The Funding and MVP phase is a significant stage in the lifecycle of an initiative. During this period, the initiative seeks financial support or investment to bring the idea to fruition. This step is crucial as it secures the necessary resources to initiate and sustain the project's development. Various parties are involved in this phase, including the Requestor, Portfolio Manager, Business and Delivery Work Owners, FP & A, Business Architecture team, and Project Management Office (PMO).
Pre-planning plays a vital role as it involves assigning work owners, identifying high-level planning milestones, and releasing planning funding. Subsequently, the planning phase focuses on KPIs, Milestones, NIRA & CBA, and the release of execution funding. In the Execution phase, the initiative is delivered through Go Live, and regular portfolio reviews are conducted to ensure timely delivery.
G1- Initiative Request
To begin, complete the Initiative Request Excel spreadsheet. Approval from a Portfolio Manager is necessary during this phase before forwarding the spreadsheet to the PMO. Once submitted, the PMO will establish the project in Planview, allowing it to be visible in the Portfolio Manager's "My Active Lifecycle Steps."
G2 - Initiative Value Case
During the G2 phase, the project seeks comprehensive details, including the executive summary and financials. Following this, the Portfolio Manager evaluates and approves the project while assigning a work owner to oversee its execution. Once the project's start date is confirmed, the designated work owner takes charge, and the project information is sent to the PMO for approval to appear in Planview. This marks the work owner's initial engagement with the project in their job queue
G4- Initiative Pre Planning
For planning funding, the project receives an initial 10% of the funding, up to a maximum of $250K. Then, the project submits a request for execution funding, which is reviewed by Enterprise Risk Management (ERM) and the CBA Owner. The Risk team assesses the project using guardrail questions, including PII, PCI, and IT enablement, to determine if NIRA is required. ERM collaborates with the project team based on the responses. After completing the Cost-Benefit Analysis (CBA), the CBA Owner seeks fund release, requiring approval from the Portfolio Manager and FP&A. Subsequently, the PMO releases the funds, following funding approval based on the Chart of Authority (COA). Once all necessary approvals are obtained, the PMO releases the execution funding.
G5 - Initiative Planning
In case additional funding is needed due to cost escalation and expanded scope, it will proceed through the Execution + phase.
Execution + G5 + Closure
The request will adhere to the G2 to G4 workflow. During this stage, it is essential to contact the PMO and include the Execution + phase in "My Active Lifecycle Steps." As a result, the work owner (WO) will have visibility of Execution + in the active Lifecycle section of Planview, presented in the same format as the Initiative Value case.
CBA and NIRA complete with approvals and respective artifacts
