Initiation phase
- Record sales opportunities and progress them through the sales stages.
- Initiate Proposal development when the opportunity gets to the right stage, Develop proposal (incl Scope, Schedule, Estimate and Resources) and submit for approval
- Submit approved proposals to customer and pursue the opportunity through negotiations and Win. Initiate project planning
Planning phase
- Finalize Contract and setup Billing and Revenue recognition processes
- Project Scope Definition: Clearly define the scope of the work, deliverables, and key performance indicators (KPIs) to ensure smooth execution and client satisfaction.
- Budget and Costing Setup: Establish a detailed project budget, including resource allocation, anticipated costs, and project phases, to track financial performance.
Execution phase
- Track the completion of key milestones or deliverables as per the contract terms, ensuring that work aligns with client expectations and internal budgets.
- Continuously monitor potential project risks (e.g., delays, cost overruns, regulatory issues) and track the effectiveness of mitigation strategies. Maintain a risk register and update it regularly to reflect emerging risks and mitigation actions.
- Track and manage any changes in scope, deliverables, or timelines. Ensure all change requests are properly documented, approved, and communicated to the client and internal teams. Assess impacts on budget and timeline.
- Regular Review of Revenue , Invoicing and Client Out Standing AR
- Keep internal and client stakeholders informed on project progress and financial status
Closeout phase
- Follow Business process driven project close out Activities
- Post-Project Financial Reporting: Prepare a final report on revenue, costs, and profits for internal financial tracking. Ensure that the project’s financial outcomes align with the initial budget and revenue forecast.
- Institutionalize project learnings by making appropriate changes to Risk Library, Project templates, Status Report Sections etc.