Business Project Plan

When individuals decide to take on a new endeavor they start by mapping out what exactly it is that they want to do. People involved in business take value on all of their resources simply because starting a new project is basically a gamble they have to take. That is why before they even start to think about the future of a project, they start by carefully planning how to make a project into reality. You may also see plan samples.

Business Start-Up Project Plan Template

 

With that in mind, businessmen simply do not start to take on a certain project without considering some important factors like the costs, duration, market, and so on. And even before they even start a plan, they go into extensive brainstorming activities in order to make sure that they have carefully covered and considered all factors that may affect their project. After which, they start on making their project plan. The basics about project plans and project planning will be thoroughly discussed to help you better understand its significance.

Purpose of a Project Plan

A project plan is an important aspect of any project since it can lead the project into success or into the complete opposite direction. It is an approved detailed document that is intended to guide, control, and execute a project. Its main purpose is to guide and control the direction and execution of the project in order to make sure that the main goal why the project was made is achieved.

Since it is basically a guide, it is accurate, complete, and as specific. It includes information regarding the project’s staffing, budgets, time lines, deadlines, goals, and measurements. It also provides individual and group objectives and instruction related to how each aspect of the project should be carried out. Just like a business plan, a project plan makes sure all those involved know how to run the project.

As you may know, it is important that there is a unified guide that will let all the individuals involved in the project know where the direction of the project should. Not only that, it makes sure that everyone is functioning under the same goal and to also make sure that what has been approved is followed diligently. In a way, the project plan controls the project by

• breaking down complex processes into a number of simpler components,
• providing clarity for obscure or ambiguous tasks in the project,
• providing a single point of reference for everyone involved in the project,
• enforcing analyses of the sequence and nature of events,
• providing a baseline which execution of the project can be compared to, and
• anticipating possible events and providing pre-planned means of avoiding them.

A project plan is a useful document that can help the project ensure its success. It helps those involved stay grounded on the same goal and makes sure that everyone is taking the mapped out path. This will help individuals better execute their tasks as well as control the direction where it should go.

Basic Business Project Plan Example

Business Project Plan Example

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Elements of a Project Plan

in order to be able to make an effective project plan, you need to know and understand what are the significant elements you should include in it. Hence, here are the elements that you need to include in a project plan:

1. Project Scope Planning

In any project, the stakeholders are informed about the expected outcome/s which is often called the project deliverables. These project deliverables depend on the project scope. Essentially, defining a project scope is like drawing a map. Just like a map, the project scope outlines the extent and boundaries of the project deliverables. It basically consists of the details regarding what the project should achieve as well as the specifics about the budget of time and cost that provisioned in order to produce the project deliverables before the project comes to a close.

2. Delivery Schedule Planning

After the project scope is determined and the work has been broken down into distinct work items or Work Breakdown Structure (WBS) is created, planning and creating the delivery timeline comes next. In every work item that has been identified in WBS, the project planner needs to determine the list of activities that should be performed.

There are commonly five steps needed to create an effective delivery schedule:

1. Defining the tasks/activities.
2. Sequencing the tasks/activities.
3. Estimating the required resources.
4. Estimating the each task duration.
5. Developing the schedule.

3. Project Resources Planning

The project resources are essential in achieving the goal/s of the project. However, the resources are not only limited to the manpower that will make everything in the project work, it is also includes the materials and equipment required to the successful completion of the project. With that in mind, the project resources planning is generally concerned with people/staffing management.  There should be a solid human resource plan that will overlook on the people working on the project. The human resource plan generally answers to the following questions:

1. What kinds of people are required to complete the project—necessary quantity, competencies?
2. What should they do—roles and responsibilities?
3. Whom will they report to? This means that the human resource plan will determine and document what are the specific requirements for each position that they need to fill. This will help ensure that the people working on the project are equipped with the right knowledge, skill set, experience, etc., that they will be handling once assigned to the project.

4. Project Cost Planning

In terms of the monetary needs of the project, the project cost planning is an exercise that helps to baseline the overall project budget in order to reach an agreement between the project stakeholders and project steering committee with regards to the project delivery schedule as well as the payment schedule. It will help determine the elements that will be used for he entirety of the project, this involves the monetary resources requirement (people, machinery, material, equipment, space, etc.) as well as the provisions for risk management (people, machinery, material, equipment, space, etc.)

It is expected that the project cost planning will include the cost estimates per activity that captures the cost implications of

• people, equipment, facilities, etc., required to complete given activity;
• inflation, exchange rates applicable for context of the activity.

It is also expected to include the factors considered for estimates that will help record how the cost is determined or what elements formed the basis of cost estimation, and this includes:

• What all assumptions are made?
• What all constraints are applied?
• What all parameters formed as a basis of estimate
• What is the confidence level of estimate? And Why?

5. Project Quality Planning

Project quality planning is concerned with identifying the quality requirement of the project. Basically, it has everything to do with what standards are supposed to be complied with and in what manner.

The quality plan is expected to highlight the following aspects:

1. Quality Process and Policies
2. Cost-Benefit Analysis
3. Cost of Quality
4. Quality Metrics
5. Quality Checklist
6. Control Charts

6. Supporting Plans

• Risk Management Plan – This plan deals with how risks will be handled should they are arise on the duration of the project. It explains the following along with necessary details that will make it understandable for everyone involved: the risk identification, risk assessment, risk responses, and risk management.
• Communication Plan – The communication plan helps ensure that appropriate channels are established in order to let correct information flow top-down as well as bottom-up manner.
• Procurement Plan – This plan documents purchase policy with regards to purchase process, buy/lease/rent decisions, vendor selection, negotiation, financial concurrence, duration, legal concurrence, etc. It should also determine the roles authorized to make tendering process, financial and legal concurrence, and approval/rejection decision.

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Project Plan Format Example

How to Create an Effective Project Plan

Now that you have an idea on what are the essential elements that makes up a project plan, you should be able to make it for your business projects. However, in order to guide you even more, here are some steps to help you make an effective project plan:

1. Explain the project plan to stakeholders and clearly discuss its key components.
2. Clearly define the roles of responsibilities of everyone or every position involved in the project.
3. Hold a kickoff meeting to gather the stakeholders in order to discuss all that the project entails.
4. Develop a coherent and straightforward scope statement.
5. Develop a scope baseline that comes from the deliverable of the WBS.
6. Create the schedule and cost baselines.
7. Create baseline management plans.
8. Develop the staffing plan or human resource plan.
9. Analyze project quality as well as the risks.
10. There should be clear and efficient communication.

We hope that you have learned useful information with regards to planning project whether for your business or for your personal use. The examples given above can be your reference and guide when you start to develop you own project plan.