Project Planning
Project planning, an arm of project management, is the process of creating project plans while organizing, monitoring, and approving all activities related to a specific project’s scope. Project plans often include a project budget, costs and expenses, task breakdown, diverse contributors, objectives and plan of action. Project plans require buy-in and approval from senior executives and stakeholders. Each project plan is unique but generally involves a work back schedule, cost baselines, a staffing/accountability plan and risk analysis.
Project managers often require a collaborative environment, process based workflow and visibility into all the ongoings of a project in order to mitigate bottlenecks and ensure the pieces of the puzzle fit together nicely. In order to manage projects and plan efficiently, the ability to see the true costs, expenses and profitability is essential. These functions make for smooth-running, profit yielding projects - and of course, they make the day to day of project managers significantly more enjoyable.