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The Project Management Book by Richard Newton

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Optionality in projects

What is this about and why is it important?

Change is ongoing for most organisations. Strategies alter due to innovations, inventions, technical advances, competitor activity and the evolution of social behaviours and expectations. Unforeseen operational problems arise which cause modifications to priorities. All of this, and more, affects projects.

It is easy to identify with common scenarios: a business strategy changes significantly, a project’s budget is drastically reduced, there is a major change in business priorities, a customer decides to radically alter project requirements, or a project’s business case depends on assumptions which are found out to be wrong.

Most project managers are well aware of these types ...

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