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Derivatives and Risk Managemnt

The Project Planning Process is a structured approach to creating a comprehensive plan for project execution, monitoring, and closure. Key steps include defining project scope, setting SMART goals, creating a work breakdown structure, developing a schedule, estimating costs, identifying resources, planning risk management, defining roles, and developing a communication plan. Proper documentation and stakeholder approval are crucial for successful project execution.

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12 views4 pages

Derivatives and Risk Managemnt

The Project Planning Process is a structured approach to creating a comprehensive plan for project execution, monitoring, and closure. Key steps include defining project scope, setting SMART goals, creating a work breakdown structure, developing a schedule, estimating costs, identifying resources, planning risk management, defining roles, and developing a communication plan. Proper documentation and stakeholder approval are crucial for successful project execution.

Uploaded by

densher.n.chingware
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd

UNIT 1

Here’s a structured explanation of the Project Planning Process, including its


definition and at least 10 key steps, following your preferred format.

Project Planning Process

1. Introduction

Project planning is a fundamental phase in the project life cycle. It involves defining
how a project will be executed, monitored, and closed. A well-done planning process
ensures that everyone involved understands their responsibilities and the project’s
direction, which significantly increases the chances of success.

2. Definition

The Project Planning Process refers to the structured set of activities undertaken to
create a comprehensive plan that outlines the scope, goals, tasks, resources, timelines,
risks, and communication strategy required to complete a project successfully.

3. Explanation of Key Steps (10+ Points)

1.

Define Project Scope

2.
1.

Clearly outline what is included and excluded in the project to prevent


misunderstandings and scope creep.

2.
3.

Set Goals and Objectives

4.

1.

Establish specific, measurable, achievable, relevant, and time-bound


(SMART) objectives that guide the project.
2.

5.

Create Work Breakdown Structure (WBS)

6.

1.

Break the entire project into smaller, manageable components or tasks


for better planning and assignment.

2.

7.

Develop a Schedule

8.

1.

Assign time frames to tasks, create timelines, and use tools like Gantt
charts or project calendars to visualize progress.

2.

9.

Estimate Costs and Prepare Budget

10.

1.

Calculate the financial resources needed and allocate budget to tasks,


teams, or departments accordingly.

2.

11.

Identify Resources

12.

1.
Determine what human resources, tools, and materials are required and
when they will be needed.

2.

13.

Plan Risk Management

14.

1.

Identify potential risks, assess their impact, and create mitigation and
contingency plans.

2.

15.

Define Roles and Responsibilities

16.

1.

Assign team members to specific roles with clear duties using tools
like a RACI chart (Responsible, Accountable, Consulted, Informed).

2.

17.

Develop a Communication Plan

18.

1.

Decide how information will flow among stakeholders, including


meeting schedules, reporting methods, and communication tools.

2.

19.

Plan Quality Management

20.

Set quality standards, control methods, and review processes to ensure outputs
meet expectations.

1.

Plan for Procurement (if applicable)

2.

If external services or products are needed, plan how they will be sourced,
contracted, and managed.

1.

Document the Project Plan

2.

Combine all planning elements into a single document or platform for easy
access and tracking by stakeholders.

✅ Bonus Tip:

Always review and get stakeholder approval of the final project plan before moving
into execution. This ensures alignment and avoids future disputes.

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visual infographic?

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