Project Initiation & Payback Analysis

Create a project initiation form (using a standard format and font that you design) which includes the elements described below.

• Product scope description - describes the characteristics of the product, service, or result that the project was undertaken to create.

• Project objectives - include the measurable success criteria of the project (can include cost, schedule and quality targets).

• Project requirements - the conditions or capabilities that must be met or possessed by the deliverables of the project to satisfy a contract, standard, specification, or other formally imposed documents.

• Project boundaries - identifies generally what is included within the project. Also states explicitly what is excluded from the project.

• Project deliverables - tangible, verifiable work products.

• Product acceptance criteria - describes the process and criteria for accepting completed products.

• Project constraints - lists and describes the specific project constraints associated with the project that limits the team's options

• Project assumptions - lists and describes the specific project assumptions associated with the project scope and the potential impact of those assumptions if they prove to be false.

• Stakeholder analysis - includes a list of all of the stakeholders affected by the project. Search the book materials, and the Internet for potential fields to be included such as: name, position, influence (positive/negative), level of power, level of trust, etc...

• Cost-benefit analysis - The high-level project budget (costs), benefits (inflows or recurring cost savings) and payback period of the project.