Why is it valuable to create a project profile?

Project Profile is a set of features that when are provided in a consolidated manner can characterize a project in terms of certain interest. Correct description of a project profile can provide the project owners with a background to qualify this project as one that falls within certain criteria: for example determination of the risk profile for certain project means that you need to list & assess all involved risks to represent the project as a complex of threats which are compared against the benefits, so the general feasibility and expedience of this project are clearly defined. Project profiles can be defined as standards (desired values of profile parameters) and current ones (ongoing values of parameters).

Project profile may refer to the following conceptions:

• The resource profile: types, amounts, availability and costs of resources involved – this profile defines a project’s need in consumables, skills, rare resources, etc making it clear if this project is feasible to organization;

• The risk profile: defines riskiness of a project and explains associated expenses, so organization can see if these risks are adequate to results expected;

• The success profile: identifies project health parameters that are considered as acceptable – it is guidance for project managers where they can find objective pinpoints for benchmarking;

We need to create a project profile which includes project business case, project charter, project plans for an authorization, lessons learned, and archives.