Financial analysis, Cost planning and engineering

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Financial analysis for project or projects especially to arrive at ratios (say ROI, debt-equity) etc very essentials dimension of project initiation. Once analysis is done, fund raising and fund flow follow up to close the initiation process. Usually this is outside the project team. Determine budget is a off-shoot from financial analysis for specific planning process which includes Cost-engineering, best cost allocation, cost utilization a cost control plan. Budget/Cost performances(Earned Value Management) part of monitoring process group of a project.

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PMO, PM, Project Governance

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Project Management Office (PMO) a central coordination office who help Project Managers (PM) to initiate, state best practices and methods in their project management plans as Project Governance to efficient take control of normal or abnormal situations of project behaviour and drive the project towards success with project or program or higher context fit.

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Requirement Prioritization

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Priority Matrix, an important tool in prioritizing user requirement . Each requirement is classified under different percentage distribution assigning weights, example, VOC (40%), Business Alignment(45%), Regulations(5%) etc. and find the product sum to get the score. Likewise, each requirement are computed to rank the priority of the requirement.

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How To Manage Scope

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Here is a classical example of scope management problems.

Customer wanted a solid rugged vehicle that can act as roller over tough surface. Project Team understood that customer wanted a Roller Vehicle that can run on tough surface(beauty is pictured the water surface correctly...coincidental or truth!). On the whole a total mishap. When during a handover, there expectation was opposite ways and claims claims claims only remained.

So how do we solve this problem. Go to the root of the problem. If only the team could have visualized what is motive, objective of such requirement, it could have well been understood at first place. Customer's side assumed everything is understood by his great demonstration of requirement.

Objective analysis can be thought as an important tool that each project management team need to work on before going for requirement analysis or scope analysis. Probably this puts the team in customer shoes and realize why the project is undertaken. If the team has access to project business case or business need (available in project charter) that would be of immense help and reduce the gap at the earliest as it is found. No more painting of pictures in mind when the actuals can be easily understood.

Other advantage is the pattern of changes called as scope creep if any can be cross-checked with Objective analysis. Some times there is a real problem in Customer communication but that does not mean customer is wrong in what he wants. Apart from educating a customer, it is the first responsibility of the project organization to understand the ends rather than the means. The means should also follow the line.

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