When the preliminary planning stage is concluded, all accumulated data must be brought to the stakeholders for approval. Part of this approval process includes presenting ’The Project’s Story’. The stakeholders must then decide whether to approve the project fully, approve the project in part, or not approve the project at all.
For this end, a comprehensive presentation based on the Project Compass document should be prepared and presented at a project approval meeting.
The presentation should address these issues:
- Project Overview
- The Need
- Goals and Objectives
- Stakeholders and Benefits
- The Suggested Solution
- Assumptions and Constraints
- Organizational Breakdown Structure
- Project Scope
- Project Lifecycle
- Major Deliverables
- Major Milestones
- Estimated Schedule
- Estimated Budget
- Return On Investment
- Main Risks
- Critical Success Factors
- Communication Plan
- Next Steps
Project approval is based on how necessary the project is perceived to be, on the project’s profitability relative to alternative projects that could be undertaken using the same resources, and on the risk factors facing the project.
