13 Examples Of Factors That Leads To Project Creation

Factors That Leads To Project Creation (Typical Examples)

 

In my previous articles, I talked about l what 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 times, the Nigerian government was talking about designing some cars in the 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, the Nigerian 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 that 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 the 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 needs. 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 that authorises a project to create a new service for electric car-sharing to reduce pollution.

 

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