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Good Bullet Points on the Initiating Process Group
By Raymond Keckler | November 27, 2007
Six needs that bring a project online.
- Market demand
- Business need
- Customer requests
- Technological advance
- Legal requirements
- Social needs
Inputs to the Develop the Project Charter
- Contract
- Statement of work - SOW
- Enterprise environmental factors
- Organizational process assets
Decision modes are project selection methods. They are the tools and techniques used in the Develop the Project Charter Process. These would include benefit measurements methods and mathematical methods. Know the payback, NPV and other methods. See link Cash flow analysis techniques
Projects with NPV greater than zero should be accepted. Less than zero should be rejected.
High IRR values should be accepted over lower IRR values. IRR is the discount rate when NPV is equal to zero and IRR assumes reinvestment at the IRR rate.
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Raymond Keckler
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