This weekly upload is going to be a study blog, written to help me revise my course, Project Management BSc. Hopefully, it will also create a good overview for anyone else looking to study the same thing.
Tuesday 1st October – After our first two weeks at university which was 5 days a week, we finished the first module and completed an exam in Network Diagrams, which I have uploaded a sample for on my Project Management page. Now, we attend classes 1 day a week which is split into 2 halves, before lunch we study The Business Environment and the second half we learn about Planning and Control. I found that both topics, this week, connect and have compiled what I have revised from the lessons into 1 fact-sheet for this week.
An Introduction in Project Planning
A link to personal experience (my trip to America) – What would an outline for the business Case look like for the San Francisco Golden Gate Bridge look like? This is a question I will answer in my next post, so stay tuned!!
Why Do We Plan?
- To evaluate options for delivering the project
- To obtain commitment
- To facilitate effective communication
- To provide the basis for effective project monitoring and control
- To prepare for the unexpected
- To respond to compulsory requirements
Strategic planning is a big part of the concept phase, during this phase, the viability of a project is determined, and the preferred solution is highlighted. Moving on to the definition phase and the strategic plans become more detailed, where elements such as budgets, schedules and resources are confirmed.
Characteristics of Good Planning (APM 2008):
- Plan is owned by Project Manager and team.
- Plan is agreed by sponsor / approved at gate review.
- Sufficiently answers the planning questions to satisfy the organisation that it should continue the project.
- Provides the basis for a successful proposal in a tender process.
- Provides the basis for successful management of project implementation
The Business Case
The business case is a type of plan that lays out the main reasons for undertaking a program/project, it assesses all other options and gives evidence as to why the proposed solution is the best. It also outlines all other expectations hoped to be achieved by the completion of the project, the risks and costs that need to be considered.
It outlines the value of the work needed and its main purpose is to gain funding and assurance from the organisation.
The business case is typically started before the start of the project life-cycle and is progressively defined throughout the concept and definition phase.
If There Are Multiple Investment Options -How do you Choose?
Usually, the organisations vision for the future will influence their decision. Strategic investments can be encouraged by competitors within their industry, therefore making it necessary to invest to keep up or it is needed to keep their business aligned with their business strategy.