Competency
Explain the activities that occur when initiating a project.
Scenario
As a Project Manager for Kingston-Bryce Limited you have been assigned to create a business case. The Board of Directors for Kingston-Bryce Limited (KBL) is eager to move forward with the acquisition of their competitor. The acquisition of the competitor will enable KBL to expand operations and triple their workforce and will take 18 months to complete with a projected cost of $5 million. In order for this acquisition to be successful, you will need to use your project management skills to ensure success.
Instructions
Your task is to create a business case in Microsoft Word to justify the steps necessary to complete the acquisition. The business case is essential for providing justification and details of the scope of work for the project. You will need to be creative and develop the following items as if you were running the project.
Include the following (you will need to create these items):
- Project scope
- Funding schedule (this is how you project to allocate the $5 million budget)
- Timelines for the acquisition (plan out the 18 months of the project)
Expert Solution Preview
Introduction:
Initiating a project involves a series of activities that set the stage for successful project completion. As a medical professor, I frequently design and conduct assignments for college students in the field of medicine. This requires me to use project management skills to ensure students are successful in their academic pursuits.
Answer:
When initiating a project, several activities occur, including:
1. Identifying the project’s purpose and objectives: This involves defining the goals and objectives of the project and understanding the reason for undertaking it.
2. Conducting a feasibility study: This involves evaluating the project’s viability and determining whether it is worth pursuing.
3. Developing a business case: This involves justifying the need for the project and outlining its expected benefits.
4. Identifying stakeholders: This involves identifying all individuals or organizations that will be impacted by the project and their interests or concerns.
5. Developing a project plan: This involves defining the project scope, resources needed, timelines, and budget.
6. Establishing a project team: This involves identifying the individuals who will be responsible for delivering the project and their roles and responsibilities.
7. Developing a communication plan: This involves defining how project information will be shared among stakeholders.
By following these activities, project managers can ensure successful project initiation and increase the chances of project success. In the scenario provided, the project manager needs to use project management skills to justify the steps necessary to complete the acquisition successfully. This involves developing a business case that outlines the project scope, timelines, and funding schedule.
