- opportunity phase
- opportunity phase
The first phase in the generic project life cycle is often split into two
stages.
In the first stage, i.e. concept or marketing, initial work on defining the
opportunity should be enthusiastic and open-minded. Definitional work should be
comprehensive, several different options should be investigated and should lead
to a full statement of the strategy/project management plan.
In the second stage, the opportunity should be subject to a thorough and
critical review, e.g. should we go ahead with the investment, should we bid, and
if so, are we doing this in the optimal way? Generally during this stage, only
one (or two) options will be investigated, but will be done so in detail.
Modeling of the options and their realization should be as extensive as is cost
effective. The aim should be to find ways of meeting the project objectives/KPIs
more effectively, to check if the proposed way forward is feasible, and to
understand the risks and opportunities associated with each potential.
The experience of project management has consistently shown that project
personnel generally wish they had been more thorough and/or spent longer at this
project 'front end'.
Source: Max Wideman.com
Copyright: Wideman Comparative Glossary
of Common Project Management Terms v3.1 is copyright by R. Max Wideman, March
2002.
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