How To Develop A Successful Project Management Plan
- Project Management

How To Develop A Successful Project Management Plan

How To Develop A Successful Project Management Plan

Poor project performance is costly for businesses. According to the Project Management Institute’s 2020 Pulse of the Profession report, around 11 percent of business investment goes to waste when projects underperform. This is why it’s the priority of organizations to determine the reason behind poor project performance.

Project performance is largely dependent on its execution. Furthermore, how well a project is executed is dictated by how effective the project management plan is.

What is a project management plan?

A project management plan (PMP) is a formally approved document detailing the steps to manage project execution. It documents the following actions: defining, preparing, integrating, and coordinating planning tasks. A PMP ensures clearly defined project execution, monitoring, controlling, and closing.

One of the primary purposes of the PMP is to serve as a reference for decisions made regarding the project and clarify uncertainties. Furthermore, it should provide a robust framework for the following:

  • The goals of project execution
  • The procedures to solve it
  • The steps to measure and report the project
  • The way of communicating information
  • The identification of those involved

Determine the scope and value

A successful PMP must begin with the project’s well-established scope and value. It must thoroughly describe the methodology and the mechanism to be utilized in executing the project. Moreover, it needs to provide knowledge essential to everyone involved in the business. At the beginning of creating a PMP, you should answer the following questions:

    1. What would be considered the best results?
    2. How is the team going to accomplish tasks within the given timeframe?
    3. Who will comprise the development team, and what will be their responsibilities?
    4. When will the team reach its goals?
    5. When will other team members contribute to the outcomes, and when will they receive input?

Know the stakeholders

To create a successful PMP, you must learn much about your stakeholders. You need to understand corporate dynamics, be aware of conflicting attitudes, and determine potential topics of discussion that can impact project management. Of course, every stakeholder wants the project to succeed, but if you fail to cater to the interests of even one stakeholder, your project will be at risk.

While you create a project management plan, make sure to do the following:

    • Make the list of participants more transparent
    • Learn each stakeholder’s goals and degree of influence
    • Determine how to incorporate peer and stakeholder feedback amid the process
    • Tie the criteria and standards for risk assessment, preparation, and response
    • Ensure communication channels for the project are properly established

Hold a kick-off meeting

Conducting a kick-off meeting aims to gather all participants to address the proposed project, build morale among team members, and consider everyone’s thoughts and concerns. To successfully hold a kick-off meeting, the plan must include the project idea, business vision or strategy, team outlook, allocation of responsibilities, decision-making process, team roles, size of teams, and ground rules or general guidelines.

Write down the plan

Once you’ve collected all the details necessary and discussed important matters with all stakeholders, you will find it easier to draft a complete project plan around the strategy that fits the circumstances. Then, all that’s left to do is write down the complete project management plan, sparing no detail.

Present the plan and discuss

When the complete project management plan has been written, the next step is to share it with your team. This is to ensure the PMP is adequately reviewed and everyone is privy to the details. Before presenting, ensure the PNP contains the general process, expectations, timelines, and finances.

As you present, make sure to clarify the reasoning behind every decision made while creating the project management plan. You should start a discussion and encourage everyone to share their thoughts.

Other considerations

Aside from following the practices listed above, other considerations will further boost the chances of your PMP’s success.

List deliverables

Based on the established goals, list down all the deliverables that will serve as a stepping stone to cross out those objectives. If some deliverables depend on others, make that clear in the listing. Doing so makes it easier to create a realistic schedule and an accurate estimate of the completion time for each deliverable.

Allocate resources

Each deliverable can be broken down into smaller tasks. First, you must identify which team member will be responsible for each task. Then, sit down with each team member and discuss how much time they need to complete a task, what resources they require, and how much.

Conclusion

Developing a project management plan is long and arduous, but it’s critical to the success of your projects. A successful PMP will decrease the risk of failure and improve project performance, resulting in a larger return on investment. However, managing a project is no walk in the park, especially for larger businesses. Thankfully, many digital tools and services, such as an effective ERP system and project management consulting, can assist in managing a business in any industry.

How To Develop A Successful Project Management Plan

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