Market Opportunity
An outline of a market opportunity. For example, a bank that sees an opportunity to expand into an Asian market due to deregulation.Risk
A project that treats a risk such as an orange juice company that is expanding into grape juice to reduce concentration risk.Cost
Reducing a cost such as an ecommerce company that opens physical locations in order to reduce delivery costs with a distribution presence in the last mile.Productivity
Increasing the value of an hour of work. For example, an office redesign project that seeks to create stimulating spaces for quiet work, social processes and creativity.Efficiency
Increasing output for a unit of input. For example, a project to remove a bottleneck from a production line by upgrading machines and improving processes.Sustainability
Reducing your impact on the environment such as an ecommerce company that launches a pilot project to switch to reusable packaging for customer deliveries.Resilience
Improving an organization or community's resilience to stresses. For example, a project to develop a network of rain gardens to make a city more resilient to flooding.Quality of Life
Projects that make things better for people such as a play street designed to give residents of an area a place to enjoy the outdoors.Customer Experience
Improving things for the customer such a project to improve a bank's website so that customers can sign in and fully execute a stock trade within 20 seconds with a clean interface free of distractions and interruptions.Innovation
Aggressive experiments and creative adventures designed to discover new value. For example, a sporting goods company that launches an ongoing design competition that allows lead users to submit new products, product improvements and design concepts.Transformation
Programs and projects that represent a shift in your culture or operating model. For example, a program to transform an airline into a transportation company with a vision for integrated systems of high speed rail and air transport.Notes
A project concept is documented as a concept note or as a section in an opportunity study, business plan or project charter.A project concept is as short as a sentence and no longer than a page. The format of a project concept resembles a concept statement and often includes the following sections: project name, client, project concept, background and objectives.A project concept is similar to a mission statement that outlines your purpose. Alternatively, it may resemble a vision statement that paints a picture of the future.A project concept is typically considered an element of project branding.| Overview: Project Concept | ||
Type | ||
Definition | A statement that gives a program or project its direction, depth and meaning. | |
Related Concepts | ||
