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making. The form and frequency of reporting and the depth of coverage at each level, along with the frequency and format of meetings should be decided at the start of the project.
Project Schedule.
(Schedule and milestones) The project schedule signifies the commitment of resource against time in pursuit of project objectives. A project schedule should specify when the project will be initiated and when it is expected to be completed. The major phases of the project should be identified. The schedule should include reliable time estimates for project tasks. The estimates may come from knowledgeable personnel, past records, or forecasting. Task milestones should be generated on the basis of objective analysis rather than arbitrary stipulations. The schedule in this planning stage constitutes the master project schedule. Detailed activity schedules should be generated under specific project functions.
Risk Plan
(Risk assessment ) Risks are potential future occurrences, to some extent outside the control of the Project Manager, that may significantly affect the outcome of the project. A risk is usually defined in terms of its probability, which often can only be estimated subjectively, and its impact. Negative impacts may be termed “hazards” and positive ones “opportunities”. Risk management starts with the identification and assessment of risks, which should be an ongoing process throughout the project. For each adverse risk a decision must be made to avoid it, if possible, mitigate the impact or accept it. Where avoidance or mitigation has been chosen, someone is assigned responsibility for developing avoidance and mitigation strategies, monitoring the risk and initiating any necessary actions. Similarly, major opportunities should be assessed and plans made to benefit from them if they occur.
Risks are recorded and tracked in a Risk Register that is formally reviewed on a regular basis. However, the keys to successful risk management are not the register but identification of risks, assessment, ownership and, particularly, development of cost-effective avoidance and mitigation strategies.
Contingency Plans
(Risk assessment ) A process triggered if a risk becomes an issue. These courses of actions to be taken in the case of undesirable events should be predetermined. Many projects have failed simply because no plans have been developed for emergency situations. In the excitement of getting a project under way, it is often easy to overlook the need for contingency plans.
Costs and Budget
(Budget/cost-benefit assessment ) The projects cost estimate factors into the projects expected overall cost, including an indicator of the accuracy of the estimate. Each project task will have a cost, whether it is the cost of the labor hours of a computer programmer or the purchase price of a cubic yard of concrete. In preparing the project budget, each of these costs is estimated and then totaled. Some of these estimates will be more accurate than others. Remembering that costs are made up of project costs+prime costs+overheads+profit. Now look up the The 80/20 Rule.
WBS Work Breakdown Structures and project schedules are key components of a full project plan, covering dependencies, resource assessment. The Work Breakdown Structure (WBS) is defined by A Guide to the Project Management Body of Knowledge 3rd Edition (PMBOK® Guide) as: A