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Good question.
In my opinion, Yes, it is
Re-Engineering means a radical shift or change in the entire operating procedures. A move towards constant improvement. So, yes it is as important as project and should be undertaken like it.
It depends on the current shape of the project direction and outcomes. If we need to perform a re-engineering, in this case we need to start from the beginning by handle the business analysis case, re do a risk analysis, and definatilly need an approval from the senior project management team, which includes the sponsor and the PMO's.
according to the needs and the amount of changes.
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