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Hello Folks...What would be the cost of wrong or inadequate project planning???? 📄 Most of us struggle in Project planning.Project Planning is a very crucial step. The goal of a project planning is creation of the project plan, a comprehensive project document that explains in great detail how the project will be executed. Below are the major Steps present in the picture but in great details steps are as follows.1- Project Schedule2- Project budget3- Scope management plan4- Risk management plan5- Resource management plan6- Stakeholder management plan Share your insights in Comments. What would be the cost of wrong or inadequate project planning? 💰 #Projectplanning #projectmanagement #Struggle

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Successful Project Milestones 1. Initiation Phase Milestones: • Project Charter Approval • Stakeholder Identification • Initial Project Scope Definition 2. Planning Phase Milestones: • Approval of the Project Plan • Completion of the WBS • Risk Management Plan Approval 3. Execution Phase Milestones: • Key Deliverable Completion • Mid-Project Review • Completion of Major Work Packages 4. Monitoring and Controlling Phase Milestones: • Quality Assurance Reviews • Budget Reviews • Performance Metrics Evaluation 5. Closing Phase Milestones: • Final Deliverable Acceptance • Project Closure Document Sign-Off • Post-Implementation Review#projectmanagement #projectmilestones

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The project schedule will always reflect the level of effort we put into planning a project. For a schedule to truly align with a program requires transparency and understanding of the critical assumptions and key decisions that were made in the initiation stages of the project. To that end, the process of scheduling should not be the responsibility of any one team member, but a byproduct of a collaborative team process starting from project initiation. #projectmangement #construction #constructionmanagement #schedule #projectschedule #risk #riskmanagement #project #projectplanning #planning #teambuilding #IPD #integratedprojectdelivery #CPMSchedule #MSProject #programmanagement

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Whats is the #Project #Management?#Project #management is important because it helps ensure that #projects are completed on #time, within #budget, and to the expected #quality of work. It also helps identify and mitigate #risks, manage resources #effectively, and ensure #stakeholders are well informed and #involved throughout the #Project. #scope #communication #schedule #risk #quality #cost

Often times, we’re stuck with the old adage that project management is controlling a project’s cost, budget and quality/ performance. Although that is true at a general level; at its core, effective project management is successful risk management. More often than not, weekly PM site meetings become about following up on project progress and, at times, discussing technical matters. Although those discussions are important, weekly PM site meetings are better suited for risk management, i.e. anticipating potential issues and going over active ones to ensure the project will achieve its time, budget and performance goals.The rest of the week is when progress and technical matters can be discussed at great length. The weekly PM meetings are to look beyond the ship on the journey to ensure we’re staying the course, and look out for potential dangers and matters that may sway us away. More often than not, when I bring up risk management issues during weekly PM site meetings, I’m faced with resistance and confusion. We’ve become too accustomed to dealing with problems as they occur, as opposed to tracking them to manage them more effectively, so that if and when they do occur, we’re squarely positioned to manage them; ensuring we stay the course. Image by Bing Image Creator#projectmanagement #riskmanagement

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Some very good points made here.

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Analysing project risks is crucial for ensuring the success of any project.By identifying potential risks early on, project managers can develop strategies to mitigate or avoid them, minimising the negative impact on project timelines, budgets, and overall outcomes.Without risk analysis, projects are vulnerable to unexpected issues that can derail them entirely, resulting in significant delays and budget overruns.By proactively analysing project risks, project managers can take appropriate measures to ensure the project stays on track, delivering the desired results within the established parameters.Keep reading:https://lnkd.in/dS8R9swR#ProjectRisk #ProjectManagement #RiskEvaluation #Projexco

Contingency Planning: Your Project's Safety Net 🦺💰In project management, the unexpected is always lurking around the corner. That's where contingency planning comes in! It's like having a financial and time buffer to tackle unforeseen risks and ensure your project stays on track. 🎯🔴Why Contingency Matters:Mitigates Risks: Think of it as a safety net for those "what if" scenarios. ☂️Keeps Projects on Track: It helps you avoid delays and budget overruns. ⏰Boosts Stakeholder Confidence: Shows you're prepared for anything! 💪Enables Informed Decision-Making: Provides a clear picture of potential challenges. 📊🔴Key Components of Contingency Planning:Risk Identification: Pinpoint potential problems. 🔍Risk Assessment: Evaluate the likelihood and impact of each risk. 🌡️Contingency Determination: Calculate the resources needed. 🧮Contingency Allocation: Assign resources strategically. 💰Contingency Control: Monitor and adjust as needed. 🕹️ contingency planning isn't about expecting the worst, but about being prepared for it. It's a proactive approach that sets your project up for success! 🚀#ProjectManagement #RiskManagement #ContingencyPlanning #PMP #ProjectSuccess #RiskMitigation #ProjectPlanning #Budgeting #ScheduleManagement #ProactivePlanning #Preparedness #RiskAssessment #RiskIdentification #ContingencyDetermination #ContingencyAllocation #ContingencyControl #ProjectControl #ProjectBudget #ProjectTimeline #ProjectRisks #ProjectUncertainties #ProjectScope

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The project plan is a cohesive framework with the project schedule at its core, serving as a guide for estimating project duration and tracking progress. Key components interconnected within the plan include:Scope and Goals:Initially defined in the project charter, these aspects are crucial for establishing project objectives and boundaries.Work Breakdown Structure (WBS):Organizes project milestones and tasks hierarchically, facilitating better understanding and management. Task details, owners, due dates, and related milestones contribute to clarity and progress visualization.Budget:Closely tied to key project elements, the budget is managed throughout the project life cycle. Linking it to the project plan enhances visibility and facilitates effective budget management.Management Plans:Includes change management, risk management, and communication plans. These plans, vital for project organization and success, should be integrated into the project plan. Further documentation, like a RACI chart, clarifies roles and responsibilities, enhancing transparency and communication.#pmp #projectplanning #projectmanagement

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Risks, however small, can easily prevent a project from achieving objectives or even cause great damage. Risk management is important during project initiation, planning, and execution;well-managed risks significantly increase the chances of project success.#ProjectManagementSystemOnePM using #MSProject. #Scheduling, #ResourceAllocation, #IssueManagement, #RiskManagement, #ChecklistManagement, #ReworkManagement, #DrawingRevisionManagement and many other readymade features. Plus #Customisable.

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