FIT2002 Lecture Notes - Lecture 3: Project Plan, Project Charter, Balanced Scorecard
13 May 2018
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• Project integration management is the key to overall project success – ensures all elements
of project come together at the right times to successfully complete a project.
• 6 main project integration management processes:
o Develop project charter
o Develop project management plan
o Directing and managing project work (carrying out project management plan)
o Monitoring/controlling project work – overseeing activities to meet performance
objectives
o Performing integrated change control
o Closing project/phase
• Interface management – identifying and managing points of interaction between various
elements of a project
• Strategic planning – determining long-term objectives, predicting future trends, projecting
need for new products/services.
• SWOT analysis – analysing strengths, weakness, opportunities, threats.
• As part of strategic planning, organisations identify potential projects, select which projects
to work on, formalise their initiation by issuing a project charter.
• Project selection planning process:
o IT strategy planning
o Business area analysis (document key business processes which could benefit from
IT)
o Project planning
o Resource allocation
• 4 iportat fores ehid NPD’s e produt deelopet suess:
o Product innovation/technology strategy for business
o Focusing on right projects
o Effective idea-to-launch process
o Right climate/culture for innovation etc, cross-functional teams
• Methods for selecting projects:
o Focusing on broad organisational needs – need, funding, will
o Categorising IT projects – impetus, time window, overall priority
o Performing net present value etc.
o Weighed scoring model
o Balanced scorecard
• Types of project impetus:
o Problem
o Opportunity
o Directive
• Three primary methods for determining projected financial value of projects:
o Net present value analysis
o ROI
o Payback analysis
• ROI = NPV/discounted costs from NPV
• Many organisations have minimum ROI for projects.
• Internal rate of return (IRR) can be calculated by finding the discount rate that makes the
NPV equal to zero.
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