Project Proposal ELEC 421 The initial document that converts an idea into details of a potential project, including the outcomes, outputs, major risks, costs, stakeholders and an estimate of the resources (time and money) required.

Goal of the Formal Project Proposal Convince your audience that The project has value, and You can complete it successfully and on time

Components of the Proposal Executive Summary Introduction Problem Statement Objectives Methods Schedule Resources/Budget/Cost-Benefit Analysis Qualifications

Executive Summary One page Introductory statement Risk summary Competitive summary Financial summary Qualifications summary Sell the favored approach, if you discussed alternatives. Think of this as the only page the big boss (decision maker) will read! It likely will be.

Introduction What is the proposal about A brief description One or two paragraphs Save the details for later

Problem Statement What is the problem or gap that this project addresses? Projects don't come out of nothing. They arise from need, a problem that must be solved. Describe the problem situation. Convince the audience that the problem is important and therefore deserves to be addressed. Expose what you know about competitor’s products. Be able to address competition in the “Objectives” sections. Remember that the competition will continue to enhance their products as well.

Objectives Be specific Speak in tangibles Use a list if appropriate. What is the result(s) of the project? Let the audience know what outcomes to expect. Be specific Speak in tangibles Use a list if appropriate.

Method How will you achieve the goals and objectives? Describe needed research, if any. What else will you do to produce results. Make sure the audience knows two things. You have an effective means of achieving results. You fully understand how to manage the project.

Resources, Schedule and Budget Time and Money? Calendar time. Personnel, equipment, supplies and support. Include a schedule and budget. Again demonstrates complete understanding of the task.

Qualifications, Cost/Benefit Analysis Can you and your team be successful Complete the project on time? Complete the project within budget? Complete the project at all? Resumes are appropriate. Do the benefits of the project outweigh the costs? A thorough financial analysis could swing the decision.

Project Proposal Outline (Use It!) Executive Summary Introduction/Background/Need and Fit Purpose, goals, and measurable objectives Problem addressed by the proposal Competitive products/ current state of the art Plan of Approach (Method) Design concept Alternate approaches Development phases Outcomes/anticipated results/assessment plan/handling contingencies Resources needed to complete the project Personnel/Summary qualifications/Assignments Schedule/Project Timeline Budget Development costs Product Cost Summary Sell and recommend best approach, restate the cost vs. benefit of the project Supporting Materials/Appendices Project Specifications, Resumes, Competition Rules, etc.