Business Environment – Project Benefits and Value: Business Documents
Business documents are fundamental to project planning and alignment with organizational goals. They offer a detailed perspective on the project’s intentions, feasibility, and its potential impact on the company’s strategic direction.
Importance of Business Documents
Business documents are comprehensive records that provide clarity on various aspects of the project:
- Clarity and Organization: These documents deliver a structured overview of the project’s viability and the investment it requires.
- Business Need and Cost-Benefit Analysis: They typically include an articulation of the business need and a thorough cost-benefit analysis to inform the project’s prioritization and authorization process.
- Project Goals and Objectives: Business documents specify the business goals and objectives, mapping out how the project will aid in reaching these targets.
- Periodic Review: It is essential to revisit these documents periodically to ensure the project stays aligned with the organizational goals and can adapt to any shifts in strategic direction.
Examples of Business Documents
Two primary examples of business documents include:
- Business Case: This document justifies the need for the project, outlining the expected benefits, costs, risks, and resource requirements. It serves as a decision-making tool for stakeholders to assess the project’s potential return on investment.
- Benefits Management Plan: This plan details how the benefits of the project will be delivered and measured. It includes schedules for benefit realization and strategies for ensuring continued alignment with business goals.
Role of Project Managers
While project managers are pivotal in ensuring that the project adheres to these documents, it’s important to note that they are not typically the owners of these documents. Ownership usually rests with business analysts, key stakeholders, or a project sponsor who has the authority to approve project investments and strategic direction.
Project managers use these documents as a guideline and reference point throughout the project’s lifecycle. They ensure that the project’s execution remains consistent with the documented business objectives, and when deviations are necessary, they facilitate the appropriate discussions to reassess and realign the project’s trajectory.
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