Each project that is about to be started, in particular the benefits that are expected to be gained as a result of its completion, must be ____ with the business strategy. It is essential that this strategy is clear, so that unsuitable projects are ____. It is best if a single entity is ____ for directing the project. Although it is unlikely that the project can be planned from start to finish, a ____ approach should be used for detailed planning of upcoming stages and a general outline of the long-term ones. That way, ____ can be reduced and confidence increased. A typical staged project framework is recommended, which allows for an easier understanding of the process. This framework can be tailored to take into ____ the specifics of each project. High ____ should be placed on the ____ stages of the project as, according to studies, the more time is invested into research, the less time completion takes – delivery times can be ____ by as much as 50%! On the contrary, once development is____, changes can be costly. Stakeholders should be ____ for a better understanding of their needs by those running the project. Ultimately, it is a good idea to ____ you have the stakeholders’ ____ as otherwise, they might view the project as a burden or another problem to deal with. It is vital that the progress of a project is monitored against a plan that must include time and financial ____. It must also be determined which segments of the plan represent risky parts and take action to reduce these risks, ____ against them, or avoid them altogether. However, even so, things aren’t certain to go ____ because any project is an ____ risky thing. A balance should be maintained between tailoring the project to ____ problems or needs and ____ the so-called ‘scope creep’, when new ideas get incorporated into the project, raising costs and causing late ____. Although not every project is brought to completion as some get ____ early, each one must be formally closed. The closing of one should be ____ as that ensures that the work ____, the failures and successes are analysed and all the remaining resources can be ____ to other projects.

Project Management (Business Advantage StB p.73)

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