. “ Well begun is half done” - Aristotle Any organisation won't start a project right away after the Sponsor gives it the thumbs-up. The Project Sponsor and all the key stakeholders come together to define the Project's goals in a clear statement as part of a formal process called initiating. For those who are unfamiliar with project management, the term sponsor simply refers to the body that authorises the project's financial expenditures. All those who have an impact on the project or who are impacted by it are considered stakeholders. In the Initiating process, the business need as well as the benefits due to the proposed solutions are evaluated by the Project Sponsor alongwith the stakeholders and if necessary a Feasibility study is undertaken by a team which is appointed by the Sponsor. Invariably, Benefit-cost analysis is worked out and if the benefits outweigh the costs, the project is then taken into conside...
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THIRD PARTY INSPECTION IS SIMPLE, RIGHT?

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“After having considered, "this man can accomplish this, by these means", let (the king) leave with him the discharge of that duty” – The Thirukkural Organizations have a team of people in their Quality Control department to monitor and manage the project's or product's quality. When it comes to the Product, these individuals will periodically measure its various parameters and determine whether or not production is proceeding according to plan. By regulating the several manufacturing processes, deviations, if any, are addressed during the production phase itself. When it comes to projects, the project manager and his team assess the timeline, cost, quality, and other factors to determine the present status. After making thorough analysis, the report is presented in the monthly meeting to the sponsor and the stakeholders. Deviations are got approved in this meeting. Some firms rely on unbiased third party inspections to maintain strict quality standards. For insta...
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Payback: Does it truly pay off?

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  Payback: Does it truly pay off?   “Disappointment will come when your effort does not give you the expected return” – Chetan Bhagat In the previous post, We spoke about how crucial it is to properly conduct the Initiating process before approving any project proposal. Any project is the product of the Company's ambition to meet its requirements for ongoing sustenance, expansion, and growth. As a result, the Company invests a large sum in the project in order to reap the rewards. The business requirements for which the project was undertaken are satisfied once the project's deliverables have been completed. As a result, the new business will begin financially repaying the corporation with increased revenues, profits, etc. The corporation will continue to reap the rewards every year, and eventually the profits will outweigh the overall investment made in the project. If the project covers its whole cost in five years, the subsequent returns are free, allowing the bus...
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