Realize your business’s value and needs

Realize your business’s value and needs
It is the fundamental quality that PMs must possess. He should first understand the reasons for a project and what the expectations are. What is the value realized after the project is completed? Without this understanding, a PM can’t guide or direct project teams. This article will help you to think in these terms and better execute your project.
Projects are often initiated by internal Business needs or external influences. These needs and influences often lead to the creation of a feasibility study, business case, or description about the situation the project will address.
What is a business’s need?
A company’s business needs can be based on market demand, technological advancement, legal requirement, government regulation, or environmental considerations. The project sponsor will also provide a project statement of work based on business requirements.
The best way to get approval for a project is to have business needs. Because business needs are the key to identifying the potential and benefits for the business. If the output of the project is greater than the time and cost to create the product/service, you can easily sell it. We must specify the business need and how the project will address those needs or opportunities in most proposals. Why should the customer spend so much on the project?
What is Value realization?
Each organization has its own business value. Business value is the sum of all tangible and intangible elements. Business value can be either short-term, medium-term or long-term depending on the organization. Strategic planning and management are key to successful value realization. Project management is crucial to ensure that an effective organizational strategy gives clear directions for growth and development.
Initiation phase is where business needs are identified and set measurable goals. It involves selecting the right initiatives, putting them in the right place, and achieving the desired benefits. It may seem simple, but it is not easy. It required discipline to be instilled throughout the organization.
Questions & Answers
There are many reasons to change management.
Justification for initiating a project
There are many reasons to have a team
There are many reasons to create a management program
Correct Answer:
Initiation
Planning
Execution
Monitoring & Controlling
Correct Answer:
The Project Manager is the best person to learn lessons.
The team
Sponsor
The Stakeholders
Correct Answer: D
Which of the following is a term that describes people who believe their culture to be the best?Culture – centric
Egotistical
Ethnocentric
Self-interest that is enlightened
Correct Answer: C
Management of a project involves identifying requirements and establishing clear and achievable goals.
Eliminating the need to make any changes
Balancing competing demands for scope, time, cost etc.
Meeting with the team to discuss the status
Correct Answer: C
All statements about feasibility studies for projects are true EXCEPT they can help select one project over another
They can be part of a separate project or the first phase of a project.
These can be used to decide if a project should proceed.
These can be used for determining project team members.
Correct Answer: D
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