A product company is transforming the way it develops and releases products in the market. Executives believe that this is a high-risk initiative, and this initiative must be successful. What should the project manager do in this scenario?
A.
Develop a business case with assumptions for the new model
B.
Develop a communications management plan to inform the employees about the new business model
C.
Adopt an iterative rollout approach that delivers the highest business value earlier
D.
Develop a detailed sprint plan with clear deliverables
C. Adopt an iterative rollout approach that delivers the highest business value earlier.
In high-risk initiatives, especially transformations that change the way a company operates, it's crucial to see tangible results quickly. An iterative rollout approach allows the company to test the new processes, gain feedback, and adjust accordingly in real-time. This method provides an opportunity to realize the highest business value earlier in the process, thus building confidence and support among stakeholders and ensuring alignment with the intended objectives. Additionally, by delivering value incrementally, the organization can minimize disruptions and make necessary adjustments based on feedback and learning from each iteration.
Answer should be A - Develop a business case with assumptions for the new model.
Given the riskiness of the initiative you have to first confirm that the project is guaranteed to be a success using a Business case before you start targeting an approach that will give you the highest business value.
The project manager should develop a business case with assumptions for the new model. This will help to ensure that the initiative is successful. The business case should include the following:
An overview of the new model and its benefits
A market analysis that demonstrates the demand for the new model
A financial analysis that shows the potential returns on investment
A risk assessment that identifies and mitigates the risks associated with the new model
A communication plan that ensures that all stakeholders are kept informed of the project's progress
C. Adopt an iterative rollout approach that delivers the highest business value earlier
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