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In the Toolkit, we support a process which provides the allocation of funds at predetermined times in your project. This process involves a minimum of three allocations and, although there can of course be more; the Toolkit requires a minimum of three. These allocations take place at three strategic points in the project. The strategic points are checkpoints for funding the next stage of the project. We will look into project stages elsewhere in the Toolkit.

The first of the funding checkpoints and allocation of funds occurs when we acknowledge the generation of an accepted change proposal. The accepted change proposal takes place after the change evaluation process where we agree a business change is required and a project solution demands investigation. We will look at the project stages in detail later.

The second funding checkpoint and funding allocation takes place at the end of the Define stage when we have confirmed the change, as well as the scope and strategy. Furthermore, we have outlined the planned benefits we propose that the project solution will deliver.

The final of the three minimum funding checkpoints is at the end of the Survey stage. There will likely be many more checkpoints and funding allocations in the next stages however the Toolkit mandates only one checkpoint at the end of the Survey stage when we have an approved change proposal, agreed setup plan as well as the delivery and release plans. Also, we have our Prioritised Story Board so we know what we are going to deliver and we have a Readiness Declaration that confirms the project landscape is equipped to deliver the project. Finally we know all the proposed benefits and have confirmed they are achievable. Importantly, we know the high-level costs to deliver them.

Therefore, we need the funds up to the value of the high-level costs allocated to the project. This is where you may wish to subdivide the funding of the Deliver stage into a series of distinct separate funding allocations. You may wish to divide the Develop stage into a series of defined funding checkpoints with individual success criteria.

For example you could define defect percentages for the testing and deny funding to those projects which fail to achieve reasonable quality targets or demonstrate unacceptably high defect percentages. Or you could define performance percentages for the delivery phase and demand the performance is improved to achieve the next funding allocation. There are many metrics you could adopt.

Whatever funding mechanism you select or however you choose to subdivide the process, it is important to submit your request for project funding early, to gain acknowledgement of your request swiftly, to be able to deal with challenges to your request in a timely manner, to get your request reviewed by the appropriate authorisers quickly, to be informed of the agreement to funding as soon as possible and to get funds at the projects disposal in the quickest way achievable.


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Project Funds Allocation






   


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