During the execution of a project, the finance team identified that they were not involved in building the business case for the project and will not approve the estimated return on investment (ROI). What should the project manager do?
A.
Revisit the communications management plan and make necessary adjustments
B.
Revisit the scope management plan and note this as a risk
C.
Schedule a meeting with the product owner and finance team to agree on course corrections
D.
Continue developing based on the project management plan and address the issue post delivery
The finance team is a key stakeholder in the project, as they are responsible for approving the project budget and ROI. If they are not involved in building the business case for the project, they may not understand or agree with the project objectives, benefits, and assumptions. This can lead to conflicts, delays, and rework in the project execution. Therefore, the project manager should schedule a meeting with the product owner and the finance team to discuss the business case, clarify the requirements, expectations, and constraints, and agree on the course corrections needed to align the project with the organizational strategy and goals. This way, the project manager can ensure that the project delivers value to the organization and satisfies the stakeholder needs. References:
A Guide to the Project Management Body of Knowledge (PMBOK Guide) – Seventh Edition, Chapter 2: Value Delivery System, Section 2.1: Business Case, pp. 25-26
Project Management Professional (PMP) Handbook, Section 2.2: PMP Exam Content Outline, Domain III: Business Environment, Task 1: Plan and manage project compliance, pp. 16-17
How to Write a Business Case: 4 Steps to a Perfect Business Case Template, by ProjectManager.com, published on January 25, 2019
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