Introduction
The project life cycle comprises vital steps for managers to complete a project from the outset to the end. This project will go through five life cycle phases: initiation, planning, execution, monitoring, and closure (Ma et al., 2018). Initiation is the first stage of the project that will carry the primary goal of conceiving the project to broad levels. This phase will establish a strong case, feasibility analysis, choose key stakeholders and set a project charter (Ma et al., 2018). The project charter will direct the proper use of resources and the gathering of necessary data. The planning phase is significant and will indicate the execution of the project, scope, and requirements to complete the project.
Planning will identify risk constraints, schedules, budget cost estimates, and milestones involved in the project. The execution phase will leverage resources, tools, and requirements needed to establish the goals of the project (Frefer et al., 2018). Modification of project plans as required will also be done in this phase. The controlling phase is significant in ensuring that the project remains on track from start to end with the aid of key performance indicators (KPIs). KPIs will thus give the project’s overall health metrics, including budget, objectives, timelines, and performance (Frefer et al., 2018). Project closure is a project’s last life cycle phase in which objectives are achieved, and final deliverables are reviewed by the project manager.
The Process of Initiation
The initiation process begins when the project is assigned to a manager after formal approval. The process includes developing a project charter and identifying project stakeholders (Ma et al., 2018). Identification of project stakeholders, therefore, facilitates progression between project phases. The initiating process primarily focuses on starting a project’s phases after obtaining a commitment. This process will create room for a firm foundation to achieve subsequent faces in the project’s life cycle.
Business Case
The business case is established during the pre-initiation stage of the project. It provides financial prudence and justification to invest in a project (Ma et al., 2018). For this project, studying in Canada is a lifetime dream that every individual or student could wish to achieve. This project aims to ensure that dreams are nurtured to maturity for individuals with limited access to resources to further their studies. The current state of global poverty raises the need to initiate more projects that are havens for bright students entangled with poor background status. Critical assumptions and constraints show that third-world countries could greatly benefit from the project. The estimated budget is $610, which will adequately cover the scheduled estimate and potential risks such as over-expenditure and meeting unpredicted events after the planning phase. This project is a lifetime investment and worth of funding because benefices will support it once they get employed after their studies.
Project Stakeholders and Stakeholder Analysis
Project stakeholders are people affected or involved in the activities of the project. They consist of external and internal to the organization. The external project stakeholders will include students, suppliers, competitors, government officials, and interested citizens. Internal stakeholders comprise the project team, the sponsor, internal customers, and support staff. The stakeholder register is the primary initiating output, while stakeholder analysis is the key to understanding stakeholders (Frefer et al., 2018). Stakeholder analysis is the formal process that helps assess members involved in decision-making, planning, and addressing different interests. Thus, the analysis effectively decides on the project’s most appropriate interests and support. The analysis will use power grids such as low interest/high power, low interest/low power, high interest/high power, and high interest/low power. The engagement level of stakeholders, such as unaware, resistant, and leading, is used in the analysis.
Project Charter
Importance of Planning Stakeholder Management
Stakeholders are individuals, organizations, and teams who monitor and are affected by the output of a project. Stakeholders’ interest is in the ultimate success of the project. Most often, stakeholders are within an organization, while others are external. Stakeholder management, therefore, affects the resultant success of the project. For this reason, planning stakeholder management is essential in successfully achieving a new project’s goals.
Planning in stakeholder management incorporates approaches that aim to increase project support while reducing stakeholders’ negativity. Planning identifies key stakeholders and the level of influence and power they possess on the project performance. Stakeholder management planning establishes a cohesive relationship that helps achieve a project’s success. Further, it is essential to gain a mutual understanding of the expectations and objectives of the project. Stakeholder management is important because it helps to develop concepts easily supported by all stakeholders (Frefer et al., 2018). Therefore, planning stakeholder management creates a higher probability of successful results of the project.
Conclusion
The kick-off meeting is a meeting that takes place at the execution date of a new project. This meeting is vital in enhancing understanding of the scope and objective of the parties involved. It sets deadlines and objectives needed to be accomplished during the closing phase. Further, a kick-off meeting is a medium that raises awareness and detailed planning required for successful project execution (Ma et al., 2018). Stakeholders interact, discuss plans, and review goals that aim to meet the agendas of the project during the kick-off meetings. Generally, a kick-off meeting creates an energizing and positive environment that aims to inspire stakeholders concerning the significance and benefits of the project.
References
Frefer, A. A., Mahmoud, M., Haleema, H., & Almamlook, R. (2018). Overview success criteria and critical success factors in project management. Industrial Engineering & Management, 7(1), 1-6.
Ma, X., Xiong, F., Olawumi, T. O., Dong, N., & Chan, A. P. (2018). Conceptual framework and roadmap approach for integrating BIM into lifecycle project management. Journal of Management in Engineering, 34(6), 05018011.