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Forum Home > Program Management Professional (PgMP) > Explain the term "Concept development" ?

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Posts: 57

"Concept" refers to an idea / thought which is generated which shows the necessity to undertake a component project (or) program within a performing organization.

Such concepts may get originated due to several reasons related to business / technical / environmental factors such as: Market demand, customer requirement, legal requirement, business enhancement, process improvement etc.

Once when the concept is known in a high level with limited information at this stage to the portfolio level, a clear business justification to be in place to proceed further in initiating a project / program based on the concept. Hence portfolio board, provide some funding & allocate few resources to do some ground work, market analysis, feasibility study, technical possibility etc. and the outcome of this exercise will be the preparation of the "business case" which justifies the necessity to undertake such initiative and the expected Value on Investments (VoI). Once when the business case is approved by portfolio board, then formally a project / program get initiated.

February 3, 2015 at 3:39 AM Flag Quote & Reply

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