A process that involves identifying business opportunities, gathering requirements, modelling processes and data, designing the system, and implementing the solution
Project Initiation
1. Identifying business opportunities
2. Conducting feasibility studies
3. Selecting projects based on criteria
4. Developing project proposals
Business opportunity
A favorable condition in the market that enables an individual or organization to start a business and potentially gain profit
Identifying business opportunities
Understanding organizational goals
Conducting market analysis
Performing SWOT analysis
Assessing customer needs
Exploring technological advancements
Feasibility study
A process of assessing the viability or sustainability of an idea, project, or business
Feasibility study areas
Technical feasibility
Operational feasibility
Economic feasibility
Legal and regulatory feasibility
Behavioral feasibility
Schedule feasibility
Technical feasibility
Assesses whether the proposed project or system can be developed using available technology and resources
Operational feasibility
Assesses whether the proposed project or system will be acceptable to and usable by its intended users or stakeholders
Economic feasibility
Assesses whether the proposed project or system is financially viable and offers a positive return on investment (ROI)
Legal and regulatory feasibility
Ensuring compliance with relevant laws, regulations, and industry standards
Behavioral feasibility
Evaluates and estimates the user attitude or behavior towards the development of new system
Schedule feasibility
Ensures that the project should be completed within given time constraint or schedule
Project sources
Various channels or entities within an organization from which project ideas originate
Significance of understanding project sources
Enable effective project management and strategic planning
Shape the organizational agenda, driving innovation, and achieving strategic objectives
Lead to improved efficiency, competitiveness, and overall success in project implementation
Common sources of projects
Management and business units
Middle managers
Formal planning groups
Cross-functional collaboration
Innovation and research & development
External influences
Project proposal
A formal document that outlines the details of a proposed project, including its objectives, scope, deliverables, budget, timeline, and resource requirements