Project Management Cycle Phases

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Initiation

Project Initiation Introduction

Pre Charter

Pre Charter Introduction
Business Case
Alternatives
Feasibility Study
Funding Request/Decision Package
Risk Analysis

Charter

Charter Introduction
Project Statement
Business Drivers/Background
Vision
Goal Statement
Objectives
High Level Deliverables
Scope
Schedule
Cost Projection

Project Organization

Roles and Responsibilities
Governance
Team Composition

Approach
Assumptions and Constraints
Performance Measures / Outcomes
Acceptance

Planning

Planning Introduction
Change Management Plan
Review Lessons Learned
Issue Management Plan
Risk Management Plan
Quality Assurance Plan
Scheduling and Task Plan
Staffing Plan
Contractor Management Plan
Investment Plan
Acquisition Plan
Communications Plan
Test Plan
Implementation and Transition Plan
Training Plan

Execution

Execution Introduction
Change Management
Lessons Learned
Issue Management
Risk Management
Quality Assurance Management
Schedule and Task Plans Management
Staffing
Contractor Management
Financial Management
Communications Management
Status Reporting
Meeting Management
Testing
Implementation and Transition
Training Management

Closure

Project Closure Introduction
Post Implementation Review
Conducting a Lessons Learned Exercise
Staffing Transfer/Release
Financial Closure
Project Archive
Celebrate

Maintenance & Operation

Planning
Deployment

Examples / Templates / Glossary

Project Management Framework
Planning - Investment Plan

Definition

The Investment Plan is the formal document for justifying and obtaining approval for the acquisition of hardware, software, purchased, and personal services required in support of the project.

Why is this important?

Investments in technology require prior planning and approval due to the associated costs, severity, risk, and acquisition cycles. Feasibility studies (see Feasibility Study in Project Initiation Pre-Charter) are required for projects with high severity and high risk and are recommended for projects with a combination of high and medium severity and risks. Even projects of lower severity and risk require that alternatives be identified and costs and benefits be documented. A completed investment plan also serves as proof of compliance with Information Services Board IT Investment Policy and Standards and documents the acquisition process to be used.

Instructions

Use output from the feasibility study or similar financial/alternative analysis to accomplish the following tasks:

Complete the Investment Approval Request Form.
Describe the purpose of investment.
State the business justification.
Assess the risk.
List the costs and benefits.
Describe the acquisition process and approach.
Complete the severity and risk matrices.
Note: see the ISB IT Investment Standards at isb.wa.gov/policies/portfolio/201S.doc for a description of the various acquisition methods and for a copy of, and instructions for, the severity and risk matrices.

The investment plan should be completed and forwarded to the appropriate oversight authorities, for approval prior to conducting the acquisition. Most agencies require that agency contract support staff be involved in the acquisition process.

How to Scale

The size and complexity of the plan should be proportional to the cost and complexity of the investment. As noted earlier, a full-scale feasibility study is required for high severity and risk projects. If a feasibility study is available, sections of the feasibility study can be extracted or condensed as part of the investment plan. For smaller projects with lower cost or lower severity and risk, less detail is required although all sections need to be completed.

Related Links:
Investment Plan Example
Investment Plan Template
Financial Management

Checklists

INVESTMENT PLAN
Has the Investment Approval Request Form been completed?
Has the purpose of the investment been documented?
Have all alternatives considered been documented?
Has the rationale for selection of the chosen alternative been included?
Have all existing related agency IT resources been documented?
Have all IT resources to be acquired been listed?
Have the costs and benefits of all alternatives considered been included?
Are all costs associated with the initial investment and the lifecycle included?
Has the acquisition method and rationale for its selection been documented?
Has the high-level schedule for acquisition and implementation been included?
Has the authorized agency manager and, if required, approval authority signed the Investment Approval Request?

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