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44
Part 1 Initiating a Project
the text for a marketing brochure does not exceed 400 words and is written
at a fifth-grade reading and comprehension level.
9. Milestone schedule is a list of target dates or times (also referred to as milestone dates) for the occurrence of key events (also referred to as milestones)
in the project timetable. For constructing a new office building, the key
milestones and their target times might be:
Baseline plan
Architectural concepts
Preliminary design and specifications
Order long lead items
Final design specifications
Complete excavation and foundation
Complete steelwork and concrete work
Complete exterior
Complete utilities
Complete interior
Complete landscaping
Complete furnishing
Move in
month
month
month
month
month
month
month
month
month
month
month
month
month
1
2
4
5
8
10
14
16
18
20
20
22
24
Some projects are segmented into phases. For example, a project to develop
and build a website might have the following milestone targets for completion of each phase:
Phase
Phase
Phase
Phase
1
2
3
4
Preliminary design
Detail design
Construct website
Test and accept
March 31
June 30
August 31
September 15
10. Key assumptions include those that the project rationale or justification is
based on, such as a new medical device will receive approval from the regulatory agency. Or an assumption could be about resources for the project,
such as the company will be able to secure financing for the construction
project at an interest rate of 5 percent or lower.
11. Constraints could include such things as a requirement to complete the
project without disrupting the current workflow, or the necessity to
outsource a project because the organization does not have the appropriate
expertise or capacity to perform the project with its own staff. Another constraint might be that certain project team members will have to obtain a
specific level of government security clearance to work on secret portions of
the project.
12. Major risks identify any risk that the sponsor thinks has a high likelihood of
occurrence or a high degree of potential impact that could affect the successful accomplishment of the project objective. As an example, if a project
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Project
Management
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