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.
A project plan responds to the following basic project questions:
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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