How Projects are Started
Lecture description
- Explains Why are projects started
- Explains What is a business case
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PMP Certification Exam Prep 35 PDU Project Management Course
Complete PMP Certification Course 2023 - Get 35 PDUs/Contact Hours - PMP Exam Training PMBOK 7 - Project Management
21:50:58 of on-demand video • Updated September 2023
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In this video, we're going to learn about how projects are started. We will also learn about what is the business case. Projects are mostly started due to business needs. An organizational strategy and organization may want to develop a new software for itself, or it may want to launch a new product line, or it may want to upgrade its factory machinery. All of these reasons may be considered as the business case for starting a project. So let's understand what a business case is. A business case explains the reason why a project was chosen to be started in the first place and whether it was worth taking up. For example, an automobile parts company might want a new machine which allows them to produce products in lesser time and increases productivity. Or a smartphone company might want to develop a new smartphone product in order to explore new markets and increase profits. So from these examples, we can see how a business case helps in giving birth to the project.