Key Components

For your project to be successful, you must consider a few key components. These; the objectives, scope, deliverables, success criteria, stakeholders and resources of the project.

• [ ] Objectives of the Project
• [ ] Scope of the Project
• [ ] Deliveries
• [ ] Success Criteria
• [ ] Stakeholders
• [ ] Resources

<aside> ✅ After determining the objectives, scope, deliveries, success criteria, stakeholders and resources of your project, it is time to prepare the project initiation document. A project charter is a document that contains all the details of the project. This document clearly defines the project and its objectives and outlines how to achieve them.

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Cost-Benefit Analysis

To determine the benefits of a project, you can ask these questions:

• [ ] What kind of value will this project create?
• [ ] How much money can our institution save through this project?
• [ ] How much money will it bring from existing customers?
• [ ] How much time will it save?
• [ ] How much will it improve the customer experience?

To determine the costs of the project, you need to think about the following questions:

• [ ] How much time will we have to spend on this project?
• [ ] What are the one-time costs?
• [ ] Will there be regular costs?
• [ ] What will be the long-term costs?

<aside> ✅ Intangible Benefits: -Customer happiness -Employee satisfaction -Employee productivity -Brand perceptioni

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<aside> 🌐 Cost-Benefit Analysis for Projects – A Step-by-Step Guide Cost-Benefit or Cost-Benefit Analysis

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Benefit-Cost Calculation

$$ (G - C) ÷ C = ROI $$

<aside> 💡 G: The financial gain you expect from the project. C: Initial and regular costs of your investment in the project ROI: Return on investment

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Quantitative ROI 📊

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USEFUL RESOURCES for Key Components of Starting the Project