Steps to Prepare the Best Project Plan - image

5 Steps to Prepare the Best Project Plan in 2024

Team Onstro on February 9, 2024 in Project Management

Key Highlights

  • Stats report that almost 70% of projects fail, mostly due to poor project planning.
  • A project plan helps you visualize the entire project from the start to the end.
  • You must explain the project, plan the resources, and delegate the work to create a project plan.

You might have a brilliant idea, a project that really could turn the tables for the company. But how could you make it a success? That’s exactly where you need a project plan.

As per recent stats, 70% of projects fail. And, out of this, businesses that do not understand the value of project planning see 50% of their projects fail. Thus, poor project planning is often the main reason for failure.

Now, you might have understood the relevance of the project plan. So the question is, how do you prepare a project plan? Keep reading to know how to make a project plan that works for you.

What is a project plan?

A project plan is a document that acts like a roadmap that shows you the path from where to get started to where you want to get started (objective). It allows you to visualize the entire project from the start to the end.

Also read: Ultimate Step-by-Step Guide For Better Business Resource Allocation

5 Steps to Create an Effective Project Plan

Are you tired of struggling with project deadlines and work overloads? Well, that’s because you might not have an effective project plan template. Read below to know what are the 5 steps in making a project plan:

  1. Explain the project

    First of all, you need to define the scope of the project to make a project plan outline. You must set the boundaries of the project- both in terms of time and resources. At this stage, it is crucial to identify the specific metrics that you will use to measure the progress of the project.

    It is better to jot these things down on paper and keep proper records for future reference. This step is critical in preventing scope creep, a stage when team members end up doing more work than planned.

  2. Breakdown the Work Structure

    A single undivided work causes negative energy among the team. So, it is a good idea to break it down into simple, manageable units to create the best project plan. For this, first, you need to figure out all the tasks that are required to meet the project objectives. Then, consider your team and break it down into actionable tasks.

    A project planning tool like Onstro Projects could be really beneficial for this. It helps you assign tasks to individual resources and track their progress. Moreover, you can take a look at the tasks linked to a specific resource and check whether any other resource is assigned the same task to avoid double-booking.

  3. Resource Planning

    Now, it’s time to calculate the resources that are available to you for this project. When preparing a project plan, it is crucial to set realistic limitations on time and resources. In this step, you must determine the human, material, and financial resources that you need to execute your project.

    For this, you must identify the skill set of each resource and allocate resources based on that. It is also a good idea to create a resource calendar that shows the availability of each resource so that you can allocate it without any confusion.

  4. Create a Risk Management Plan

    Even though you cannot cover every possible consequence of the project planning, it is better to come up with a Plan B to mitigate the most common risks. To do this, you must first analyze historical data to identify potential risks and their damages.

    Then, you need to figure out the strategies to address each known risk. On top of that, many project leaders set up a risk tracking system to review the risks and implement a risk response at once. You can refer to the best project plan examples to create better risk management plans.

  5. Delegate the Works

    The final step in project planning is to delegate the work. You need to assign actionable tasks to individual resources based on their skills and interests. It is better to consider the time used by a particular resource to perform a similar task in the past while assigning the work.

Final Words

So, what does a project plan look like? Despite this step-by-step guide, you might still be in the shadow of doubt, especially if you are a beginner. Well, the good news is that you do not have to face this entire battle alone.

Onstro Projects is a top project planning tool that allows you to create project plans hassle-free with peace of mind. You can have a birds-eye view of all the current and upcoming projects for effective project planning.

Contact us now to get started.

Team Onstro