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Ideas can become engineering projects by confirming they align with business strategy and that they will provide value for the organization. Common steps for transforming an idea into a project include a feasibility study, economic analysis, risk analysis, go/no-go form, business case, gaining stakeholder approval, and project charter.
This course explains each of these processes and includes examples for engineering applications. Formulas are provided for return on investment and payback period as part of an economic analysis. A blank go/no-go form and project charter is included. Also reviewed is the project selection process for a Capital Improvement Program (CIP).
Learning Objectives:- Gain an understanding of how ideas become projects
- Learn common terminology related to project creation
- Develop skills for performing feasibility studies
- Learn to calculate lifecycle cost, return on investment, and payback period
- Understand key elements to a go/no-go form
- Understand the role and differences between a business case and project charter
- Learn how capital improvement ideas are compared and selected as projects
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