This is the starting point of our project where the core concepts of the project will be evaluated, with a clear statement of its purpose and objectives. The main objective of this phase is to determine the feasibility of the project in terms of implementation and to obtain the necessary approval for the project. This phase involves making significant decisions regarding the hiring of personnel to carry out and supervise the project, identifying how specific parties will be involved, and determining the level of support the project has among the involved parties.

The appointed leader is responsible for developing a formal proposal that outlines the aims of the project. This proposal is brief, and it lays the foundation for developing a more detailed Project Charter. The charter provides more advanced information on the project.

4. Enterprise Environmental Factors

Project implementation requires a range of approaches to effectively deal with various cultural, political, and legal matters that could influence how the project is executed. This is where the Business/Enterprise Environmental Factors (EEF) comes in. The factors consist of policies, practices, procedures, and laws that affect the management of the project within and outside the organization. Some of the elements of the EEF are mandatory, while others are optional or regarded as cultural norms. However, for the project to be successful, it is essential to work within both the physical and cultural environment. By fully understanding the culture, rules, and regulations, we can achieve a successful project. Quality standards, staff conduct codes, communication channels, risk databases, and Project Management Information Systems are examples of EEFs that are present in this project.

Enterprise environmental factors are vital since they can either enhance or limit project management options and have a positive or negative impact on the overall success of the project.

5. Organizational Process Assets

Organizations commonly develop a series of templates, contracts, registers, and assessment tools to assist in the management of their projects. They also acquire knowledge that is based on previous projects and lessons they learned, which provides a valuable guideline for future projects. This is vital for the planning phase of a project. Organizational Process Assets (OPA) are a must-have for whether the project is long or short term. The project manager should include this information during project planning. OPAs enhance the project management process and establish EEF guidelines to better manage the project. Examples of OPAs that are applicable to this project include work breakdown structure templates, standardized guidelines, risk templates, finance control procedures, lessons learned, and project closure guidelines.

The identification and listing of potential stakeholders is crucial for obtaining project approval; the success of the initiation phase depends on it.

Project stakeholders are individuals actively involved in the project whose interests may be positively or negatively impacted upon its successful completion. These stakeholders have interests or investments in the project, and they can be categorized as either internal or external stakeholders. Internal stakeholders are groups associated with the business, such as team members, managers, and executives, while external stakeholders are parties outside the business, such as customers, users, suppliers, and investors.

Once the project charter is completed, and the project's scope is outlined, we can interact with potential stakeholders using the Project Charter. The first step is to identify and list stakeholders, then carefully prioritize them, which helps determine where to allocate resources effectively. Finally, we must understand the stakeholders' expectations for the project. The project's leader must always ensure that they know how to manage stakeholders and communicate with them regularly. This will give the stakeholders a sense of involvement in the project. Stakeholders should never be overlooked and should consistently be engaged throughout the project. Regular communication, updates, valuing their input, and ensuring they feel appreciated are critical to stakeholder involvement.

Bibliography

The question of who the stakeholders in a project are is a common one in the project management field. It's important to identify and involve all relevant stakeholders, as they can greatly impact the success of the project. The Anon. (no date) article provides insight into this subject, which can benefit project managers and other professionals.

In another article by Rinaldi (2017), the differences between organizational process assets and enterprise environmental factors are explored. These two components can affect a project's outcomes in different ways, and it's crucial for project managers to understand how they influence their plan.

Lastly, Simplilearn (2021) delves into the details of enterprise environmental factors and organizational process assets, highlighting their importance in project management. These factors shape the way a project is executed, and they can help ensure that the desired outcome is achieved successfully. By considering and utilizing these assets and factors, project managers can enhance their overall effectiveness and ensure project success.