UBS

Project Plan

What is a Project Plan?

A plan is a business document that acts as a road map for managing and executing a project. A project plan is the most critical document to produce when beginning any business project. It’s crucial to a project’s success.

A Gantt chart or any other document that illustrates project activities along a timeline is referred to as a project plan in IT. However, treating these documents as a project plan on their own is incorrect. These records are more properly known as project schedules, and they are only a small component of the overall project plan.

The following are the uses of a project plan:

  • Stakeholder products and project expectations should be documented and communicated.
  • to keep track of the delivery timetable
  • Calculate and manage the risks that come with it.

A project plan responds to the following basic project questions:

  • Why? – How does the project’s task relate to the task? What is the goal of the sponsorship for this project?
  • What? – What activities are required to accomplish the project successfully? What are the main deliverables or products?
  • Who? – Who will be involved in the project and what will their roles be during it? What is the best way to put them together?
  • When? – What is the project’s specific timeline, and when will the milestones be completed?

To manage project requirements, features, schedule, and budget, precise and crucial documentation is required at the start of the project. Poor documentation can have severe consequences for all project participants. Formal project plans define the project’s specific requirements, such as human and financial resources, communications, timelines, and risk management.

The project procurer and developer sign a legal agreement called a project plan. It helps management and technical teams follow projects by documenting and ensuring mutual project stakeholder approval.

Also, See: Business Plan | Project management

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