Knowing when to start a project is a key factor to its success. And yet it’s a strategic talent very few companies have developed. If you begin a project too soon, chances are high that the project will miss its deadline — if it doesn’t fail outright.
6 Questions to Ask Before Starting a Big Project
Deciding when to invest your company’s scarce resources in a project is of strategic importance. Yet, there is currently no management framework available to help executives or individuals with the vital decision of when the right time has arrived. The authors explain how applying the S-curve model can help decision makers. The base of the curve represents a period of investigation where relatively few resources have been committed. The purpose of this phase is to ascertain whether there is really an opportunity in an idea — or not. During this phase is when you should seek answers to six important, foundational questions: 1) Has the project been done before? 2) Is the project part of your core business and will it leverage your strengths? 3) Can you clearly define the scope? 4) What is the investment cost? 5) Do you have buy-in from key leaders and the wider organization? 6) What is the timeline?