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Because priorities, finances and resources may change at any time, it is critical that this process be well-defined and easy to follow. It is also important that its value is understood and supported by corporate leaders and the business organization.
This process should be reviewed on a regular basis by Resource Managers within the organization and can be used for staff career counciling.Select Project: Based on the information provided by the ranking process, the Core Process Owners of the business will authorize a specific project for initiation. This project should now be removed as a Candidate Project.
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Document Business Case - Evaluate all Candidate Project Information that has been provided by the requesting organization or that has been gathered by a technical analyst. If additional information is needed, issue an Information Request to the requester. Format this information into a Business Case. Assign the Candidate Project a new Project Code.
It will be helpful to rank projects against each of these criteria separately and then compile a single ranking that weights each of these criteria against each other. This ranking process is typically used to feed quarterly budget decisions but may be requested at any time.