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Project Planning and its Steps

If we study CS professional programme's third paper "Financial, Treasury and Forex Management" , then you will see that I wrote nothing about its 9th topic project planning and control. So, today I am starting to write project planning in detail. Project planning is also important topic for chartered accountancy students and MBA finance students because who are studying project management.

Meaning of Project Planning

In project management, first part of its function is planning or project planning. In project planning, we have to decide in advance how to complete our project. When will we have to do work, who will do the work and how much money and time will be spent for completing any project. For this we have to take following steps:

Steps of Project Planning

1st Step : Determination of Project Objectives

Main objective of any project may be helpful to the users of that project. If you are making building, then you first determine who will use this building, design of residential building may be different from commercial building. To know and identify “what are main objective for any project” will be the first step of any successful project planning.

2nd Step : Determine the Project Resources

Main resources of project may be material, laborers and other equipments. To determine all these resources are very necessary for project planning. We also make the plan when and how much resources will be delivered for project purposes.

3rd Step : Determine the Project Schedule

With the help of MS project, project manager can make project schedule. Project schedule is the time table which is made for showing hours or days required to complete the each task or activity of project.

4th Step : Determine the Sub – Plans

It is that step of project planning in which we have to make all other sub- plans who helps main project plan. In sub –plans, we have to make HR plan, communication plan and risk management plan. In Risk management plan, we identify all risks relating to project and try to reduce by controlling all risk in advance.

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  1. It is always considered as the key to a successful project.

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Accounting Education: Project Planning and its Steps
Project Planning and its Steps
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Accounting Education
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