How to Come Up with an Effective Project Management Plan

How many projects does a typical project manager supervise in a given instance? Quite a few. To ensure that all of them are closed successfully within the scope, schedule and cost baselines, they have to devise and follow a foolproof project and use effective collaboration software throughout.

Step 1: Identifying Stakeholders

A stakeholder is any person or team who will be affected by the impact or the consequences that arise when a project closes. Stakeholders include sponsors, customers and end users, and must be managed through a proper stakeholder management plan. Consider their interests when creating a project plan.

Generally, you should meet and interview the sponsors and key stakeholders especially if their authority levels are high. Find out their needs, and accordingly, prepare the project baselines. Create a scope statement as well that includes all the details. Share the document through effective collaboration software so that everyone is on the same page.

Step 2: Setting and Prioritizing Goals

Great, so your list of stakeholders’ needs is ready now. Which of these should be assigned the highest priority? Come up with SMART project goals accordingly. Also define key performance metrics or the benefits that you must have achieved when the project closes.

Ensure that all project objectives and goals are written down in the project plan so that they can easily be communicated and shared with the stakeholders.

Step 3: Defining the Deliverables

Identify the deliverables that meet the goals of the projects. Now which steps should you take to produce these deliverables? Estimate the due date for each deliverable using effective work management software. PERT techniques are widely used for determining the timelines for each activity.

When done, set firm milestones and deadlines. Share them with the team, stakeholders and everyone involved.

Step 4: Creating the Schedule

Evaluate each deliverable and come up with tasks that must be performed to produce the deliverable. Also, identify which of these tasks are dependent. Now focus on each task and estimate the time and resources required. Designate the tasks to the most suitable team members through work management software.

A little tip: Involve the team at this stage. After all, they would be doing the actual work and can share key insights with you. These can help you improve estimates.

Step 5: Assessing the Risks

Risks are inherent to every project. 92% of CEOs claim that risk management is important for success. Brainstorm with the team and identify all possible risks. Accordingly, come up with strategies that can deal with them appropriately. Risks can be exploited, mitigated, transferred, shared or removed.

Ideally, you should begin by dealing with high risk items and then move down to risks of lower priority. 

When the Project Plan Has Been Created

Congratulations! You’ve made it this far. Now, it is time to schedule a meeting and officially enter the execution phase. This is where the real work begins. Following the plan will ensure that the project remains on track.