13 Examples Of Factors That Leads To Project Creation
In my previous articles, I have talked about l that you need to know about project and project management . in this article, I want to talk about factors that lead to project creation for any enterprise. Follow me as we are going to look at that together in this article.
Now the factors …
#1 New Technology
In this case, a project can be initiated as a result of advancement in new technology, take, for instance, an electronic firm authorises a new project to develop a faster, cheaper and smaller laptop based on advances in computer memory and electronics technology.
#2 Competitive forces
Another factor that can lead to creation happens when your competitor comes up with something more superior to what you have. You might carry out such a project because you don’t want to be left behind.
Take, for instance, lower pricing on products by a competitor can result in the need to lower production costs to remain competitive.
#3 Material issues
In this case, a municipal bridge developed cracks in some support members resulting in a project to fix the problems.
#4 Political changes
It can also be as a result of a change in government. Let’s take, for example, a newly elected official instigating project funding changes to a current project because he felt that the actual cost of the project has been inflated.
#5 Market demand
In this case, a car company can authorise a project to build more fuel-efficient cars in response to a gasoline shortage. In recent time, the Nigerian government was talking about designing some cars in government fleet to run on gas which seems to be cheaper.
#6 Economic changes
Also, an economic downturn can result in changes in the priorities for a current project. Take for instance,in the proposed 2021 budget, Nigeria government has decided that they will not embark on a new project. They will rather work on how to finish all ongoing projects.
#7 Customers requests
A project can also be initiated as a result of customer requests. Take, for instance, an electric utility company can authorize a project to build a substation to serve as a new industrial park for industries.
#8 Stakeholders demands
This happens when a stakeholder requires that a new output be produced by the organisation.
#9 legal requirements
This happens when a chemical manufacturer authorises a project to establish guidelines for the proper handling of new toxic material.
#10 Business process improvements
A project can also be initiated in order to improve business processes. It happens when an organisation implements a project resulting from a Lean Six Sigma value stream mapping exercise.
#11 Strategic opportunity or business need
A project can also come up as a result of strategic or business needs of the organisation. A good example of that is a training company that authorises a project to create a new course to increase its revenue.
#12 Social need
A project can also come up as a result of social need. A good example is a non-governmental organisation that is in a developing country authorising a project to provide a potable water system, latrines, and sanitation education to communities suffering from a high rate of infectious disease.
#13 Environmental Consideration
Above all, projects might also be executed as a result of environmental considerations. Take, for example, a public company authorises a project to create a new service for electric car-sharing to reduce pollution.
I know you might agree with some of the points that I have raised in this article. You might not agree with some of the issues raised. Let me know your views about the topic discussed. We will appreciate it if you can drop your comment. Thanks in anticipation.
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