Formulation phase : It is the first stage of the project Lifecycle. During this phase the scope of the project must defined coupled with an approach that will be employed in order to obtain desired objectives. The basic task in formulation phase :- a. Identification. b. Formulation. (a) Identification : It is an identification or the conception of the project. It may involve a situation survey. The project idea is born. The sources of project ideas can be Internal sources : They can be - Corporate strategies , plans , programmes. - Problems or opportunities identified by the management or research and development depart. - Suggestions made by task forces , committee or quality circles. External sources : - Customer needs : The clients may specify need based projects. - Donor agencies may identify projects for developing countries that suit their aid priorities. - Outside consultant or expert may suggest promising project ideas. - Politicians may identify projects to serve the interests of their constituencies. - Legal provisions or government regulations may prescribe mandatory projects. - Technological developments and the performance of competition may also provide project ideas. (b) Formulation : This involves defining the purpose and scope of the project , the justification for undertaking it and the solution to be implemented. It also involves recruiting the project team and carrying out a phase review. - A Business case is developed , describing the business problem to be addressed by the project , the alternative solutions and the potential costs and benefits associated with each. The business case is foundation for the project as it fully describes the project , the reasons for creating it and the key benefits to be produced. - A feasibility study is the completed to as certain the likelihood of the alternative solutions actually delivering the stated benefits in the business case. This is used to identify the preferred solutions , which must be approved before proceeding. - The terms of reference describe what the projects intends to achieve and the boundaries within which it must achieve it. This includes the project vision , objectives , scope , deliverable , project organization and implementation plan. - One of the project is defined , it is time to appoint the project team. The project manager is recruited to take on responsibility for the project and recruit the remaining members of the team. - Finally phase review is carried out to ensure that all of the required activities have been completed and to provide formal approval to proceed to the next phase of the project.
Posted on: Fri, 20 Sep 2013 08:33:55 +0000
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