Learn how to define the benefits of your project in terms that are appropriate for your stakeholders.
- [Instructor] People are always looking for the WIIFM.…What's In It For Me…In order to get and keep their support for your project,…you need to help people see the benefits.…In other words, you need to show them…the WIIFMs for your project.…In this video, we'll look at some common ways…to define the benefits that your project…will provide to a variety of stakeholders.…Let's start with the financial benefits.…Because this is an issue in almost every project.…
What are the ways that a project can provide…financial benefits to an organization?…Well, one obvious way is by lowering costs.…If your project will allow the organization…to save money, then be clear about…how it's going to save that money…and how much of a savings you expect it will produce.…Do the savings come from making workers more efficient?…By streamlining your supply chain?…Or by reducing waste?…A project can also have a financial benefit…by increasing revenue.…
For example, if your project will bring in new customers…or allow you to charge existing customers more money,…
Instructor Daniel Stanton begins the course by reviewing the key skills highlighted in the Project Management Institute (PMI) Talent Triangle, and explaining how strategy and business management fit into your professional development. Next, he explains how to align your project with the priorities of your organization, and effectively communicate the goals, benefits, and risks of your project to your stakeholders. Then, he walks through the different business functions in an organization, including marketing and sales, supply chain management, human resources, and information technology. To wrap up, Daniel explains how to leverage your business acumen to collaborate effectively with individuals throughout your organization.
Lynda.com is a PMI Registered Education Provider. This course qualifies for professional development units (PDUs). To view the activity and PDU details for this course, click here.
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- Identify the role of business acumen in the PMI Talent Triangle.
- Recognize that projects are how businesses implement changes.
- Explore the characteristics of a SMART goal.
- List several business benefits of good customer service.
- Identify common financial documents.
- Review common financial analysis methods.
- Recall the three common approaches to continuous process improvement.
- Identify the differences between strategic, tactical, and operational goals.