A project identification template is a document that provides an overview of the project and its objectives. It can be used to ensure all stakeholders are on board with the project, understand what needs to happen, and identify any potential risks before they become problems. Project identification is a critical function in any project management process.
Without the ability to identify projects, it would be difficult for anyone to do anything at all. To get started with identifying your projects, you need two things: a business case and a scope of work. The business case should include an outline of what problem or opportunity this project will address, who will benefit from the project's completion and why this problem needs solving now. A good scope of work should define how long the project will take and what resources are required for its completion.
The goal of project identification is to:
- Coordinate with the team (stakeholders and business leaders) and understand problems and identify their root causes.
- Elaborating the project details and ensuring the project ideas can contribute to the goals of the organisation.
- To understand what it is precisely you want to achieve with your business in the future.
- Ensure that all necessary resources are allocated to work together collaboratively towards achieving success at meeting their goals and objectives within budget limitations.
Benefits of project identification
- Defining critical success factors: You identify the objectives and essential success factors, which will then be presented to the stakeholders. They point out the most vital targets for management attention, and they indicate what is likely needed to ensure that the organisation achieves its goals.
- Developing KPIs to measure deliverables: One of the best ways to do this is by measuring metrics and key performance indicators (KPIs) that represent what you are trying to achieve. For KPIs to be meaningful, they must relate directly back to the goal or objective.
- Prevent hindrances: Correct project identification is essential in the project's success. If crucial requirements have been overlooked in the identification phase, it may cause limitations during the execution stages of the project.
- Save costs: When you identify the requirements at an early stage, you can gather the resources in a bulk quantity in advance from third parties at a discounted price, saving money in the long run. This will prevent resource unavailability during the execution phase and ensure the smooth functioning of projects.
- Identifying risks in project: Project managers can use various methods to identify risks in a project. The following are:
- Documentation reviews: These are a great way to find out if your documentation is clear and easy to understand. It can either be done by the project manager or a concerned team to find out any loopholes and ensure the detailed description is given wherever required.
- Gathering information: This involves consulting with the risk management team and reviewing previous documents to identify risks. While it is difficult to predict risks, we can take measures to prevent previous mistakes and deal with any uncertainties.
- Brainstorming: Brainstorming is a necessary process that helps people from different domains come up with new ideas. People can imagine any potential risks that can arise based on their knowledge and experience.
- Checklist: This involves creating a list by observing the previous procedures and making changes based on the project requirement. If any new risks are identified, additional strategies are included to deal with them.
- SWOT analysis: A SWOT analysis examines your company's strengths, weaknesses, opportunities, and threats. It can be used to evaluate the external environment in which a company operates to identify what actions need to be taken to remain competitive. This leads to new ideas for growth and innovation for many businesses while also identifying potential pitfalls before they happen.
Stages of project identification
- Initiation: The purpose of initiation is to gather and analyse the projects' requirements and describe the stages involved in the project. The objective is to prioritise the tasks and allocate the resources based on availability and conditions. Identify the project sponsors and create a scope document to avoid any miscommunication.
- Feasibility: The purpose of feasibility is to develop parameters and provide a wide range of solutions to meet those requirements. The report will contain answers to any problem arising and elaborate on the project details.
- Project schedule: Define a road map and estimate the budget, resources, level of effort required depending upon the project's complexity. Create a goal and a series of tasks to be completed to accomplish them. Estimate the time needed to complete each task and assign them to the personnel responsible for execution.
- Risk analysis: Identify any potential risks involved and describe what you will do to mitigate or manage them. Create a plan to implement specific steps to reduce the impact of hazards. Monitor and categorise the risks based on their threat level, gather resources in advance to deal with the effects, and ensure the required backup is functioning at its optimum level.
- Identification close out: The cost estimates are checked for accuracy, and the date of completion is confirmed. The identification closes out should include an analysis of the resource usage during the project, including materials, labor, subcontractors, and equipment costs. It provides a final opportunity to review all supporting documentation and ensure that everything is accounted for, including any discrepancies such as missing or damaged items.
- Approval: This phase consists of the assessment and support of the proposals. Identify any threats and present the solutions to deal with them. The recommendations are approved by stakeholders or project managers, and any changes that need to be made will be sent back to the team for further analysis.