What is a project plan and what are the main elements?
The project plan comprehensively describes the tasks, stages, milestones that need to be accomplished using the necessary resources to reach the goal.
The main components of a project plan:
- Aims and objectives of the project
We have talked about how to set goals correctly, for example, using the examples of SMART goals and stretch goals (link).
Project objectives are the steps that need to be taken to achieve the goal.
- Description of tasks and milestones
The whole way to achieve the goal should be broken down into stages. Each of the stages has its tasks.
- Estimation of resources required
Resources are tangible and intangible. Tangible resources include all the property and capital that can be used to achieve the goal.
Intangible resources can include skilled labor, various project consultants, intellectual property of the company, and so on.
- Risk management plan
It is important to calculate all possible risks that the company may face.
The risks taken into account are:
- delays in the execution of the work,
- budget shortfalls,
- increase in the number of works,
- external risks,
- dependency risk (when it is impossible to start one work because another work is delayed).
Separately, the risk of a single point of failure - a situation when work on the project will have to be stopped - should also be considered.
All of them should be thought through and analyzed both qualitatively and quantitatively.
- Project budget
The project budget is calculated based on all of the above, taking into account the timeframe for implementation. It is important to take into account all possible costs, including unforeseen costs, such as those associated with the occurrence of an event described in the risks.
The importance of a detailed plan for resource allocation
1. Optimization of resource utilization:
Maximize the use of resources. In this way, resources can be managed wisely and losses or redundancy can be minimized.
2. Accounting for human and material resources:
Incorporate personnel, equipment, materials, and other resources into the project plan. Balancing workloads. Resource planning balances workloads to prevent burnout.
3. Planning timelines for efficient utilization of resources:
By planning resources, you can increase productivity and optimize workflows.
Detailed planning helps you deliver projects on time and on budget, meeting customer needs.
How a detailed project plan helps in budget management
1. Becomes the basis for the actual project budget
The more superficial the project plan, the less viable the project budget is. It is important to take into account all possible tasks within the scope of the task.
The more tasks that are missed, the more the real picture will diverge from the budget.
2. Provides transparency in project work
It is easier to select specialists when the possible salary bracket for them is clear. The more transparent and detailed the budget plan is, the more relaxed the stakeholders are.
If we are talking about attracting investment into a project, it will be impossible to draw up a budget that will satisfy investors without a detailed project plan.
3. Gives you the ability to control costs
A detailed project-based budget plan will allow you to track at any point in time how much the company has to invest and what the actual costs are.
If the requirements for the project change, for example, significantly increase, the detailed project plan will be the justification for increasing the budget.
The more realistic the project budget, the fewer expenses the company will have in the future. A clear, detailed project plan allows you to initially calculate the cost of each step for its implementation.
4. Provides an opportunity to prioritize costs
If you identify prioritized costs, it will be easier to avoid budget overruns.
A step-by-step guide to creating a detailed project plan
Step 1: Define goals and objectives:
Start by setting goals that are specific and non-questionable. Think about how exactly you will realize that you have achieved the goal: what indicators will help you do this?
Remember that a goal is different from a dream in that it has a deadline.
Step 2: Decompose the project into tasks and milestones:
Break down the movement towards the goal into stages. And for each of them, create a list of tasks. This will simplify project management.
Step 3: Resource Estimation:
Calculate whether you have enough tangible and intangible resources to accomplish the project? If any resources are lacking, identify them and think about how to mobilize them.
Step 4: Create a timeline:
For each of the tasks, set deadlines, then it will be clear when each of the steps will be completed and whether the goal is realistic.
Step 5: Budget Estimation:
Determine the amount of costs required to implement each step. Consider the additional costs, taking into account taxation.
Step 6: Develop a risk management strategy:
It is within your power to determine in advance what you will do if one of the risk situations arises. How can you minimize the risks?
A sound project plan should include measures to deal with any crisis situations.
Less popular project planning tools you might want to consider
When it comes to project management and planning, the market is saturated with well-known tools like Asana, Trello, and Jira. However, several lesser-known platforms offer unique features, cater to niche needs, and provide innovative solutions for managing complex project plans. Here’s an overview of a few hidden gems that are worth exploring:
1. TeamGantt
TeamGantt is a visually intuitive platform for creating Gantt charts and managing project timelines. It's particularly useful for teams that prioritize timeline tracking.
- Key Features:
- Drag-and-drop simplicity for building project timelines
- Task dependencies to visualize how different tasks connect
- Collaborative editing to ensure all team members stay on the same page
- Time-tracking tools to monitor progress
- Why Consider It: TeamGantt simplifies complex timelines and is excellent for visual thinkers.
2. Freedcamp
Freedcamp is a flexible project management tool that works well for teams of all sizes. It combines task management with CRM, invoicing, and even collaboration tools.
- Key Features:
- Task lists, Kanban boards, and calendar views for project tracking
- Integration with Google Drive and Dropbox for easy file sharing
- Time-tracking and invoicing features for client projects
- Built-in team discussions for collaboration
- Why Consider It: Freedcamp’s affordability and diverse features make it a good fit for small teams or agencies managing multiple projects.
3. ProofHub
ProofHub is a one-stop solution for project planning and collaboration, designed to centralize project workflows in a single tool.
- Key Features:
- Custom workflows and Kanban boards to track project stages
- Proofing tools for reviewing and approving designs or documents
- Time-tracking capabilities for better resource allocation
- Reports and analytics for better decision-making
- Why Consider It: ProofHub is ideal for creative agencies or design teams that need a tool to streamline approvals and project execution.
4. Monday.com for Nonprofits
While Monday.com is widely known, its nonprofit-focused version is not as popular. This tailored tool offers features that specifically address the challenges of managing nonprofit projects.
- Key Features:
- Budget tracking for grant funding
- Volunteer scheduling tools
- Donor management integrations
- Collaboration features for large teams
- Why Consider It: If you’re managing nonprofit projects, this version of Monday.com is an excellent choice to organize your work and maximize impact.
5. Scoro
Scoro is a comprehensive business management software that seamlessly integrates project management, financial tools, and reporting.
- Key Features:
- Resource planning to assign tasks based on team availability
- Budget tracking and profitability analysis
- Customizable dashboards for a complete project overview
- Time management tools, including timesheets
- Why Consider It: Scoro is perfect for agencies and consultancies that need to combine project management with business analytics.
6. Voiset: Revolutionizing Project Planning
While the tools listed above provide excellent features for project planning and management, Voiset introduces a fresh perspective to project workflows by integrating voice technology with task management.
- Key Features of Voiset:
- Voice Notes and Commands: Streamline task creation and updates by simply speaking. No more typing out long task details.
- AI-Powered Scheduling: Automatically prioritize and schedule tasks based on deadlines and workload.
- Integration with Google Calendar: Sync tasks and meetings seamlessly with your calendar to ensure nothing slips through the cracks.
- Collaboration Features: Share voice notes with your team, tag team members, and assign tasks quickly.
- Why Voiset Stands Out: By combining AI and voice technology, Voiset redefines how teams approach project planning, saving time and increasing productivity. It's particularly beneficial for busy professionals or teams juggling multiple projects.
Exploring less popular tools like TeamGantt, Freedcamp, and ProofHub opens new possibilities for managing project plans effectively. Each of these tools brings unique strengths tailored to specific project needs. Meanwhile, Voiset offers an innovative approach by leveraging voice and AI technology, making it a standout choice for modern project planning. For organizations looking to stay ahead, combining these tools with traditional solutions could unlock new levels of efficiency and collaboration.
A detailed project plan is a map on which all employees will be guided. The more detailed and clear the route, the better. Just as today we use GPS navigators to plot routes, project managers are increasingly using AI-based Voiset to develop project plans.
Try and appreciate the possibilities of AI for organizing and optimizing project processes!
