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In: Operations Management

Before most corporations will embark on a project, the project normally needs to be justified and...

Before most corporations will embark on a project, the project normally needs to be justified and approved. This commonly involves a business need justification. Let's discuss this important aspect of a project charter. What are some typical project justification methods?

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Expert Solution

A project justification is necessary for giving an overview of the project to the stakeholders and investors. The project justification helps in explaining the need and requirement of the project, the benefits and associated impact as well as the future potential of the project.

Some of the project justification methods are:

  • Project Justification through analysis: A thorough analysis is provided to illustrate the different tenets of the project. This analysis gives clarity to the stakeholders and help them realize the importance and potential of the project.
  • Project Justification through business case: A business case helps in illustrating the project need in a practical way. An application of the project gets highlighted. This approach is usually followed when the project needs to attract investors and create their interest in the project.
  • Project Justification using generic project principles: A very generic overview about the project scope and objectives is given. No specifics are shared in this approach. This approach is used when the project involves development of a confidential product or service.

keosha answered 2 years ago
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