Importance of a Project Charter
A project charter commissions a project. It contains several parts, which include the background, the purpose of the project, pre-feasibility analysis, cost-benefit analysis, and project risks. However, the content may vary depending on the project requirements in terms of resources, time, scope, and cost/budget. A charter gives the project manager authority to start a project. It also lays a crucial background provided by the pre-feasibility analysis.
This includes market potential, growth indications of the project, demand and supply factors, and social and environmental impact assessment. This is critical to the successful completion of a project since sections of top management of the organization that commissions it may not say that they did not know about it. This assures the project manager of future resources for implementation.
A project charter is the only stage, which gives an estimation of the costs associated with the project. This is crucial as it defines the scope, performance, quality, and time factors of the project. A project charter also looks critically at the benefits that the project will accrue both from an economic and social standpoint. Additionally, it helps in determining the organizational, financial, and technical capabilities of both the individuals and the company. Conclusively, it is a crucial starting point towards the implementation of the project (Management Study Guide par 3).
Challenges of the Project Management Lifecycle
Yes, the project management lifecycle is challenging. A project manager’s failure to draw up a charter to look into the future may prove costly during implementation. This is because of the probable resistance from the teams tasked with its implementation. Additionally, financial and technical assistance may not be forthcoming. Therefore, a project charter should be the first step in the success of a project (Chase and Jacobs 567). There may be poor estimation and forecasting because of a lack of professionals. This may prove costly as budgets, returns and social benefits may be skewed against the project manager. This may have a detrimental impact on the scope and time constraints of a project. Hence, its success may hang.
The project management lifecycle is a costly affair. It requires financial input. In the initial stages, pre-feasibility and feasibility analyses may prove that a project mission and vision are not viable. However, resources will have been used by the organization (project manager) to carry out the study. This will be a sunk cost. The organization may lack the proper people to implement the project. Bringing together people to work and fit in the culture of an organization may prove hectic. Training, which uses resources, may be required. Management of the groups while working towards the project’s mission may also be hard work for the project manager (Chase 500).
Project Management Lifecycle and Project Management Process Groups
The project mange lifecycle is a holistic look at project management from start to completion. It looks at project management as a continuous endeavor configured towards the achievement of a certain goal. On the other hand, the project management process divides the project into a distinct group of stages. Though they are interlinked, they can be performed separately. They include initiating, planning, execution, monitoring, evaluation, and closing (Chase and Jacobs 567).
Chase, Richard & R. Jacobs. Operations Management for Competitive Advantage, New York: McGraw Irwin, 2006. Print.
Chase, Richard. Operations Management for Competitive Advantage, New York: McGraw Irwin, 1998. Print.
Management Study Guide. Project Charter: Meaning, Importance, and its Elements, 2006. Web.