Last month, we pointed out that the CEO that plans the best, maximizes cost-effective resources and concentrates on their business the most wins!
Whether you are starting a business, building a new plant, reengineering processes, buying/installing capital equipment or launching a new product/program, project management has an unparalleled track record of success. But where do I start? Every idea may not be viable or even qualify as a project.
You start with the project’s feasibility. The PFASAP (Project Feasibility As Soon As Possible) model sets the baseline for the initial investigation of the project’s worthiness, helps establish prioritization and directs subsequent actions. It begins with 5-questions which are helpful in focusing the initial planning and the actual setting-up of the project.
- What do you want? (Project Definition)
1.1. Clearly define the expected result.
- What for? (Project Justification)
2.1. Purpose is stronger than object
- How much are you willing to spend in terms of time, money and people? (Project Cost)
3.1. Not many have the luxury of time and unlimited funds.
- What is the timeframe? (Project Schedule)
4.1. In order to be successful, my resources must be available or planned for in advanced.
- What is the value to the Customer? (Project Audit)
There are both internal and external Customers to consider. Ensure you project’s goal/objective is to provide a benefit to the correct Customer base. For example, satisfying the internal Customer base is important, but not at the expense of the external Customer(s).
The answers to these five simple questions have a remarkable effect on the outcome of your project because in business “Time is precious and delays cost money”.