Project Validation Checklist

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Establishing project validation process:

• Understand definition of Project Validation;
  Project Validation is a process of getting a candidate project examined, justified, and accepted by a company for further realization.
• Develop a conception of project validation that suits your organization and set project validation objectives (define what you want to reach with a help of validation process);
  Identify how a project should be examined to be approved as reasonable for the organization.
• List all policies and requirements which a project should be validated against;
  Your validation criteria may include certain norms on the following policies:
  • Income (ROI);
  • Project impact;
  • Lawfulness;
  • Safety;
  • Riskiness;
  • Compliance with organizational strategy;
  • Technology;
• Set certain criteria that a project will be validated against under terms of each policy;
• Make sure the criteria used in this process are aligned with the goals of validation;
  Avoid validation aspects that are not really relevant to the purpose of validation.

Preparing a project for validation process:

• Check whether a background for successful project validation exists:
  • Organization has necessary resources and funding to undertake a project;
  • Project’s scope and goals comply with the organization’s business strategy;
  • Organization has administrative potential and will to undertake a project;
• Give expert review and appraisal to the project’s objectives and statements;
  Make sure everything is well-determined and meaningfully formulated.
• Engage a team of different experts to investigate the feasibility of the planned work within the given project environment:
  • Review current level of project risks;
  • Approve value of project benefits;
  • Verify selected project methodology;
• Arrange an expertise to approve all project technical documents and specifications;
  Inspect whether they are properly composed and technically fit.
• Complete the project benefit assessment and ROI modeling;
• Enable the financial experts to examine your income projection for the project:
  • Provide them with all necessary financial calculations and assumptions used on estimation;
  • Get a conclusion on correctness and feasibility of financial calculations;
  • Obtain investment analysis report to approve reasonability of investments;
• Collect all necessary documentation to approve feasibility of the project;
  Obtain and file together all documents that you need to justify the project within organization.
• Examine the project’s documents to approve their compliance with organizational norms;
• Approach your organization’s project validation committee and submit documents to them;

Validation in terms of law compliance:

• Make sure your project has all legal permits and allowances to comply with the applicable laws;
  Consult with your legal adviser regarding documents to be agreed with government.
• Establish legal advisory to continually ensure project compliance with the legislation;
  Accreditation in accordance ......

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