Project Planning
Since many projects are usually complex, proper plans are essential to support the delivery of positive results within the stipulated time. This process is intended to streamline the coordination and control of every activity. Planning is essential since it seeks to prevent most of the predicaments that could arise due to the absence of an effective strategy (Taylor, 2007). Some of the typical planning challenges include dependencies not accounted for, reduced details, inadequate time for design and rework, inappropriate design, insufficient information for management, unanticipated risks, and difficult handover to the user.
Schedule planning is an important practice required when pursuing a specific project. This form of the plan revolves around the consideration of an artistic and scientific approach to support the entire strategy. The scientific element is essential since it describes the breakdown of all tasks in an interrelated manner, thereby optimizing resources. The artistic initiative is essential since projects are “often politically driven, thus requiring finesse and interpersonal skill” (Taylor, 2007, p. 57). This initiative becomes essential to ensure that participants are aware of their obligations. The manager will rely on this concept to get relevant materials and supplies to support the completion of the project.
Estimating
The process of “estimating” is a difficult yet important task required to launch and complete a given project successfully. The exercise entails predicting schedules and costs throughout the undertaking. Unfortunately, the optimistic nature of estimating explains why the project budget will tend to be undervalued while more initiatives might be behind schedule (Taylor, 2007). Consequently, the presented estimates will mostly be inaccurate and capable of affecting the success of the entire project. For example, many companies usually find it hard to come up with correct figures for their respective projects.
Many industries and managers will usually overestimate their budgets. Such malpractice means that they will acquire more than enough resources but still fail to deliver the intended results within the stipulated period (Taylor, 2007). This challenge of estimation explains why there is a need for managers to be aware of different practices and options that are available to get the right figures and pursue their goals efficiently.
Estimating Practices
While there are different methods for making estimates, past scholars have presented additional practices that have the potential to support the delivery of desirable results. The first strategy is for accountants and managers to use every available simple and accurate approach (Taylor, 2007). The second approach is to consider the importance of combing two or more methods to get a better value and estimate the project accordingly.
The third technique could be to consider the power of teamwork to develop the intended estimates. The fourth one is focusing on past experiences and lessons to offer the most accurate figure. The fifth strategy is communicating final estimates to all stakeholders and seeking their inputs (Taylor, 2007). For example, a project team can share the information with the leaders and departmental heads to offer their suggestions. Finally, participants need to record all assumptions and considerations to come up with a workable figure throughout the project period.
Discussion of Terms
The term “scope statement” refers to a document detailing the features, stakeholders, and deliverables associated with a specific project. Those involved can outline various goals that will examine the overall success of the project. A good example is a plan detailing the major objectives, mission, and deliverables of a specific organizational project (Taylor, 2007). Work breakdown structure (WBS) refers to the detailed plan intended to divide the major components and activities that have to be delivered within the specified period. The document guides the manager to group his or her teams and assign activities that are manageable and capable of supporting the entire project.
When pursuing specific projects, it becomes necessary for managers to consider the idea of expert judgment. This concept identifies the technique of acquiring judgment or information based on predetermined expertise and criterion relevant to the specified area or field (Taylor, 2007). This kind of knowledge will become a powerful guideline for formulating the best decisions and ensuring that timely results are realized from the intended project.
Resource Planning Fundamentals
Resource planning is an essential practice that dictates the source and availability of the right people, facilities, and equipment. The engagement of all stakeholders is essential to ensure that the project is on track (Taylor, 2007). To support this initiative, three fundamentals are usually essential to promote the delivery of timely results. The first one is a responsibility matrix which is intended to monitor the breakdown structure and assign each activity to a competent person.
The second one would be a resource spreadsheet and it will denote the required items, quantity, and the appropriate delivery period. A smooth curve is considered the best guideline to make sure that positive results are recorded. The third fundamental for effective resource planning is a Gantt chart (Taylor, 2007). This tool supports the grouping of activities depending on the required resources for the project. Managers need to design a chronology of activities to guide the entire process.
Reference
Taylor, J. (2007). Project scheduling and cost control: Planning, monitoring and controlling the baseline. Fort Lauderdale, FL: J. Ross Planning.