[Video 4] How to manage Project Initiation from #NewPMP2021 Student Manual & PMBOK 7 – WatershedPM – PMPUL PMP Underline Series

[Video 4] How to manage Project Initiation from #NewPMP2021 Student Manual & PMBOK 7 – WatershedPM – PMPUL PMP Underline Series

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This “PMP Underline” Series is meant to cover the complete PMP Student Manual that every student gets for exam preparation which is meant for the #NewPMP exam (50% Waterfall and 50% Agile) from January 2021. Overall the PMP Student manual (issued early 2021) has the 5 lessons which cover all the 3 domains: People, Process and Business environment. Each byte-size video covers one topic from the PMP student manual.

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00:00 Agenda – Project Initiation from #NewPMP2021 Student Manual & PMBOK 7
00:25 Mapping to the PMP Student Manual (Lesson 1, Topics G and A)
00:32 Project Vision Statement
01:45 Project Charter
05:17 Identify Project Stakeholders
07:15 Analyze and Prioritize Stakeholders
10:46 Start to Build Project Team
14:55 Team Charter and Ground Rules

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Hello! Welcome back to the ‘PMP Underline’ series 😊 My name is Salahuddin Kazi, and in today’s session we will cover project initiation. Project initiation can generally be considered as covering these three steps which is 1) to develop your project charter 2) to identify your stakeholders, and with that you 3) start to build your project team. In the student manual the topics that we want to discuss as project initiation are broadly covered in lesson 1 topic G and lesson 1 topic A.
One of the first things that you would develop as part of project initiation is the project vision statement. Now, any organization would have a future vision of how they see themselves and this particular project is going to fulfill a part of that vision. An organization will end up doing multiple projects so that they reach from the current state to that desired future state, and the project vision statement will describe what are the deliverables are and what are the outcomes that are expected or desired out of this particular project. And, since this is a document that’s prepared very early in the project, we are grouping that as part of project initiation. The idea of having the project vision statement is for the teams to be able to understand what is the future view and expectation out of this project. Therefore, some of the key components that would be put in the project vision statement would include a description of the project objectives and the deliverables, what the desired outcome is, what would be the strategic approach that would be applied to this project, and what is the business benefit that can be achieved by completing this project successfully.

While a project vision statement establishes a clear view of the project future, the idea of the project charter is to be able to summarize or provide a high-level view of the project that you’re working on. Many times, if the project manager is not yet assigned, now would be the time to have a project manager assigned to the project. And the project manager can work very closely with the sponsor or the project initiator, to be able to complete what the project charter is meant to be, which is an overview or a summary of the whole project. And when the charter gets prepared finally, it will get approved by the project initiator or the sponsor and that’s what makes the project charter an official document. This therefore allows the project manager to be able to utilize the company funds and the resources. The key contents of the project charter would primarily be summarizing the project – which includes summarizing the timeline, the budget, some of the key assumptions and the constraints that are applicable to the project, any risk that get identified at this stage, and a list of key stakeholders for the project. In addition to this, the charter would have some of the key project objectives listed and also capture some of the key project or the product requirements, and a charter will also have a summary of the justification of why the project is being done, and this can be borrowed from a business case. And with that you will be able to link this project with the business objectives and that could have been described in the project vision statement we just talked about.