Understanding the nature and purpose of a project and discussions with management
In order to determine the nature and purpose of a project, you will need to address a number of questions, which are as follows:
- What is the project seeking to do?
- Are you seeking to value something, project something, or both?
- What is the focus or scope of the project?
- Are you looking at the business as a whole, a section of the business, or a particular asset, plant, or equipment?
- Who is the target audience?
- Is it for internal or personal use, or for presentation to a wider audience?
- Is it for a select, knowledgeable audience or the general public?
- Is there any specialist or technical part of the project that will require you to engage an expert in that field?
The answers to each one of these questions will have an impact on how you approach your model, what type of model you build, and how detailed it is.