CONSEQUENCES FOR THE DESIGN OF THE INITIATION PROCESS
The application of a comprehensive investment analysis method has considerable effects on designing the initiation process of a project, which includes a clear differentiation between project and investment and stakeholder participation and engagement.
Table 5.
Further developed cost benefit analysis
Project Initiation
Clear Differentiation between Project and Investment: A clear differentiation between project and investment is the basis for the development of an adequate organizational design to ensure a holistic understanding of the investment. In point 3.3. the differentiation between investment and project was explained. As described, these processes fulfill different objectives, require different tasks for their performance, and different organizations are responsible for their performance.
Furthermore the clear differentiation of proj ect and investment allows the management of the whole investment life cycle. The management of the whole investment is done by a business analyst. The business analyst supports the investment from the idea until the deinvestment. Furthermore the business analyst consults the performance of the investment analysis. During project performance it is necessary that the project manager communicates with the business analyst.
Stakeholder participation and engagement in the project initiation process especially in the investment analysis process leads to a better acceptance regarding the investment and regarding the project that initiates the investment.
The consideration of stakeholder in the analysis process of the investment is the first step to achieve a more holistic and sustainable investment. The development of strong stakeholder relations is a main driver of responsible investments.
A participative process design allows a more holistic and transparent decision process (Gareis et al 2013). The analysis of important stakeholders is the basis for such an involvement. The LFA shows that the involvement of stakeholders in the process allows them to define criteria for the analysis that are important for them. Stakeholders are involved in the whole initiation and decision process. Via workshops, a strong participatory process design is realized. All decisions are made along with the workshop participants. A transparent investment decision leads to a higher acceptance of stakeholders regarding the investment. The outcome of a higher acceptance is to minimize risks.Stakeholder participation and a comprehensive stakeholder management represent one of the biggest potentials to integrate SD principles into the project initiation process as well as into the project management process. In this field increasing research interest is observable (e.g. Eskerod/ Huemann 2012; Gareis et al. 2013; Huemann et al. 2014). Huemann and Eskerod (2012) discuss the importance of a comprehensive proj ect stakeholder management and the integration of stakeholder in decision processes.
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