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• Project Management Plan: Samples, Examples & Free Template

Learn how to create a project management plan that actually works and ensures you get your project over the line on time and on budget, with samples and examples.

Table of Contents

What is a project management plan?

What is a project management plan used for, what are the main elements of a project plan, how to write a project management plan, sample project management plan outline, using our project management plan template to build your project plan, project management plan: faq's.

A project management plan is a comprehensive document that outlines how a project will be executed, monitored, controlled and closed. For project managers and their teams, it's the ultimate toolkit for achieving their objectives while managing day-to-day pressures such as time, cost, scope, resourcing and risk. This guide outlines what a project management plan is used for, why it's important , and offers a step-by-step guide on how to make one that actually works.

Your project plan document is where you go deep on the ins, outs, overs, and unders of your project. It's where you break this vision down into the day-to-day execution of your project, covering everything you need to do to reach your project goals.

A detailed project plan will plot out everything from timelines to budget, resourcing to deliverables, and more, giving you a blueprint of what needs to be done (and when) that you can use to guide — and assess — your project.

The key components of a project management plan are:

Project Objectives

Scope Statement

Schedule Management

Cost Management

Resource Management

Communication Plan

Stakeholder Management

Procurement Management

Closure Criteria

Project Organization

Ready to get down to business? Here are 5 key things you need to do when writing a project plan.

1. Identify the baselines for your project

Before you begin writing a project plan, you need to make sure you have the basics down. Start by identifying the baselines for the project’s scope, schedule and cost, as the rest of your project planning will need to fit in around those constraints.

As mentioned above, these baselines should already be roughly outlined in your project charter — but here’s where you really start to map them out and create accurate estimates. And the more detailed, the better, because these are what you’ll be using for comparison to measure how your project performs.

2. Identify your project dependencies

Or in other words, ask yourself: what needs to happen before this other thing can happen? Identifying your project dependencies at the outset of your project means you can plan your timelines more efficiently, spot potential blockers, and ensure that you avoid unnecessary delays.

3. Identify project stakeholders

You’ll already have done the groundwork for this in your stakeholder analysis, but as you flesh out your project management plan and think through the phases of your project in more detail, you’ll likely start to find more project stakeholders at each phase.

Now is also a good time to go deeper on which stakeholders need to be informed and involved at which stages, for a more comprehensive stakeholder management plan you can use at each phase of your project.

4. Identify project milestones

What are the key markers of your project’s progress? It can be a concrete deliverable, the end of a phase in a stage-gate process — whatever milestones make sense to you, breaking your project down into manageable chunks, each with a defined goal, helps to keep the team motivated, allows you to celebrate each achievement, and signposts how the overall progress is coming along.  Learn more about using Milestones here .

5. Identify who’s responsible for what

Once you start to get a big-picture understanding of the work that’s needed and the resources you have to complete it, you can start deciding who should do what. Giving each item an owner is essential to getting things done. No more “oh, was I supposed to do that?” — once you identify who’s responsible for what, you can ensure accountability and transparency.

The 5 Stages of Team Development

All teams develop according to some natural patterns and using that knowledge, you can offer some guidance to build the kind of team that communicates well and finds better ways to collaborate and achieve the goals you’ve established. Here’s what you need to know.

Now let's go through a sample project plan. In the below example, we highlight the main sections of the plan and what needs to be included in each one to set your project up for success.

Section 1: Executive summary

The executive summary offers a concise overview of the entire project. It includes key highlights such as the project's purpose, objectives, scope, timeline, budget, and major stakeholders. It's often the first section stakeholders read to get a high-level understanding of the project.

Section 2: Project introduction

This section sets the stage by providing context and background information about the project. It explains why the project is being undertaken and introduces the main objectives and scope of the project.

Section 3: Project objectives

Here, the project's specific goals and objectives are outlined in detail. Objectives should be SMART (Specific, Measurable, Achievable, Relevant, and Time-bound) to provide clarity and guidance.

Section 4: Project scope

The scope section defines what is included and excluded from the project. It helps prevent scope creep by establishing clear boundaries and also mentions any assumptions and constraints that may affect the project.

Section 5: Schedule management

This section details the project's timeline, including milestones and deadlines. It breaks down the project into tasks and identifies task dependencies. Often, visual representations like Gantt charts are used for clarity.

Section 6: Cost management

Here, the project budget is presented, including cost estimates for various project components. It may also outline cost control measures to ensure the project stays within budget.

Section 7: Quality management

This section focuses on the quality standards and objectives for the project. It describes quality control and assurance processes, as well as any inspection and testing procedures that will be implemented.

Project management template

Save time on setup without sacrificing attention to detail. With our project management template, you can quickly create project management plans that help you complete your project on time and on budget.

Try our project plan template

Section 8: Resource management

In this section, the project team is introduced, and roles and responsibilities are defined. It addresses resource allocation, scheduling, and, if applicable, procurement needs.

Section 9: Risk management

The risk management section identifies potential risks and uncertainties that could impact the project. It discusses risk assessment, prioritization, and mitigation strategies to reduce the impact of these risks.

Section 10: Communication plan

The communication plan outlines how project information will be shared with stakeholders and team members. It specifies communication methods, frequency, and reporting channels to ensure effective communication throughout the project.

Section 11: Stakeholder management

This section lists project stakeholders and analyzes their interests, influence, and expectations. It also outlines strategies for engaging and managing these stakeholders to ensure their needs are addressed.

Section 12: Procurement management

If procurement of goods or services is involved, this section explains the procurement strategy, vendor selection criteria, and how contracts will be managed.

Section 13: Change management

Change management procedures are detailed here, including how changes to the project scope, schedule, or other aspects will be requested, evaluated, approved, and communicated.

Section 14: Closure criteria

Criteria for determining when the project is complete and ready for closure are specified in this section. It may also include plans for project handover and post-project evaluation.

Section 15: Project organization

This section describes the project team's structure, roles, and responsibilities, ensuring everyone understands their positions and reporting lines. It may also mention external stakeholders and their roles if applicable.

Once you’ve documented your project management plan, bring it to life with a project management tool that will help you to stay on track, keep your team accountable, and promote transparency.

Here are 3 ways you can use Teamwork.com to supercharge your project management plan.

Add your supporting documentation to Teamwork Spaces

Use the Teamwork.com and Teamwork Spaces integration to link a project in Teamwork.com with a space in Teamwork Spaces, so your important project documents are only ever a click away.

Some documents you might want to add in addition to your project charter and project management plan include:

Scoping documents

Risk assessments

Change management plans

SOPs for important project processes

List of stakeholders and their roles

Outline of approval processes

Communications management plan

Any other best practices documentation or supporting info as necessary

You can even embed task lists into your pages and mark tasks as complete right from Teamwork Spaces, so you can keep work flowing without even needing to switch tabs.

Start adding your Milestones

Break down your work into Milestones and task lists that are going to help you reach them. With Teamwork.com, you can assign an owner to each Milestone, map out your Milestone due dates and see them represented in the project calendar, and even get a full change history for milestones so you can track any edits.

Visualize your task dependencies with a Gantt chart

Gantt chart-style views are a useful way to get a visual representation of your tasks and their dependencies, allowing for better scheduling and resourcing. In Teamwork.com, you can drag and drop to quickly rearrange your project schedule , without throwing everything out of order or straying off-plan.

Remember: software should support the way you work, not dictate it. So regardless of methodology or team type, create a project plan that works for you and your team — and find a tool that helps you put it into action.

Use our project plan template

Now that you know how to create a project management plan that actually works, you’re ready to implement using our team management software . To help you get up and running quickly, we’ve created a ready to use project plan template . Our project template will help you quickly create project plans that ensure all of your projects are completed on time and on budget

What is a project management plan template?

A project management plan template is a pre-designed framework that provides a structured format for creating a project management plan. It serves as a starting point for project managers and teams to develop their specific project plans, saving time and ensuring that key project management components are properly addressed.

How can a template help you build a great project management plan?

A template can help you build a great project management plan by saving time, ensuring comprehensive coverage of project management aspects, and incorporating industry best practices and visual aids for clarity. They also support collaboration, version control, and customization to fit the unique needs of each project, making them a valuable tool for project managers in achieving successful project outcomes.

What is the main purpose of a project management plan?

The main purpose of a project management plan is to provide a comprehensive and structured roadmap for successfully executing, monitoring, controlling, and closing a project. It serves as a central document that outlines project objectives, scope, schedule, budget, quality standards, resource allocation, risk management strategies, and communication approaches.

What tools do I need to help manage a project plan?

To effectively manage a project plan, you'll need a set of tools and software that cover various aspects of project management. These include project management software, communication and collaboration platforms, file and document management solutions, time and task tracking apps, and budgeting and financial management tools.

What steps are involved in the project planning process?

The steps involved in the project planning process include defining specific project objectives and scope, identifying deliverables and key milestones, budgets, risk assessment and quality control measures. It should also include a communication plan and stakeholder engagement strategies.

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• How to become a project manager: the 2024 guide
• Project Management Methodologies: Examples & Overview
• Agile Project Management Methodology Guide
• The key project management skills you need to have
• What is a project stakeholder?
• What is a project charter and why do I need one?

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How To Estimate Project Cost Accurately In 8 Steps

Estimating the cost of a project and creating a budget that works for you and your client is practically an art. Clients want more for less, and you want more significant margins.

No matter what industry you’re in — one of the most critical parts of successful project management for any project manager is delivering on time, to scope, and within budget.

In this guide, you’ll learn about different cost estimation techniques and how to apply them to create accurate project cost estimates for your next client.

Let’s go!

What is cost estimating in project management?

Project cost estimating is the process of identifying the tasks, duration, and resources needed to complete the project. By accurately estimating the cost of a project, a business can better ensure that spending stays within budget once the project begins.

Note: your first cost estimate shouldn’t be the final price you hand over to a client — it should act as more of a ballpark on how much it might cost to deliver the project (more on this below).

Project estimate vs. budget

But what’s the difference between an estimate and a project budget? An estimate is what the cost of a project will be. Once the client approves this, it becomes a project’s budget. You will track expenses against this fee to generate a profit.

Types of estimates

Avoid selling a project at a fixed fee during the initial stages of the project.

You should follow a simple process of defining the overall project budget and creating different types of estimates before you sign off on a Statement of Work (SoW) .

Consider creating the following estimates for your next client project:

Ballpark estimate 

• Budget estimate 
• Statement of Work (SoW) estimate

The client needs to know if the project is possible, but you need more information to give a proper estimate. So you can do this by giving them a ballpark estimate of how much the project will cost ($80k-$140k).

Budget estimate

Suppose the client is happy with the ballpark estimate. In that case, you may ask for more information about the project to put together a more accurate estimate and a project plan with an estimated timeline. Your revised estimate may change to $90k-$130k.

SoW estimate

Assuming the client is still good to go, the final step in the estimate refinement is pulling together the SoW, which will include the estimate and total project budget. You may adjust your estimate to $100k + a 20% contingency fund.

Techniques for estimating project costs

Below are a few cost estimating techniques you can use.

Analogous estimation

Analogous estimating involves looking at similar projects you’ve completed to create your estimate.

For example, a client may want a simple five-page website. You can look at the budget for similar website projects you’ve completed to create your estimate.

The issue with analogous estimates is that they tend to be slightly inaccurate. 

They assume that:

• You have (accurate) historical data to reference
• There are no differences between projects,

But they are quick and easy and can be used with limited information to create a ballpark estimate — especially if you have historical data to hand (more on this later).

Top-down estimating

Top-down estimating looks at a high-level project budget and scope to create a ballpark estimate. 

The initial project budget should come from the client, and it is your job to take their budget, slice it up, and allocate time/costs to phases or tasks in the project.

You then decide whether or not the client’s budget is enough to deliver the project. If not, you can ask the client to adjust the project scope to fit their budget better. 

It is a form of analogous estimating, where existing knowledge of similar projects is used in the estimation process to produce a ballpark figure for the total cost.

Three-point estimating

Three-point estimating combines the best-case, worst-case, and most likely outcome scenarios to create an accurate, flexible estimate. This technique is particularly useful when the client has asked for a more detailed cost estimate. 

How do you use this technique?

The best way is to break the project down into tasks and calculate an hourly estimate for each.

For example, you and your team may estimate the time to create a wireframe as follows:

• Best-case: 4 hours
• Worst-cate: 8 hours
• Most likely: 5 hours

Which gives you an estimated time of 5.6 hours.

The main advantage of three-point estimating is that it reduces risk — as you’re considering three different scenarios. But the downside is that it takes a bit of time!

Bottom-up estimation 

Bottom-up estimating considers the time, cost, and effort for each task within the project. It then adds it up to create an estimation for the entire project.

This means it can be a super accurate technique if you’re at the point of creating a Statement of Work estimate.

The best way to use this technique is a tool called a Work Breakdown Structure (WBS). 

This helps you break down a project into its tasks, which are then estimated separately and added to calculate the total project cost.

The advantage of the bottom-up estimating technique is that it’s the most accurate and, by being granular, enables precise tracking of a project’s progress against the estimate.

Note: we’ll explore how to use a WBS for estimating below!

Project costs to consider

A typical project estimate will be made up of the following components

• Tasks – what’s going to be done
• Resources – Who’s going to be doing it
• Duration – how long it will take
• Rate – how much will it cost to deliver the project
• Tools and software – what tools and software will be needed for the project

Note : remember to consider all direct costs (related to one specific project) and indirect costs (ongoing costs related to multiple projects). 

How do you go about estimating the components above? 

Let’s get into it!

How to estimate project costs in 8 steps

A typical cost estimation process can look like this:

• Rework their idea
• Consider conducting a project discovery
• Break down the project into phases and tasks 
• Calculate the cost for each task
• Identify if you have enough resources to complete the project
• Calculate the total cost of the project
• Add a project buffer to protect profits
• Account for hidden costs

Note: The steps below will focus on creating an SoW estimate while touching on the steps you need to complete to create ballpark and budget estimates.

1. Rework their idea

Most clients won’t fully understand what they want from a project initially. It may be a basic concept, an end deliverable, or a simple idea. 

It’s your job to rework their idea and turn it into a viable solution you can deliver within their budget.

But say the client wants to know how much it will cost before committing to working with you.

What do you do?

Get clarity on what you’re doing, why, and how. Rework their idea into a viable solution that matches their budget and timeline and delivers on their goals and objectives so that it delivers results.

The basics you need to go over are:

• Client needs – what problems are they facing? How do they expect the project to solve them
• Client expectations – What does success look like to the client? What do the deliverables look like?
• Client budget – What’s their budget, and what do they want/need to get done for that budget?

Your goal here is to shape their idea into a clear list of deliverables — so that you can articulate what the project is, how it works and how you will deliver it.

Unless you have a solid understanding of what needs to be delivered, you should use the top-down or analogous estimate technique to provide a rough ballpark estimate here. You don’t want to do too much leg work if the client doesn’t have the budget.

You can either use your experience here or use data from past similar projects to give a rough estimate. 

If you’re using Toggl Track , you can access the financial data of past projects within the Project Dashboard .

This will show you earnings for flat rate and hourly billed projects.

2. Consider conducting a project discovery

Gathering all project requirements (or as much as possible) during a project discovery isn’t just essential — it’s one of the most crucial elements in your project lifecycle.

What is a project discovery? 

A project discovery is a process that takes place before kicking off a project. It is focused on collecting detailed project requirements to identify goals, stakeholders, deliverables, costs, and budgets.

It will help you to create a far more accurate cost estimate. 

But when do you carry out a project discovery?

This will depend on the project’s complexity and how much information you collected during your project intake process. A project discovery could be an initial 30-minute phone call, and that’s all you need to estimate the project’s cost. If that’s the case, you’ll probably not charge for that.

But the best-case scenario would be to

• Sell your project with a variable price range
• Carry out a project discovery
• Re-estimate and refine project scope post-discovery
• Sell each project phase/sprint at a flat rate

If not, you can 

• Sell a discovery at a flat rate before you commit to the project
• Sell the rest of the project based on your findings

Try to avoid selling an entire project for one fixed price. You should do this only if you’ve done the project a thousand times before and know exactly what kind of effort is involved.

3. Break down the project into phases and tasks

Once you have a solid understanding of what work is required to deliver the project, and the client is happy to move forward with your ballpark estimate, it’s time to create a more accurate estimate. 

You can use either the three-point estimation or the bottom-up technique here. But your goal is to break down the project so you can isolate parts of the deliverables and estimate their costs separately. 

The best way to do this is to use a Work Breakdown Structure . 

The purpose of creating a WBS is to help organize, visualize, and manage projects more efficiently. It serves as a framework for detailed cost estimation and control and can help you build an estimated project timeline. Adding a project buffer is smart, too! (more on this later).

Feel free to use our WBS template below. The template contains fields to enter each task’s estimated hours and costs. Once filled out, this will create an estimated cost estimate for the entire project.

4. Calculate the cost for each task

Now that you know which tasks you need to complete, you can begin assigning time estimates to each.

Use the WBS template to fill out the estimates here. Hand the file to your team to use their knowledge and experience to add more accurate time estimates for each task.

Once a time estimate has been added for each task, a cost estimate will be generated based on your hourly rate.

We’ve added a formula to the template to speed up this part. 😊

By splitting the project into individual phases and tasks, you’ll better understand how the project fits together to form the whole. And when divided into smaller parts, it also makes it much easier for your team to estimate how much effort will be required to produce it. 

When it comes to tracking p roject costs , you will be able to track expenditures against specific project phases rather than lump them all together.

But this process can take time, so don’t do this for a ballpark estimate. It makes more sense to do this when you know the client has the budget and needs more detail from you.

You can provide budget estimates faster if you’re experienced with the type of work or have access to past project estimates.

Using Toggl Track, you can view past project task data within the Reports Dashboard to better understand what time and costs went into each task.

This is useful for quickly coming up with a budget estimate for a project when the client wants a little more detail.

It’s worth noting that project cost estimates often need to be adjusted during the discovery phase — especially on long and complicated projects. 

But using a WBS and past historical project data should help you to create far more accurate cost estimates.

5. Identify if you have enough resources to complete the project

After estimating how many hours you’ll need for each task, consider internal team capacity . Your team probably has multiple projects on the go already, so you’ll need to ensure they have time to accommodate the incoming work.

To estimate team capacity, consider

• How many hours each team member works per day
• How many billable hours per day each team member is racking up (billable utilization) 
• Planned vacations and holidays
• Unexpected circumstances — such as sick leave

From speaking with many agencies, we know capacity planning is a big issue. So don’t skim over this step. 

Not knowing if you can manage projects can lead to many issues. Such as scope creep , profits taking a hit , and project timelines being pushed back constantly.

There are plenty of capacity planning tools out there. But if you’re using Toggl Plan , you quickly view your team’s capacity using Team Timelines .

Team timelines give you the best visual overview of who’s working on what and when. 

That way, you can see at a glance what everyone is working on, make sure that no one is overloaded, and notice when there’s room for new projects.

Check out this page to learn more 👉 Resource Planning with Toggl Plan .

6. Calculate the total cost of the project

Finally, it’s time to calculate the project’s total estimated cost.

If you’ve used the WBS template mentioned above, you may have something like the example below.

You can use the project’s total estimated cost as part of your budget or SoW estimate and send it straight off to the client for feedback. 

But first, you may want to consider adding a project buffer…

7. Add a project buffer to protect profits

Agreeing on the cost of a project is the easiest part — but trying to keep that project within budget?

It’s almost impossible to avoid hiccups throughout the lifecycle of a project. 

Prevention is key here. 

The easiest solution to avoid project profitability tanking is to mitigate project risks is to add a bit of a buffer to your project cost estimates — at the task, phase, or project level.

Adding this will help account for anything that could go wrong within the project. It will be a much-appreciated cushion for minor issues and sudden changes.

Projects tend to go over budget for several reasons.

• Additional client requests 
• Sudden changes from the client
• Poor project planning
• Goals and objectives are constantly changing

Note: check out our guide ‘ How to Create and Manage a Project Budget ’ to learn more about how to address each issue above.

How much of a project buffer should you add?

Experts recommend adding about 10% – 30% to your project estimate. Check out the video below for more tips on this.

The better solution to adding buffers to your project cost estimates is to mitigate the impact of risk by estimating for it upfront. This can be done by adding a 20% contingency fund to your estimate to account for change and risk.

Don’t build this into your estimate, but add it as a separate line item. This helps set a precedent and educates your client that changes to scope equate to additional costs from the contingency fund. 

This means you can say yes to your clients a lot more, with a small caveat that you’ll be using the additional budget for it.

8. Account for hidden costs

Before you wrap up your estimate, ensure you include a project’s hidden costs. With any project, there’s the cost of delivering the main project. But expenses associated with providing the project must be accounted for, or your profitability gets obliterated. 

Here are some of the things to think about.

Project and account management time 

The most significant drain on project costs is the time you spend managing the project and the account.

Try adding at most 25% to the project estimate for this. The amount of time you spend on project and account management will vary from project to project. So be realistic and remember that clients want to pay for the work being done.

Do you want to understand better how much time you spend managing projects? 

Tracking time is your best option here. This can be done for billable and non-billable tasks. That way, you will better understand what resources go into each project.

For example, you may spend a lot of time in meetings with a client discussing the project. If so, you should be tracking this as your project management time!

Using Toggl Track, you can start tracking your time in just a few clicks.

This will help you better determine how much time you spend on project and account management, allowing you to estimate the cost of future projects more accurately.

Scoping time

Remember the time it takes to initiate a project. Think about how and where you will include costs for the effort at the start of the project, pulling together timelines, gathering and compiling project requirements, and putting together the scope of work documentation. 

Don’t bury this in with your estimate — get the client to pay for this as part of an initial discovery phase, or include it in your total estimate as a separate item.

3rd party costs

Finally, don’t forget the 3rd party costs. What other stuff will you need to pay to deliver the project? 

This may include equipment rental, hosting, subscriptions, translations, photography, fonts, licensing, and more. 

And if you’re working with clients in a different city, don’t forget about travel and subsistence and your travel time; who’s paying for the team’s time when they can’t work on other projects? 

Making sure you account for these costs is critical to ensuring you don’t ruin your profitability.

Project cost estimate example

Let’s use a marketing campaign project as an example for a more simple explanation of how to estimate project costs. 

Using a phase-based approach , your high-level WBS may look like the image below.

Next, you would use the bottom-up estimation technique and calculate how long these tasks will take and determine how much they’ll cost.

Note: by adding time estimates, the WBS can also act as the foundation for your project timeline —perfect for your detailed project proposal. If you can gather historical data and automate parts of the process for consistency, this will make project costing easier and more accurate.

Step up your project cost estimation game 

Hopefully, this guide has helped you understand when and how to create different project cost estimates.

Accurate project estimation is the make or break of your entire project’s outcome. 

Yet, for many businesses, proper project estimating is often overlooked.

Start fine-tuning your project estimation process to help you avoid missed deadlines and improve your margins while drinking up pure, unfiltered success.

More resources

• How to Create and Manage a Project Budget
• Work Breakdown Structure: A Guide For Agencies
• Project Estimation Techniques: A PM’s Handbook

Bonus resources

• When Client Says “Your Price Is Too High”– How To Respond Role Play By The Futur
• How do you Estimate the Cost of a Project? By The Futur

Sean is a Content Marketer at Toggl. He's been involved in SEO and Content Marketing since 2017. Before working for Toggl, Sean ran SEO at a digital marketing agency—so he's all too familiar with time tracking and project management.

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Project cost estimation: types and techniques for project success in 2024

Table of contents

Project cost estimating is the process of predicting the total cost of the tasks, time, and resources required to deliver a project’s scope of work.

Unfortunately for project and resource managers, humans can’t see into the future 🔮 and that’s what makes cost estimation for projects a daunting task.

But even if you’re not a clairvoyant, there are several methods and tools to help you create cost estimates that will be close to the project’s actual cost. We’ll cover them below, including:

• What a project cost estimate is
• How to create one
• Methods and tools for cost estimation

Plus, we’ll also give you an example of how one of our customers figured out how to estimate costs for a new project.

What is cost estimation in project management?

Project cost estimation is the process of forecasting the financial resources required to complete a project successfully. It involves analyzing various factors such as labor, materials, equipment, overhead, and other expenses associated with the project to come up with an estimate of the total cost.

Cost estimation is a critical aspect of strategic project management as it provides stakeholders with valuable information for decision-making, budgeting, and resource allocation .

It helps ensure that projects are completed within budget constraints and enables project managers to identify potential cost overruns or risks early in the project lifecycle.

Imagine you’re a digital agency owner about to send a proposal to a client to revamp their website. Your main question is probably: How much is this going to cost us? Well, one way to figure that out is by looking back at a similar project you’ve tackled before: how long it took, who was involved, and what they charged per hour.

If you’ve been storing all this project info in a dedicated resource management tool , accessing these details should be a breeze.

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Get your project cost estimates right with resource management software

Rated #1 on G2 for resource management , Float helps your team accurately forecast project costs with a detailed view of your capacity, availability, and budget spend.

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5 project cost estimation methods & techniques

You can estimate how much a given project might cost in different ways. Here are five cost estimation techniques and who they might work best for—but remember, this list is not exhaustive.

1. Analogous estimate

Analogous estimation is a top-down approach that uses historical data from similar past projects to estimate the cost of a new one.

Let’s say you want to estimate the cost of an advertising campaign for a new Netflix film: you’d look at the cost analysis of a past project that is similar in size and scope and make some adjustments based on changes in equipment, inflation rates, and resource costs.

This cost estimation technique is best for you if you have a reliable record of the cost and duration of past projects.  

2. Bottom-up estimate

Bottom-up estimating is where you estimate the cost for individual tasks or components of a project and then sum them up to get to the total project cost.

It involves creating a work breakdown structure and including overheads for contingencies .

This cost estimation technique is best for projects with a well-defined scope and list of tasks.

3. Parameter estimate

Parameter estimation is a method that makes predictions or estimates based on specific characteristics or data points. It’s like making an educated guess using known factors or measurements.

For instance, a paid ad agency estimates that reaching the target audience on a specific platform might cost $4,000 based on past campaigns and the client’s objectives. So they project that creating multiple ad variations could cost $10,000, and they sum up these estimated costs to provide the client with an overall estimate for the advertising campaign.

Parametric estimation works best when you have a lot of information from similar projects in the past.

4. Three-point estimate

A three-point estimation is a way to calculate a project’s cost based on likely, optimistic, and pessimistic cost projections.

The benefit of a three-point estimation is that it ties a project’s costs to uncertainties and risks, which allows you to plan for "worst-case" scenarios.

Let’s say you’re to find the cost of building a new website. Your estimate could look like this:

💰 Likely cost: $10k 😃 Optimistic costs: $7.5k 😟 Pessimistic costs: $15k

These three figures become a basis for building an average estimate. Simply add them together and divide by three:

10,000 + 7,500 + 15,000 = 32,500

32,500 ÷ 3 = 10,833

As a result, the average project estimate is $10,833.

Three-point estimates are best for where there’s a lot of uncertainty or variability in the tasks or projects.

5. Ballpark estimate

A ballpark estimate will give you the approximate value of a project based on the combination of similar projects you’ve done in the past and expenses unique to the particular project.

Let’s say your client needs a website built and your team has done similar projects in the past for $10k. Using the ballpark estimate, the cost might range from -25% to +50% ($7.5k - $15k).

Ballpark estimates are best used when there’s limited information available like at the start of a project.

How to create accurate cost estimates using a dedicated tool

The cost estimation process we will outline below is best suited for you if

1. You are running a professional service business, not an internal project

2. You have some idea of how much things cost based on historical data

If you don’t have any historical cost data, you can skip to the section below this one to see how to estimate costs for new projects. Note that we will be using our tool, Float, throughout this example; if you are using a different tool (or none at all) some parts of this may not be applicable, but the overall approach remains the same. Here is how you can create accurate project estimates :

1. Gather data from past projects

Start by collecting data from past projects that are similar in scope, size, and complexity to your current project. This data should include total costs, duration, resources used, and any other relevant information.

To find similar projects in Float, here’s what you would do:

• Head over to the Project tab in Float
• Toggle the project view options to “Archive” and voila, all your old projects will apply

If you don’t have any projects in Float, you can sign up for a free 14 day trial , import your project details in, and get started. You can learn how to get set up with this guide .

2. Identify variables and adjust costs

A few things (or a lot) might have changed since you worked on other similar projects. Before estimating costs for new projects, look for any changes from previous work like higher billing rates or pricier software like VFX instead of CGI.

Aside from cost, consider how durations might have to change. Check if certain phases in past projects took longer than expected and adjust for new projects accordingly.

You can easily check for variations in duration by heading to the Report page in Float and comparing the actual and scheduled time spent on tasks.

3.  Create a tentative project to calculate the estimated costs

By now, you should have a good idea of the people, duration, and billing rates you need for the new project.

To get a good idea of how much will cost, create a tentative project in Float. You can do this by simply selecting Tentative on the project menu.

Then, allocate your team’s time to the project and set your budget type and billing rates. You can use placeholders if you plan to hire freelancers.

Because the project has been marked tentative, the new allocations will not affect your team’s time schedule .

Once you are done setting up the project, head over to the project report to check for the total estimated cost.

4. Review the estimate with your team

Verify the estimate with stakeholders, experts, or team members to ensure its accuracy. Different team members might notice things that were initially overlooked. This process helps uncover any missed details or factors in the initial estimate.

A real-life cost estimate example for new projects (without past data)

One of our customers , a marketing and communications company, took on a project they had never worked on before (we’re not going to share their name to protect their privacy 😉)

Since they had not done similar projects in the past, they anticipated a learning curve and expected to spend more time than initially scoped due to several potential client revisions.

To accommodate this uncertainty, they added buffers—increasing the estimated cost by 50% and extending the project duration from 30 to 45 or 50 working days.

These measures allowed them to manage additional costs caused by a slower pace and multiple rounds of client feedback.

Use resource management software to track and control costs in real-time

When your project budget gets a thumbs up, there lies a new challenge of cost management and control. The things to pay attention to never end!

This is where a dedicated resource management tool can help you not just make estimates, but also track spending as it happens, ensuring that you always know how much money is available and when you’re running out of funds.

And, yes: you can also do this in a spreadsheet. But if you track your projects in Float, you can just click on a project and see the entire budget. Ta-da!

Depending on the budget type you choose, you can either see the budget displayed in hours or currency.

You can see how much was spent per project phase and the remaining budget.

You can also keep tabs on your team’s hours and individual rates. And if there are cost overruns , Float alerts you by showing how much over budget your project is.

If you’re ready to take control of your project costs, sign up for a free trial today .

Forecast project costs with the #1 rated resource management software

More than 4,500 of the world’s top teams rely on Float to plan their projects, track budgets, and keep work on track.

Some FAQs about project cost estimation

What factors influence cost estimates.

Several elements can influence cost estimates. These cost elements include:

• Scope of work
• Material costs
• Equipment costs
• Project duration
• Market conditions
• Location factors
• Inflation rates
• Contingency allowances

Who performs project cost estimation?

Cost estimating can be performed by various individuals or teams depending on the nature and size of the project. This may include project managers, cost estimators, engineers, financial analysts, and other relevant stakeholders.

How can businesses choose tools and software for estimating costs?

Choosing the right estimating software depends on several factors, including the specific needs of your organization, the complexity of your projects, your budget, and the features you require.

Related reads

How to calculate fte for better resource (and budget) management.

Resource utilization: two calculation methods, benefits, and a real-life example

How to create and manage timesheets effectively

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• Project cost management: Definition, st ...

Project cost management: Definition, steps, and benefits

Cost management is the process of planning, budgeting, and reporting project spend in order to keep teams on budget and overall costs reasonable. In this article, we'll go over the four functions of cost management and explain exactly how to use them to improve your project's bottom line.

What is cost management?

Cost management is the process of estimating, budgeting, and controlling project costs. The cost management process begins during the planning phase and continues throughout the duration of the project as managers continuously review, monitor, and adjust expenditures to ensure the project doesn't go over the approved budget.

Why is cost management important?

Have you ever wondered what happens when a project goes significantly over budget? The consequences can be severe—from strained relationships with clients to financial losses. Let's consider an example:

A small software development team was tasked with creating a custom application for a client. Midway through, they realized the project was quickly exceeding the initial budget. They faced a common dilemma: continue as planned and absorb the extra costs or re-evaluate their approach.

By implementing rigorous cost management strategies, the team was able to identify areas where expenses were ballooning. They streamlined their project management processes, prioritized essential features, and renegotiated terms with subcontractors. This approach not only brought the project back within budget but also improved their working relationship with the client, who appreciated their transparency and commitment to delivering value.

This scenario highlights how effective cost management can transform a potentially disastrous situation into a success story.

How to create a cost management plan

Cost management is a continuous, fluid process. However, there are four main elements or functions that can be found in any cost management plan:

Cost estimating

Cost budgeting, cost control.

Because new expenses can appear and project scope can be adjusted, cost managers need to be prepared to perform all four functions at any time throughout the project life cycle. Your workflow will vary according to the project’s needs.

Here, we'll break down each of the four elements in greater detail and explain what is required from the cost manager at each stage.

The very first step in any cost management process is resource planning, which is when the cost manager reviews the project's scope and specs to figure out what resources the project will require.

A resource is anything that helps you complete a project—including tools, money, time, equipment, and even team members. To create the most accurate resource plan possible, consult directly with team leads and stakeholders about what resources they will need during the project. People with hands-on experience in each project department will have a better understanding of what resources will be required. 

For this step, you'll need:

Clearly defined project objectives

A high-level project roadmap or a work breakdown structure (WBS) , depending on the complexity of the project

A tentative resource management plan

A project scope statement

Once you have a list of necessary resources, the next step is to estimate what it will cost to procure them. The key to this step is to gather as much pricing information as possible so that you can make informed cost estimates.

For tangible resources like tools, supplies, and equipment, get real price quotes from sellers to inform your cost estimate. Using inventory management software can streamline this process by providing real-time pricing data and supplier information.

For labor costs, get multiple price quotes from potential contractors to help give you a realistic idea of what the work you require will actually cost. Keep in mind that some time may pass between when you make your estimate and when these items will be purchased, so you should build in some room in case prices rise. 

In addition to building in a cushion for each individual cost, you'll also need to add a buffer of 5–10% to your cost total to account for unexpected expenses. If this is your first time working with this project team, find out if the previous cost manager generated budget reports at the end of past projects. 

You can take a look at how much previous projects' final costs deviated from their initial estimates and use this cost data as a benchmark to estimate how much of a margin you need to build into your estimation report.

In the estimation stage , you'll need:

Project schedule or a PERT chart , depending on the complexity of the project

A list of your project deliverables

Clearly defined success metrics

Now that you have general estimates for your project needs and resource requirements, you can begin to work on your project budget . Your project budget is a detailed plan of how much you plan to spend during the project, for what, and by when. 

Depending on the complexity of your project, the “when” may significantly influence your cost management strategy. For multi-year projects, you may want to specify cost allocations so that no more than 30% of your budget should be spent in the first year, etc. This can prevent cost overruns later down the road.

In this stage, you'll need:

A project budget document 

A project stakeholder analysis

The bulk of the cost management process is made up of cost control . This is the process of recording and accounting costs as the project progresses, making adjustments, and alerting stakeholders to problems when they occur. The goal of the cost control step is to compare actual project costs with original budgets and estimates and take steps to make sure the project stays as close to plan as possible.

The frequency with which you review this will depend on your project. Sometimes you’ll want to review costs in real time. In other cases, you may check in monthly or even quarterly. Share cost updates as necessary through project status reports so the entire project team is on the same page.

Keep in mind that any changes to the project scope will impact the project budget and costs, so keep a close eye on scope creep. If the project cost deviates too much from what you budgeted, let your stakeholders know so you can proactively come up with an action plan.

Project management tool

Universal reporting tool

Post-project cost accounting

Once the project is over, it’s time to calculate cost variance and evaluate how far your project deviated from your original budget and estimates. What were the project’s total costs? How did your actual costs compare to your estimated costs? 

A successful project ends close to (but under) the forecasted project budget. If you spent too much money, you either underestimated your project budget or had too many unforeseen expenses. If this happens, hold a project post-mortem meeting to evaluate why that happened and prevent it from happening in the future.

On the flip side, spending too little of your budget is also not ideal. You estimated these costs for a reason, and if you came in significantly under budget, your cost-budgeting process was inaccurate. Log this information as historical data and keep it in mind for future projects, so you can increase your accuracy during the cost estimation phase.

How to calculate project costs

To ensure that your project stays profitable and within budget, it is essential to have a solid understanding of how to calculate project costs. 

Project managers have a variety of cost management methods to choose from, and picking the best one depends on the specific needs and scope of your project. Consider factors like project complexity, the predictability of tasks, client expectations, and the level of flexibility you'll need to achieve your cost-performance goals.

Calculating project costs on an hourly basis involves paying for the amount of work done, measured in hours. This method is particularly effective for projects where the scope is flexible or uncertain because it allows for adaptability as the project progresses. 

For example, consider a software development project. The development team's cost is calculated based on the number of hours they spend on the project. If the team works 100 hours a month at a rate of $100 per hour, the project costing for that month would be $10,000. This method provides flexibility and can accommodate changes in the project's scope effectively.

A flat rate, or fixed price, approach involves agreeing on a total project cost upfront. This method is ideal for projects with a well-defined scope and deliverables. This gives both parties a clear understanding of the total cost.

Imagine a marketing campaign. The agency and the client agree on a fixed price of $20,000 for the entire campaign. This price covers all aspects of the project, from planning to execution. The advantage here is predictability in budgeting, as the client knows exactly how much the project will cost, irrespective of the time and resources utilized.

The cost-plus method involves charging the actual costs of the project plus a markup or additional fee. This approach is often used in long-term projects where the costs cannot be accurately estimated at the start. It ensures that all project costs are covered and includes a profit margin.

For instance, in a construction project, the contractor charges for the actual costs incurred (like materials and labor) plus a fixed percentage as profit. If the material and labor costs amount to $50,000 and the agreed markup is 20%, the total charge to the client would be $60,000. This cost management method aligns the interests of the client and the contractor, as both parties aim for optimal cost performance.

Value-based pricing

Value-based pricing focuses on the value or benefit the client receives rather than the cost of the project itself. This estimation method is ideal for projects where the outcome has a high perceived value, regardless of the actual cost of delivery.

Consider a scenario where a consulting firm is helping a client increase their annual revenue. If the consultant's strategies result in a $1 million revenue increase, the consultant may charge a fee based on a percentage of the revenue increase, say 10%, which would be $100,000. Value-based pricing ensures that the pricing reflects the value delivered.

Effective project cost management methods

One of the most persistent challenges faced by teams across various industries is controlling and preventing budget overruns. These overruns not only strain financial resources but can also lead to compromised project quality, delayed timelines, and even project failure. 

Effective cost management is the key to tackling this challenge because it makes certain that projects are delivered within their allocated budgets while maintaining high standards of quality and efficiency.

Choosing the best cost-management method is key to addressing these financial challenges head-on. For further cost optimization, teams can leverage automation, management software, and dashboards that offer real-time cost analysis, cash flow, and future cost visualization. This will ultimately contribute to the success of your project.

Top-down estimating

Top-down estimating is a method where the overall project cost is estimated first, and then individual costs are deduced from this total. This approach is beneficial in the early stages of project planning, when detailed information is not yet available. It gives a quick and rough idea of how much the project will cost.

For example, in a new software development project, the project manager might estimate the total project cost at $200,000 based on previous similar projects. This total cost is then broken down into smaller segments like design, coding, testing, and deployment, each allocated a portion of the total budget. This method is effective for providing a preliminary cost framework and guiding early project decision-making.

Bottom-up estimating

Bottom-up estimating is the reverse of the top-down approach. It involves estimating individual tasks or components of the project first and then adding them up to get the total project cost. This estimation method is more accurate and reliable, especially for projects with a well-defined scope, as it considers detailed cost information.

Consider a construction project where each part of the project, such as foundation laying, framing, plumbing, and electrical work, is estimated individually based on detailed analysis. After estimating all these components, the costs are summed up to determine the overall project budget. Bottom-up estimating is ideal for teams that need precise control over each aspect of the project's costs.

Earned value management

Earned value management (EVM) is a sophisticated approach to cost management that combines measurements of project performance in terms of scope, schedule, and cost. EVM provides a comprehensive view of the project's progress and its alignment with the original project planning.

For instance, in a large infrastructure project, EVM would be used to track the following: 

Budgeted cost of work scheduled (BCWS)

Actual cost of work performed (ACWP)

Budgeted cost of work performed (BCWP) 

By comparing these figures, project managers can gauge the project's cost performance and take corrective action if necessary.

Three-point estimating

Three-point estimating is used to determine a more realistic estimate by considering three scenarios: 

Most optimistic (best-case) 

Most pessimistic (worst-case) 

Most likely 

This cost management method provides a range of possible outcomes, which can increase the predictability and cost performance of a project.

Take, for example, a new product development project. The project manager might estimate that the design phase could take 30 days (optimistic), 45 days (most likely), or 60 days (pessimistic). Using these three points, they calculate an average or weighted average duration, which helps in setting realistic timelines and budgets.

FAQ about cost management

What is the first step in project cost management.

The first step in project cost management is to define the baseline for your project's budget. This involves identifying all potential costs and inputs related to the project, including labor, materials, equipment, and any other expenses. Creating a baseline is essential because it provides the framework for monitoring and controlling expenses during the lifecycle of a project.

What are the 5 functions of cost management?

The five key functions of cost management are:

Cost estimation: Determining the total cost required for completing the project.

Cost budgeting: Allocating the overall cost estimate to individual work items to establish a baseline for measuring performance.

Cost control: Monitoring project expenses and implementing measures to keep costs within the approved budget.

Cash flow management : Ensuring there is adequate cash flow to meet project needs, which is critical for maintaining project momentum.

Procurement management: Managing the procurement of goods and services, ensuring that everything is obtained at the best possible cost and meets project needs.

What is cost management in project management?

Cost management in project management is the process of planning, estimating, budgeting, and controlling costs with the aim of completing the project within the approved budget. It involves a continuous process of measuring and monitoring project activities and expenses and implementing necessary adjustments to ensure that the project's financial resources are used effectively. 

Improve your project performance with cost management

Cost management has a lot of moving parts. But as long as your team has visibility into project costs, you can prevent cost overruns and ensure you’re finishing your project under budget every time.

To keep track of all of your project’s information, use a work management platform like Asana. From project costing and kickoff to post-mortem, Asana helps you stay in sync with your project team members and stakeholders during the entire project process.

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How Asana drives impactful product launches in 3 steps

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What Is A Project Management Plan And How To Create One

Updated: Jun 12, 2024, 11:45am

Table of Contents

What is a project management plan, 6 parts of a project management plan, before you create a plan, how to create a project management plan in 7 steps, bottom line, frequently asked questions (faqs).

A project management plan offers a blueprint to stakeholders and end-users surrounding the execution of an upcoming project. While it takes time to put it together, the process is worth it. It helps to reduce risks, create buy-in, gather your team’s expertise, align communication and ensure resource availability. This guide outlines what a project management plan is and its benefits, and then offers an easy step-by-step guide on how to create one.

A project management plan is a set of documents that outline the how, when and what-ifs of a project’s execution. It overviews the project’s value proposition, execution steps, resources, communication tools and protocols, risks, stakeholders (and their roles) and the deliverables involved in a project’s completion. Its documents include an executive summary, Gantt and team charts, risk assessment and communication- and resource-management subplans.

What Is a Project Management Plan Used For?

A project management plan serves as a blueprint or roadmap to the ultimate success of your project. It does so by aligning talent, buy-in, manpower, resources, risk management and high-quality communication around your plan. It also ensures everyone knows their responsibilities, which tasks are involved and when deadlines are so the project stays on track for quality on-time completion.

Here is a closer look at project management plan use cases:

• Buy-in . Your plan ensures all stakeholders are on board, so that they’re prepared to be productive.
• Expertise. A plan helps to ensure you have enough people to expertly own the activities needed to complete the project.
• Risk management. Putting together your plan helps you to assess the risks that may come up through the trajectory of project execution and how to prevent or mitigate them.
• Communication and collaboration. Your planning process ensures poor communication does not negatively impact the project’s outcome. It does so by getting everyone on the same page regarding communication tools, schedules, preferences and protocols.
• Milestones. As you plan your project, you ensure your team agrees on the necessary milestones to complete it successfully. Doing so ensures your team is ready to be productive instantly come project initiation and that scope creep does not impact the project negatively.
• Resource management. Through your planning process, you assess the resources needed to complete the project and their availability. Resources may include funds and raw materials, for example. Doing so ensures resource availability and that insufficient resources do not derail or stop the project altogether.

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A project management plan should include an executive summary, timeline or Gantt chart, resource management subplan, risk assessment, communication subplan and team chart. Here is an overview of each of these parts:

• Executive summary. An executive summary provides an overview of the project’s value proposition, the problem it addresses and its resolution, budget breakdown, milestones and deliverables.
• Timeline or Gantt chart. Many project management plans include a Gantt chart that shows both the dates the project begins and ends and all start and end dates for the milestones that lead to the completion of the project. It should also point out any dependent and independent activities.
• Risk assessment. A risk assessment should list all of the potential obstacles that could impact the completion of the project or the quality of its deliverables negatively. It also outlines the triggers that could cause these risks and how the risks can be mitigated or avoided altogether.
• Team chart. The team chart shows all the people who will be involved in completing the project, their roles and their communication preferences.
• Communication subplan. This subplan offers an overview of what tools will be used for communication, the communication assets and schedules that will be used to keep the project progressing and on track, communication protocols stakeholders should follow and team members’ communication preferences.
• Resource management subplan. This subplan should list what resources may be needed to complete the project. Essential resources may include raw materials, digital tools and funding. It should then offer a breakdown of what materials will be needed for each milestone, a way to ensure their availability and ways to track resources throughout project execution.

Before you begin writing your plan, take a few minutes to prepare. Doing so may involve defining what is at stake should the project not go well, identifying the milestones needed for successful completion, selecting key talent to complete your project, selecting and signing up for the tools that will make the plan creation process easy and efficient and defining the end beneficiary of your project. Below is a closer look at each of these preparation steps.

Failure Risk Assessment

Defining what would happen if the project were not completed successfully can guide you later as you motivate your execution team and formulate your plan’s and your project’s value proposition. This perspective tells all stakeholders how important their roles are.

Milestone Identification

One way to ensure you select the proper team members for plan creation and execution is to define the milestones for which they will be responsible. Once you have identified the milestones, you can identify the needed expertise and then the talent that holds that expertise.

Talent Selection

As you write your plan, it is essential to gather expertise from the team members who will execute it. Doing so could mean the success or failure of your project. Identifying these stakeholders now means you can get them involved sooner for higher collective knowledge during the planning process.

Tool selection

When planning your project, you will need to use charts, graphics and reports to record the necessary information. Graphic design tools like Canva and project management software like monday.com or Wrike can help.

Beneficiary or End-user Identification

Nothing can set you up for success in project completion like understanding what the end-user or project beneficiary needs in the final deliverable. Understanding this requires an understanding of that end-user or beneficiary. Take some time to listen to their needs, wants and hopes surrounding your project before beginning to plan a project that will impact and, hopefully, delight them ultimately.

To create a project management plan, first put together a high overview of the basics of your project, including the project’s scope, schedule and budget. Next, build on those basics to write an executive summary. Then, add a project timeline, risk assessment, stakeholder chart, communication plan and resource management plan to your executive summary. Lastly, gather and incorporate stakeholders’ insights to perfect and create buy-in for your plan.

1. Identify Baselines for Your Project

Your project’s baselines should first focus on the project’s scope, then the project’s schedule and, finally, its budget. The result should be a high overview that will inform the rest of your planning process. To complete this step, answer the following questions:

• What is a summary of the project’s deliverables, including the expected features in order of priority?
• What important milestones will help us complete this project?
• What should the project not focus on? (set some scope boundaries)
• When is the project scheduled to begin?
• When should the project be complete?
• How much do we have to spend on this project? If it is a project that needs to be completed for a client, what budget do we have to spend on it while still making a set profit margin?

2. Write an Executive Summary

An executive summary should include a definition of your project, your project’s value proposition, including the problem your project addresses and its solution, milestones and their deliverables, scope limits―and the consequences for changing these limits―goals and financial breakdown. Use the answers to the questions posed in step one to put together your executive summary.

As the face of your project before stakeholders, your executive summary should be visually appealing and succinct. Columns and visuals should break it up to make it easy to read quickly. One great tool for creating an attractive and succinct summary is a Canva executive summary template. You can customize a template to match your brand and add your content, then either download your executive summary or share it in link form.

To begin, sign up for Canva for free, then use the search box titled “What will you design?” for “executive summary” and press “enter.” Click the appropriate template for your purposes and brand, then use the tools on the left-hand side of the enlarged template to customize its colors, text and images. Add pages by clicking the plus sign at the top right-hand corner of the template and proceed to add text and customizations to complete your summary.

3. Plot Your Project’s Timeline

The best way to plot your project’s timeline is with a Gantt chart. A Gantt chart is a visual representation of what activities you plan to begin and complete and when. These activities are usually small chunks or milestones of your completed project. They also formulate the scope of your project, helping to reduce scope creep later on. Gantt charts are often the easiest to use to plot your timeline.

It is important to note expected dependencies on your Gantt chart. A dependency happens when one activity on a timeline must be completed before team members can go on to the next one. For example, a prototype needs to be completed before a focus group analysis of the prototype can take place. Thus, these two activities are dependent. Also note independent activities that can be completed even as other activities are underway, thereby saving time.

Pro tip: An easy way to note dependencies and independent activities is via color-coding. Arrows drawn on your Gantt chart can also help to pinpoint dependencies.

While Canva does offer Gantt charts to plot your project’s timeline, there are also platforms that specialize in producing Gantt chart software . Not only can this software help you put together your Gantt chart, but it can then help you stay on track with its timeline and avoid scope creep once your project begins via task descriptions and automations. If paying for such a service isn’t in your project’s budget, you can also create a Gantt chart in Excel or Google Sheets.

Gantt chart from monday.com

4. Define Stakeholder Roles

With your project activities recorded on your timeline, define who will be responsible for each activity. Your plan serves as a guiding star to all stakeholders involved in your project, so it’s best to record responsible parties in an intuitive chart. Create a project team chart to show who will be involved in completing the project and for which activities each is responsible. For collaboration ease, also note who each person is accountable to and their contact information.

Canva offers organizational or team chart templates you can use to customize for the needs of your project. Search “organizational chart” using the search bar in your Canva account. Click the chart that best suits your project and brand needs. Then, use the design menu to upload pictures of your team members, customize colors and replace template text to offer the data your stakeholders need for easy collaboration during the life of your project.

An example of a Canva organizational chart template to be adapted to create a project team chart.

5. Perform a Risk Assessment

Your risk assessment should begin with a list of obstacles that could impact your team’s ability to complete the project on time negatively at all and with the desired quality. It should then create a plan for each risk by addressing what might trigger the risk, steps that lend to risk prevention and how to mitigate a risk should it happen. Finally, it should assign stakeholders to manage risk triggers, prevention and mitigation. Some teams use a SWOT analysis to help identify strengths, weaknesses, opportunities and threats in this stage.

To dive into each risk, answer the following questions:

• What could happen that would negatively impact the project?
• At what point in the project timeline is this risk most likely to happen?
• How likely is the risk to happen?
• What events or factors would trigger this risk?
• What steps can be taken to reduce the chances of this risk taking place? How can we avoid this trigger or these triggers?
• What would be the expected outcome should the risk happen anyway?
• How could we mitigate a negative outcome should the risk take place?
• Who would be the best person to manage each risk’s triggers, prevention or mitigation?

As you assigned responsible parties for each project activity, you likely selected people who had expertise in the areas in which their assigned activities fall. For example, if you assigned the graphic design of a marketing project to a team member, that person is likely a graphic designer. Their expertise is invaluable in assessing graphic design risks and their prevention and mitigation steps. Lean on your team for this expertise, and then implement their suggestions.

6. Create Key Subplans

Two key subplans you should include in your project management plan are a resource and communications management plan. Your resource sub plan should list what resources are needed to complete your project and their availability. Your communications plan should include how your team will communicate one-on-one and team-wide.

Resource Management Plan

A resource subplan can be completed in project management software. You can create columns for estimated expenses and other needed resources broken down by milestones, such as raw products and talent. Other customizable resource reports are available within the software and automatically kept up to date. Wrike, for example, offers customizable reports where you can track resource availability and export reports to include in your plan.

An example of Wrike’s customizable resource reports

Communications Management Plan

While it may seem inconsequential compared to your risk assessment and resource plan, poor communication is the primary reason most projects experience scope gaps and project failure, according to a PMI study . Poor communication can, therefore, derail all your other planning efforts.

As such, your communications management plan should be detailed and address what, when and how information will be shared during your project. Details should focus on what needs to be communicated and at what intervals during the project execution, stakeholders’ communication preferences, a communication schedule for virtual meetings or phone calls that occur at planned intervals, who will review tasks, to whom task completions should be reported and what platforms or tools should be used for communication purposes.

Pro tip: For best results, look at the communication tools available in your project management software. Alternatively, consider what communication-tool integrations it offers. For example, most project management software offer integrations with Slack. Using available tools within your software will allow ease of collaboration and the communication visibility your team needs to stay on the same page and on track.

7. Gather and Incorporate Feedback From Stakeholders

The team you have chosen to own the activities on your project timeline are uniquely capable of doing so. As such, they are likely to have recommendations you might not think about to make your project more successful. Moreover, if their insights are incorporated into the plan, they are more likely to enthusiastically follow it. So, get your team together and go over the details of your plan. Learn from them and incorporate their insights.

In addition, present your plan to the end-user or client for whom you are executing the project. Make sure they agree to the project scope and its deliverables. Make their preferred changes now so you don’t have to make them later. Discuss what will happen if they change their minds later―extra fees, for example―so that scope creep does not impact your project’s successful execution, on-time completion or quality final deliverable negatively.

Creating a project management plan is the first critical step to ensuring a quality project execution and completion. Without it, you risk project derailment, a blown budget, an unrealized value proposition and a potentially frustrated end-user. With it, you enjoy buy-in, resource availability, budget adherence, a quality and expertly-driven final deliverable and a delighted end-user. We hope this guide sets you on a trajectory to enjoy all of these benefits.

What are the six parts of a project management plan?

At minimum, a project management plan includes an executive summary, timeline or Gantt chart , stakeholder or team chart, risk assessment, communications subplan and resource subplan.

How do I write a project management plan?

To write a project management plan, begin by identifying your project baselines, then write an executive summary, create your timeline and team charts, perform and write a risk assessment and write your communications and resource subplans. Finally, present your plan to all involved stakeholders to gather and incorporate their insights, suggestions and feedback, and then finalize agreement around your plan.

What is the main purpose of a project management plan?

A project management plan lays out the details and steps necessary to reduce confusion, create confidence and prevent obstacles and risks during project execution. It does so by providing a clear outline and value proposition of the project, assigning essential roles, outlining milestones and the final deliverable, identifying and taking steps to prevent risks, ensuring clear communication guidelines and ensuring the availability of essential resources.

What is project management methodology?

A project management methodology is a set of principles, values and processes that determine how a team will complete a project. It dictates factors such as the methods of communication within and outside of the project team—as well as the level of planning, design and documentation—timelines and modes of assessment.

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With over a decade of experience as a small business technology consultant, Alana breaks down technical concepts to help small businesses take advantage of the tools available to them to create internal efficiencies and compete in their markets. Her work has been featured by business brands such as Adobe, WorkFusion, AT&T, SEMRush, Fit Small Business, USA Today Blueprint, Content Marketing Institute, Towards Data Science and Business2Community.

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Project Planning 101: A Step-by-Step Guide

By Kate Eby | October 17, 2018

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The success of your project depends on your project plan. It’s the ultimate guide that tells everyone where you’re going and how you will get there. But, it can also be the most difficult part of the process because it requires you to gather all the information into an organized, clear roadmap.

Planning a project means you have to understand the goals and stakeholder needs in order to plan all the tasks that ensure you meet your objectives. In this article, you’ll learn a simple process that turns vision into deliverables. We’ve included a clear guide focused on the time, money, and staffing you need to succeed. And, we’ve got tips and templates to get you there.

What Is Project Planning?

Project planning, also called work planning, drives your project. It clarifies what you want to accomplish and creates a clear, detailed roadmap that describes how you will get there. Whether you’re developing a computer game, building a parking garage, or creating a new flavor of ice cream, planning is critical to your project’s success.

According to the text, A Guide to the Project Management Book of Knowledge (PMBOK® Guide) , project planning is the second phase of project management, following the conception and initiation phase. It takes the concept of what you want to do, based on the inputs of the project charter and concept proposal, and outlines the nuts and bolts of how you will achieve your goals. When planning your project you will define the following:

The scope of the project

Deliverables and the tasks you need to meet them

The sequence and schedule of those tasks, with a timetable and deadlines

Roles and responsibilities

Resources, such as staffing, budget, and equipment

Plans to manage time, staff, suppliers, costs, risk, and quality

Baselines and performance measures

Management plans to monitor your progress

Project planning is more than a list of steps and requirements. It is the heart of your project’s life cycle and reflects the mission and goals of your organization. When you communicate the project plan, you’re telling the story of who you are and what you want to accomplish.

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The History of Project Planning

Any project, from the pyramids of ancient Egypt to modern software systems, relies on the time-tested principles of project management and project planning. The master builders of the Great Wall of China and the aqueducts of the Roman Empire had to clarify objectives, define tasks, manage resources and schedules, and ensure quality.

But the origins of modern project management date back to the early 20th century, starting with the publication of The Principles of Scientific Management, by Frederick Winslow Taylor, in 1911. Taylor, drawing on his experience in the steel industry, focused his work on a systematic study of ways to improve efficiency in complex projects. Six years later, Henry Gantt developed the Gantt chart , a diagram that project managers could use to schedule and show each step of a project on a visual timeline. This was the first of many approaches to systematically sequencing and scheduling project tasks.

In the 1950s, new planning techniques formed the foundation of modern project management: the critical path method (CPM) , developed by the DuPont Corporation and the Remington Rand Corporation, and the Program Evaluation and Review Technique (PERT) , developed by the U.S. Navy. At the same time, professionals of project management established the American Association of Cost Engineers (now AACE International ), an organization for project managers, cost engineers, project control specialists, and more. Other professional organizations were formed in the 1960s, including the International Project Management Association (IPMA) in 1965 and the Project Management Institute (PMI) in 1969. A range of approaches, from Waterfall techniques to Agile (and the Scrum subset) and Projects in Controlled Environments (PRINCE) , have evolved since.

Regardless of the approach or the tools, project planning is output oriented, establishing the who, what, when, and how of a project. The project plan answers questions, like who will do the work, what they will do, when it will happen, and how much it will cost. A solid project plan is the ultimate source of information and communication for the project, keeping team members on track and keeping stakeholders in the loop.

For example, if you’re developing a new mobile device or app, you need to know whether designers can start creating the visual concepts while wireframes and functionality are in development. Which resources do you allocate to various tasks? How do you know how long the steps will take? What keeps the project from growing beyond its initial scope and budget? A realistic project plan is the best way to answer these questions.

Why Have a Project Plan?

No matter the size and scope of your project, you’ll need a plan to succeed. For example, you may want to build a faster system for your web users. Once you’ve identified how quickly you want your system to load, you can determine the tasks to reach the goal, who will do that work, when it’s due, how much it will cost, and who will give final approval. Without setting those parameters, all you have is an idea, not a project.

A sound project plan is a project manager’s best friend. It’s the main communication document for the project and acts as the roadmap for your team throughout project execution. Not only does it tell everyone what you are going to do, but it also establishes, identifies, and organizes the business requirements, resource plans, cost, schedule, goals, list of deliverables, milestones, quality standards, and delivery dates.

Additionally, without a plan you can run into unanticipated problems, costing you — and your organization — time and money. But by taking the time to develop one, it can help you to identify and anticipate roadblocks.

The final document will define how your project is implemented, executed, monitored, and controlled. In short, the project plan answers these questions:

What is the project’s scope?

What are the objectives?

What are the specific outcomes?

What are the major deliverables?

How will you get to those deliverables?

What are the deadlines?

When will the team meet specific milestones?

How will you define roles and responsibilities?

Who will provide feedback?

A key reason for project planning is to define the item you’re trying to solve for and identify the steps to get there. When you identify the objectives of the project, you articulate the problem your project is designed to solve. And as you plan the work, you can spot any conflicts among the schedule, cost, and resources, so you can identify the tradeoffs you need to make in order to stay within scope and meet your objectives.

Plus, once you’ve created the plan, you can get management approval and proceed confidently to the next phase: project execution. By creating a solid project plan, you get the project off on the right foot, demonstrating that you will meet the objectives and deliver your project on time, budget, and schedule.

What Is in a Project Plan?

At its most basic level, a project plan is a management document, with a set of tasks that guides your team in implementing the project and identifying the baselines for scope, schedule, cost, risk, and performance measurement. It helps you finish your project on time and on budget, allowing you to meet the standards identified at the beginning of the project.

For example, let’s say your company wants to roll out a new line of greeting cards for the holidays. The objective might be to produce three types of cards, with 10,000 cards in each line, to be shipped by September 30 at a maximum cost of $100,000. Now that you know the parameters, you can develop a plan to organize your team and tasks in order to meet those goals.

A project plan is not merely a project schedule, although that aspect is crucial, whether producing greeting cards or new software. As the foundation for managing the project, your plan  should include the following components:

Executive Summary or Introduction : A high-level overview of the goals and objectives of the project, including your project management approach

Project Scope : Based on the scope statement from the project charter, with plans for managing what falls within scope and identifying what is out of scope

Deliverables : The major components that will be delivered throughout the project

Schedule Baseline and Plan : The estimated project schedule and milestone deadlines and how you plan to manage time and schedule

Cost Baseline and Plan : The estimated budget and an explanation of how you will manage expenses and cost

Resource Baseline : Estimated resources needed and details around managing those resources, including procurement plans, solicitation plans, and plans for managing external suppliers, human resources, and staffing

Work Breakdown Structure : The deliverables, milestones, and resources that will ensure the project is completed

Communication Plan : A description of who will be informed about the project, how often, and how they will receive this information

Change Management Plan : The formal process to receive, review, and accept or reject changes to the project

Risk Management Plan : The risks to the project and the contingency plans

Configuration Management Plan : The components of the project and the audit changes

Quality Plan : The quantification of the baseline standards the project must meet

Process Improvement Plan : A document of how the team will analyze the effectiveness of the project, including the identification of where and how they can make improvements

Related Issues : The internal and external factors that could affect the completion of your plan

Material and Equipment Requirements : A list of what you need to accomplish the work

Approvals and Stakeholder Management : The details of the milestones that need formal approval and the identification of how stakeholders will be included in the approval proces

Who Uses a Project Plan?

The project plan tells the story of your project and organizes all the project factors, including documentation plans, workload, and management and oversights of each component. Since it touches so many areas, all the people involved will review, approve, and rely on the project plan. Here are the key stakeholders that will use the project plan:

Project Manager : The plan is the blueprint and roadmap for keeping the project on track. It’s the north star that a project manager uses to make sure the project succeeds.

Project Sponsor : Since the sponsor has the overall accountability for the project, they approve the plan and use it to ensure the project has the necessary resources, staffing, and support within the organization.

Designated Business Experts : These experts provide insight into the project’s requirements and deliverable standards. They use the plan to ensure that the end product is what they want and that it is delivered on the schedule they need.

Project Team : Much like a football playbook, the plan lets all team members know what they are assigned to do, when they will do it, and who they will work with.

End Users : Internal or external customers may be included in the development of the project plan. They are the ones who most clearly understand the problem you are trying to solve and can offer insight into the requirements and quality of the solution your project offers. They can tell you whether the output of your project meets their needs.

Auditors : They will assess the project to ensure whether the project’s objectives are aligned, whether you have the resources and processes to ensure your success, and whether you have achieved what you set out to do.

Quality and Risk Analysts : Use their expertise to ensure that you have considered all possible risks or roadblocks and can still meet the standards, budget, and timelines of the project.

Procurement Specialists : These stakeholders find the best vendors for all necessary project resources or materials and can help the project manager by managing the relationship with the vendor.

How Do You Write a Project Plan?

Project managers must gather all the information needed to write a project plan. In this process, they will need to make projections based on assumptions about time, staff, resources, costs, equipment, and marketing needs. To learn more, read our step-by-step guide to writing a project plan.

What Happens in the Planning Phase of a Project?

In the planning phase of any project, you take the inputs of both the project charter and the concept proposal and produce the outputs of the project requirements, project schedule, and project management plan. The work during this phase involves thinking about and planning what you need to do and then putting the structure in place to accomplish the project’s goals.

Remember, you are planning and guiding the project, not creating it. There is no single way to plan a project because each project is different. You may decide to use the traditional Waterfall approach or an Agile methodology to manage your project, and this decision will impact how your plan. The Waterfall approach is a fairly fixed process, with a set sequence of activities that the project manager drives.

An Agile approach, on the other hand, is designed to be more flexible, with shorter sprints that allow the team to work iteratively and adjust the product as it’s developed. Agile approaches tend to be used with software and technology projects that require frequent testing and feedback. Use a traditional approach when you want to stick to the original scope of the project and need to control the outcomes.

Don’t rush the planning phase , which is when you will be integrating all the knowledge management areas into a cohesive, comprehensive plan. The beginning of this stage is the most difficult part and it takes time to do it right.

Working with your team, define and refine the project’s objectives, determine the methods you’ll use to achieve those objectives, identify the deliverables and the tasks to achieve those deliverables, specify the baselines of the project plan, and schedule and write all the necessary supporting documents.

This doesn’t happen all at once. When you review the outline, you’ll discover other options for completing the project, adjust the resources and schedule, and receive feedback from your stakeholders. The project planning process actually involves two kinds of processes: core processes and facilitating processes.

Core processes follow a set sequence, regardless of the project. They include the following:

Scope Defining and Planning : Identify the deliverables and requirements of the project.

Activity Defining, Planning, and Sequencing : Break down the deliverables and requirements into activities or tasks and estimate the time for each, as well as the sequence in which they must be completed.

Resource Planning : Identify the people, equipment, facilities, and materials needed for the activities.

Cost Estimating and Budgeting : Estimate the amount of money you need, based on staffing or external vendors, the materials and goods required, and any other expenses.

Schedule Developing : Create the project schedule, based on the sequence of tasks, your budget, and your resources.

Project Plan Developing : Finalize the plan and all supporting documents for formal approval.

The facilitating processes depend on the project and how the core processes interact. They can follow any sequence in your project. Facilitating processes include the following:

Organizational Planning : Determine the roles for each of your team members, assign them responsibilities, and acquire additional staff as needed. This process may include the work breakdown structure.

Quality Planning : Establish the quality assurance standards and criteria for the project, and how you will ensure that you meet them.

Risk Management Planning : Identify any risks to the project, consider their probability and impact (quantitative risk analysis), prioritize their impact (qualitative risk analysis), and develop a plan to minimize or reduce those risks.

Procuring and Solicitation Planning : Decide what goods and services you need to acquire for the project, and identify potential vendors.

Communication Planning : Establish how and what you will communicate to stakeholders, the project sponsor, your team, and any others with an interest in the project.

Another critical element of communication is to not only involve your team in the planning phase but maintain that communication throughout. Although you will be the main author for the plan, use your team to help divide and conquer key aspects. Here are some other communication considerations:

How well do we understand the objective?

Has our organization or team tackled similar projects in the past?

How well did it go? What were the successes and lessons learned?

What factors will impact the schedule?

Are there dates when key resources and staff are unavailable? Will the office be closed during the project?

How will you gather feedback? Will you have to present progress to stakeholders in formal or informal meetings?

What tools will you use to communicate? Are there preferred online project planning tools?

How will we explain your progress to stakeholders? What will we do if they don’t understand?

How Long Does Project Planning Take?

Don’t assume that there isn’t enough time to prepare a plan. The success of your project depends on a sound and complete plan. However, there is no typical time frame for project planning. Because each project and team is different, the amount of time it takes to develop the plan will vary.

The best way to estimate how long the planning process will take is to look at how long it has taken to plan similar projects at your organization. Talk to others who were involved in similar projects, both project managers and team members. Ask them how long it took and what obstacles they encountered, and seek tips for being efficient in your process.

What Are the Steps for Planning a Project?

Planning a project can seem overwhelming. But, following these steps will ensure you have a plan that successfully guides your project, keeps everyone working toward the same goal, and guarantees you meet your objectives.

Step One: Define the Project Goals, Objectives, and Scope

The first phase of the project management process ends with a project charter and concept proposal. In the planning phase of the project management process, you use those outputs to articulate and define precisely what you want to accomplish. Start by asking these questions:

What needs to be completed?

What product or service will be delivered?

What does the client expect? What does the client need?

What is the deadline?

What are the reasons, events, or factors for that deadline?

The answers will help you capture your big-picture goals for the project. Based on the rough expectations and timeline you uncover with these initial questions, you’ll be able to list basic steps. Now that you’ve set some goals, it’s time to put priorities around those expectations.

To get more clarity for your objectives, spend time with the project stakeholders to understand their needs, expectations, deliverables, and deadlines. Use one-on-one meetings, interviews, workshops, and focus groups to uncover the requirements or functionality that offer real benefits. Remember that stakeholders are everyone who is affected by the product or service, including clients, the project sponsor, the project manager, the project team, and the customers who are the end-users.

Also, identify the responsibility of the developer and the user by determining the need that your project is addressing and how you will educate users about the product. Finally, identify the project’s supporters within your organization. Use their feedback to ensure that the project plan aligns with the company’s strategic and organizational goals.

Think of the objectives as articulating the “reason to be” for the project. These objectives may include acquiring or maintaining your market share, growing sales or profits, or improving efficiency. While your goals may be broad, the objectives must be specific and measurable. Refine project objectives by providing quantifiable definitions (i.e., schedule, cost, quality) for qualitative or subjective terms. Consider the S.M.A.R.T . framework to clearly identify, define, and scrutinize each objective.

By clarifying and quantifying the goals and objectives, you can understand and define the project’s scope and value. Now you’re ready to write a scope statement for the project that covers the following elements:

Business Needs : A high-level summary that outlines the benefits and puts this project in context for stakeholders and other decision makers in your organization

Objectives : Specifically what the team will do

Roles and Responsibilities : Who owns the project, who is on the project team, and what role each member plays

Requirements : Qualitative and quantitative descriptions of the expectations of the stakeholders

Deliverables : The tangible and measurable work products that you will produce

Milestones : Dates you establish for key deliverables

Quality Standards : The acceptance criteria your deliverables must meet, including who is responsible for signing off on the acceptance criteria

Exclusions : Any products or services that you will not create as part of this project

The outcome of this work is a clear communication tool that documents the project goals and the effort required to meet them. You can leverage this information to create a product breakdown structure (PBS) that defines the project outcome clearly so the sponsor and stakeholders can agree on your direction. The document also feeds into the work breakdown structure that you will soon develop.

Step Two: Break Down the Project into Tasks

With your scope document in hand, you can now identify the activities and tasks needed to create the deliverables. For every project, the activities will be different, but you can use previous project plans to guide what you might need for your project.

At this point, you will begin to break down the larger project into smaller sections. Work with your team to identify the activities, tasks, and processes needed to fulfill your requirements and objectives. For each task, identify the amount of effort it will take to complete the task and who will do the work. Then, group related tasks into work packages , which are the smallest unit of work in a project.

By spelling out the breakdown of the project in this way, you are creating your work breakdown structure (WBS) — a structured listing of the work and end items that serves as the basis for cost accounts, budgets, schedules, and project life-cycle cost estimates. The WBS is accompanied by the WBS dictionary, which describes every component of the WBS, including milestones, deliverables, scope, and activities. These downloadable templates can help you create your own WBS.

As you create the network of tasks and the WBS, you will see which tasks are dependent upon others and which schedules are interrelated. You can link the tasks based on dependencies, to develop the critical path , or network activity diagram, which helps you identify the tasks necessary to complete your project as scoped. Additionally, the critical path method helps you stay on track throughout your project.

Step Three: Map Out the Resources

Now that you have the tasks mapped out, it’s time to identify the resources you need to complete the work. Identify the necessary facilities, equipment, supplies, raw materials, staffing, and special skills for each task and deliverable. These activities form the core process of resource planning, including who will do what work, when will they do it, and how much will it cost. Make sure to include the following resources in your analysis:

Staffing : Determine the staff and skills available in house, and identify what skills you’ll need to procure from outside vendors and subcontractors.

Costs and Budget : Estimate the cost of each task, depending on the resources the task will consume. The total of those budgeted costs leads to the total project cost, which is incurred upon the completion of the project.

Time : Estimate how much resource time will be spent to complete each task or deliverable. Since you have to estimate the duration, consider weighing your estimates with optimistic, normal, or pessimistic variables.

Resource Constraints : As you estimate and assign resources, consider how much time each person can realistically devote to the project or whether you can procure all the materials and budget you need.

One of the challenges of project planning is managing the uncertainty when you estimate resources. While the critical path method helps you organize tasks, the critical chain method builds buffers into your plan so you can anticipate potential delays.  

Step Four: Outline Your Plan and Schedule

Armed with the information about the tasks and resources, you can draft an outline of your project plan and create the sequence of events that will build your schedule. The outline starts with the questions you have addressed in your project planning, including:

Who will do the work (staffing)?

What work will they do (goals, objectives, deliverables)?

When should it be accomplished (project deadline)?

How will it be done (tasks and work breakdown structure)?

Your draft plan will map out the schedule of activities, the dependencies among them, the sequence in which they will be implemented, and how resources will be allocated at each stage. At a basic level, the schedule is a timeline of all the tasks and resource estimates.

In addition to showing the amount of effort and resources needed to complete each task, the project schedule should help you balance the amount of resources with the duration of the task or project. If one task takes longer than you estimated or requires more materials, the schedule will need to be updated so you can ensure you still meet your objectives.

Your team is a valuable resource that can help you develop an action plan for the project and provide feedback on your resource estimates. You can also consider a range of project management tools, many of which are available online, including:

Gantt Charts and Schedules : A Gantt chart is a visual timeline that generally employs horizontal bars that illustrate each task and identify at what point it appears on the schedule. The completed chart shows the entire project in one simple view. Online Gantt chart tools can show task dependencies, key milestones, and the critical path of your project. Learn all about online Gantt chart software here .

Program Evaluation and Review Technique (PERT) : A PERT chart is a graphic illustration of a project that depicts a network diagram or network model. The diagram consists of numbered nodes representing events that are linked by directional lines, or vectors, that symbolize tasks and the sequence of the tasks.

Graphical Evaluation and Review (GERT) : GERT charts, like PERT charts, depict network models. GERT charts also allow loops between tasks, which you can use to demonstrate more possibilities between activities and events.

Decision-Event-Logic-Time-Activity (DELTA) : A DELTA chart displays the project as a flow chart by using five elements — decision boxes, event boxes, logic boxes, time arrows, and activity boxes.

Online project management software, tools, and templates can help you get started quickly, along with providing real-time updates as you manage the project and delivery dates, and calculate slack time, down time, and float time. Additionally, templates can help you craft the project plan outline and the detailed work plan that you will provide stakeholders for review.

In addition to creating a schedule of the tasks, you should also identify what factors that determine when a task is completed and who has the authority to sign off. Clarify what quality standards must be met for any deliverable, what happens if the deliverable falls below that standard, and who manages that process.

Step Five: Review and Refine Your Plan

Once the plan is drafted, gather feedback to help refine and finalize the work plan. Present and explain the project plan to stakeholders and discuss the key elements. Be flexible in how you present the plan. Some stakeholders may prefer to see workflow charts or budgets. Others may want an executive summary with bullet points listing deliverables, resources, and milestones.

Use your presentation as an opportunity to ask tough questions that will test the assumptions of your plan and ensure that you will be successful in meeting their expectations. Request feedback on the process, politics, and risks, and consider asking the following questions:

Are the estimates, assumptions, and constraints for budget, resources, and schedule realistic?

What are the preferred options for dealing with unrealistic estimates: renegotiating the schedule, adding additional resources, reducing the scope, etc.?

Are the standards for quality in the project realistic or overly ambitious?

Are there additional pressures that accelerate how quickly the project needs to be completed?

What internal factors have changed that could affect the resources or schedule?

What external factors have changed that could affect the project?

What is the best way to measure and report on actual progress?

Is there a stakeholder that needs to be considered who is not on the list? (A president, division director, supplier, customer, etc.?)

Is there anything else that would prevent the project from being successful?

Some issues and project risks that could surface in these conversations include:

The time, staffing, and cost estimates are too optimistic.

The roles and responsibilities are unclear.

No stakeholder input has been obtained.

Changing requirements or new requirements have emerged.

There is a lack of organizational commitment to the project, and there is competition for a share of company resources.

At this point in your project planning process, consider your risk management plans , specifying any contingency plans and mitigation strategies. The cousin to risk management plans are change control procedures. When you need to change your plans, you need to have formal procedures and mechanics that specify who is responsible for making those decisions and what information is required.

Another topic to discuss with stakeholders and your team deals with how you will formulate and document policies and guidelines during the execution of the project. During the day-to-day work, a myriad of decisions will be made. Establish how you will track these, which ones need to be communicated to stakeholders and team members, and any formal process for sharing these decisions.

With all this feedback in hand, you can refine the plan based on the realities and risks you’ve uncovered during the review process and be confident that your final plan will achieve its goals and fulfill your stakeholders’ expectations.

Step Six: Write the Full Project Plan

You’ve got all the information you need, the feedback to refine the plans, and buy-in from your team. Now, it’s time to assemble the final plan.

Your final plan will, first and foremost, focus on the performance measurement baseline . That is, the point of reference that serves as the north star for the entire project. This baseline is a combination of the following elements:

Scope Baseline : The approved version of the scope statement, work breakdown structure, and WBS dictionary

Cost Baseline : The approved spending plan or time-phased budget that includes all the costs by time period and money set aside to respond to risks

Schedule Baseline : The fixed project schedule that has been approved by project stakeholders

These baselines are fixed standards for the project and reflect all the hard work of defining scope, schedule, costs, staffing, deliverables, resources, quality, risk management, and more. They must be fully defined and documented before you can begin the project.

Once they are approved, they become the official plans for your project and can only be changed through the approved change control and management process. The final project plan also includes the baseline management plans and the supporting plans for core and facilitating processes previously mentioned.

In addition to the baseline and management plans, you’ll need to include all the supporting documents that walk your stakeholders, clients, and team through the project. Use this checklist to make sure you’ve included everything required. Need help assembling your plan? Here are some templates you can use .

Project Plan Checklist

The final plan can seem like an overwhelming document. Here are some formatting and presentation tips to ensure that your plan is readable and engaging:

Use a clear outline and clear section titles.

Use consistent formatting for titles, headers, bullets, and notes.

Include all the pertinent project information, including the name of the project manager, the title of the project, the client name, key stakeholders, and the project sponsor.

Provide a clear executive summary.

Use a Gantt chart to illustrate the schedule, dependencies, or other key milestones.

Highlight dependencies and use headers and bullets to break out deliverables and milestones.

Identify which team or team member is responsible for each task.

Clearly show the duration of each task.

List the related resources (staff, time, cost, materials) for each task.

Add notes to tasks that might seem confusing or unclear. (Even better, revise the wording of the task, so it’s clear to all readers.)

Include the resources allocated for each task.

Use your client’s logo and your company’s logo for external projects.

If you have other company branding (fonts, tag lines, etc.), use where relevant.

Ask a team member to review the plan for grammar,spelling errors, and typos.

Once all the plans are assembled, it’s time to get final approval from your client and other stakeholders. Good communication during the planning process and a willingness to answer questions up front will help you avoid surprises at this late stage.

Step Seven: Launch Your Project

The plan is approved, so you can publish and share it with your team. Schedule a kickoff meeting to walk them through the project, making sure everyone has read the plan and is ready to dig in. Be ready to answer any questions and set an effective leadership tone. A strong start will help you get across the finish line with an enthusiastic team and high morale.

Step Eight: Monitor and Review Your Progress

Project planning isn’t finished until the project is finished. You will need to monitor progress and project scope , compare it to the baselines, and manage any changes. No plan is perfect, so be prepared to adjust the plan and making critical decisions as issues arise.

During the project planning phase, you put time into the core and facilitating processes. Now you focus on change management, quality control, and governance to keep everything running smoothly. You should regularly analyze the progress by comparing it to baseline plans. Measuring project performance and progress is called earned value management (EVM). EVM takes project tracking a step further and helps you evaluate your progress more accurately.

Another area to monitor is project risks . Keep a log that identifies all the risks you’ve anticipated and the plans for preventing or addressing those risks. Review the risk log regularly to see what’s happened, any new risks that may occur, and what is no longer at risk.

As project manager, you should document everything in this phase. Record changes that go through the change management process, as well as smaller factors that can shift the deliverables on your project. These documents can be the basis for your communication with team members, stakeholders, and clients. They can also serve as part of the archive for the project to be used by another project manager the next time a similar project arises.

Managing successful projects is hard. But you’ve put a lot of hard work into building this plan, so enjoy the parts that go well, be enthusiastic about leading your team when tough calls have to be made, and continue to inspire creativity as the project unfolds.

What Are the Challenges in Project Planning?

You won’t be able to anticipate every factor, risk, or variable that bubbles up during the project. The customer review and feedback cycle may be slower than you had estimated, or your company may face unexpected budget cuts. There’s always a level of uncertainty in any project environment. But you can prepare for the unexpected by building flexibility and strong change control and approval workflows into your planning process.

Avoid simply thinking that a plan is unnecessary. Maybe the project seems small so you think your team can wing it. Or, maybe there are so many variables and uncertainties that it doesn’t seem worth the effort to plan. Sometimes, stakeholders will skip the project plan, so they can just get started on the work.

Project planning is inherently uncertain because you will never have all the information you need. You will have to make assumptions about resources and plan for certain kinds of risks. But the degree of uncertainty in a project tends to be inversely proportionate to the information at hand. While you can’t be precise about the variables that affect your assumptions, you can plan for several broad categories of variables and risks, including marketplace competition, changing regulations, and evolutions in technology.

The Challenges of Poor Communication

Poor communication leads to misunderstandings, failure to meet quality standards, work that has to be redone, or even canceled projects. Poor communication starts in several places:

Unclear roles and responsibilities

A lack of stakeholder input

A lack of stakeholder approval if needs or objectives are not understood

Stakeholders changing or adding requirements after the project has started

Communication, from asking questions to sharing project updates and getting stakeholder buy-in, is critical to the success of your plan. Additionally, managing stakeholder input is crucial to the continued success of the project.

Make sure you ask enough questions to understand what your clients and stakeholders need, provide enough information to ensure that you are on the right track, and give them options up front to reduce the likelihood of requested scope changes after the project is underway.

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The 10 Essential Elements of a Project Plan

October 16, 2019 by Bernie Roseke, P.Eng., PMP Leave a Comment

The project plan is like the flight plan filed by a pilot prior to embarking on a journey.  It communicates how the project will attempt to reach its destination.

The project plan is the strategy that will be used to produce the project’s products, services, or results.  It is written in sufficient detail to communicate to executives and stakeholders how the project will be managed and performed.

To do this, the essential elements of a project plan are:

• Scope statement

Requirements

Quality criteria.

• Project resources
• Stakeholder list
• Communications plan
• Procurement strategy
• Risk management

Scope Statement

Although the schedule and budget are, by definition, at the top of the list of important considerations for most projects, the project scope is actually ahead of them.  Because without scope, you don’t have a project.  You don’t even make it on to the runway for takeoff.

That’s because scope defines the boundaries of the project.  It is a statement of what work is included within the project, and what is not.  A good scope statement  significantly reduces risk of project overruns and unexpected turbulence.

The project schedule communicates to all stakeholders what the expected arrival time will be, and serves to keep the project manager’s hands on the throttle throughout the project.

Since projects are by definition temporary endeavors with a defined beginning and end, the exact location of that end date is a primary consideration for most projects.  It’s why, after being awarded a project, the project deadline is usually the first question being asked.

In professional project management, the project is divided into work tasks, called a Work Breakdown Structure (WBS), which is a complicated term for a simple thing.  A simple WBS with two tasks looks like this:

To create the project schedule, each task is assigned an expected start and end date, like this:

Project schedules are usually communicated in gantt chart form, a horizontal bar chart which identifies the expected start and end dates for each task.

Clearly, the project overall completion date is the end date of the final task.

If your project loses money, you either have to explain it to the boss or try to get extra money from the owner.  Neither is an appealing prospect to most people.

Budgets and schedules are related.  Time costs money, and if a project is behind schedule it is likely over budget as well.

However, the budget is a distinct component of the project plan and should be treated as such.  To include the budget in the project plan, another column is added to the table, called “budget”:

Seems like you’re most of the way there already, and actually, you are.  But there are still many, smaller pieces that will make the project plan sing if you let them.

If you’ve ever been on an airplane with uncomfortable seats, crying babies in the seat beside you, or cranky flight attendants you know that there is more to a successful flight than simply arriving at the destination.

All projects have requirements .  For example, if you’re building a fence, somebody’s expecting it to be a certain size, color, or type.  In project manager-speak, we say that stakeholders have expectations.  Even if these requirements are not written down anywhere, you need to know what they are, and the project plan is the perfect place to quantify them.

The quality criteria should be identified in the project plan, including pass/fail requirements, as well as the methods used to ensure the quality criteria will be met.

Project Resources

If you don’t want to make an emergency landing, you need to make sure the fuel tanks are full while the plane is still on the ground.

Resources often require the most planning and coordination throughout the project’s execution.  That’s because they arrive late, require unexpected maintenance, don’t meet specifications, or any other host of issues that can trip up a project.  Resources are:

• Tools and Equipment

To properly account for resources in a project plan, each task is assigned the resources it needs to carry out its work.  The resources are pinned to the task.  We will return to our original example:

 After this, the each resource is inspected and its availability is secured.  Obviously, you need Bob from June 1 – June 30, John from June 5 – June 30, and the fence material needs to arrive before June 5.

Since the resources have budget implications (you have to buy the fence material), this step should in fact be nailed down prior to finalizing the project budget .  I have included it after the budget for clarity and to allow for small projects where budget determinations are easy.

Stakeholder List

The project team who carries out the work is a stakeholder.  They wish to be treated well and compensated fairly for their work.  They usually want to finish the project with something more than they started, like more experience or a better chance at the next project.

Other, external stakeholders can often trip up a project.  Environmental groups, adjacent landowners, utility companies, government regulatory agencies, and the like, often fly under the radar until they suddenly demand expensive project changes .

The project plan should list all of the stakeholders and analyze:

• Their interest in the project
• Their ability to cause project changes

Communications Plan

• Management needs to know the project schedule and budget status
• The project team needs to know certain technical information
• External stakeholders need to know how their concerns are being addressed
• The end user needs to know how the project will improve their lives
• The project sponsor needs to know about project issues and how they are being resolved

Procurement Strategy

Procurement means purchasing of outside goods, materials, and services.  In small companies, you can usually go out and buy things without too much hassle.  In larger companies, you might have to get multiple layers of approval or develop a contract.  Maybe there is even a procurement department that does the purchasing.

Because of the many legal and contractual issues with purchasing things, the project plan should contain a listing of the items that need to be purchased as well as a strategy for performing the procurement activities.

Risk Management

Risk mitigation involves 4 steps:

• Risk Identification All risk events that might impact the project’s success are brainstormed and defined.
• Probability.  If an event is likely to occur, it is considered high risk.
• Severity.  If an event causes large damages, it is considered high risk.
• Prioritization An overall prioritization ranking of the most important risk events is carried into the project plan for ongoing tracking.  Any risks deemed not important enough are not included.
• Risk response plans Response plans are developed for the most important risks so that rapid action can be taken when (if) they occur.

Large megaprojects, like the olympics or industrial projects, spend a significant portion of their project budget developing (and rehearsing) rapid response plans for a long list of possible risk event scenarios.  If megaprojects do it, then the process would have value for small projects as well (although correspondingly smaller).

Project Management Methodologies

Although the PMI maintains the most widely used project management methodology and certification scheme in the world, the PRINCE2 methodology is a fast growing certification scheme for project managers which is easier to obtain, but represents a specific project management method.  It includes details of roles and responsibilities which must be fulfilled to quality as a PRINCE2 project , rather than a general project management expertise bank.  Thirdly, the International Project Management Association (IPMA) maintains a certification scheme called Individual Competence Baseline (ICB) that focuses on project manager “competence elements” (like leadership, negotiation, teamwork, etc.).  The ICB works well for certification, but is not structured as a guide for project management activities.

Related posts:

About Bernie Roseke, P.Eng., PMP

Bernie Roseke, P.Eng., PMP, is the president of Roseke Engineering . As a bridge engineer and project manager, he manages projects ranging from small, local bridges to multi-million dollar projects. He is also the technical brains behind ProjectEngineer , the online project management system for engineers. He is a licensed professional engineer, certified project manager, and six sigma black belt. He lives in Lethbridge, Alberta, Canada, with his wife and two kids.

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How to Write a Project Plan – The 7 Core Components

Staring at your project, wondering where to start? Whether you’re a project management ninja or just learning the ropes, the first steps can be intimidating. Let’s learn how to write a project plan to make things a tad easier. In this guide, we outline the core steps for writing bulletproof project plans. You’ll learn how to define objectives, manage resources, and much more.

Let’s get started. 👇

📐 Understanding Project Plans

Definition of a project plan.

A project plan is a formal document that details the project’s goals, scope, and deliverables, as well as the resources, budget, and timeline to accomplish these objectives. It’s essentially a blueprint for your project’s success.

Without it, projects can lose direction and focus.

With it, teams navigate challenges and stay on course.

Project plans are not set in stone; they can grow and adapt. If something doesn’t work out as planned, a project manager can course-correct. This way, the team can handle surprises and still make sure everything gets done right.

Importance of Project Planning

So, why do you need a project plan? 

Does every project, regardless of size or complexity, require one? 

The short answer: Absolutely. Here’s why.

An effective project plan sets the stage with clear goals and objectives. It gives everyone a target to aim for. With that on the table, every action has a purpose.

Project planning also helps optimize the use of time and resources.

We’re all working with limited assets — time, money, people. A project plan helps secure the essential ingredients and ensures they are used wisely.

Moving on, a project plan helps navigate bumps in the road. It allows teams to tackle challenges head-on so that the project stays agile and adaptable.

Finally, a solid project plan creates a shared understanding of the objectives and how each role contributes to the big picture. It fosters a sense of purpose, something you can’t ignore if you want the project to succeed.

Here’s everything you need to write one.

✅ Before You Start: Pre-Planning Considerations

Gathering initial requirements.

Let’s take a quick trip down memory lane.

Did you know that the Empire State Building was completed ahead of the project schedule and under budget? This feat was possible not just because of the engineering prowess but also thanks to meticulous planning.

So, where do we start?

Think of it as your project’s first date.

You want to ask all the right questions: What are we trying to achieve? Who’s going to benefit from this? What do we need to get there?

On a more serious note, this initial stage of gathering requirements is your groundwork for success. It’s where you define the scope, set realistic expectations, and identify potential challenges.

Defining Project Scope and Objectives

“Without a goal, you can’t score.”

In project management, this means clearly laying out what you’re planning to achieve — what you will deliver at the end of the day and what you won’t.

A project scope should include the work required to deliver a product, service, or result. This includes defining and documenting the deliverables and the boundaries of what is and isn’t included.

Objectives, on the other hand, will include specific, concrete goals that guide the project toward successful completion.

For instance, if you’re launching a new website, an objective might be to have 10,000 unique visitors within the first month. Or, if you’re creating a new product, an objective could be to sell 500 units by the end of the quarter.

Getting this down on paper requires key players — your stakeholders.

Stakeholder Identification and Communication

So, who do you talk to first?

Start with the people who have a direct stake in the project’s outcome.

This includes anyone who will be affected by the project, contribute to it, or have a say in its execution and completion. Think team members, clients, suppliers providing essential materials, investors, or even end-users.

It’s a good idea to categorize stakeholders by their level of involvement. The additional legwork will ensure that you’re engaging with the right people.

✏️ Writing the Project Plan: The Core Components

Executive summary.

An executive summary is a concise overview of the entire project plan. It’s designed to give readers a quick glimpse of what the project entails.

Here’s what it should include:

• Project Purpose and Justification : Why the project is necessary.
• Project Objectives : The main goals the project aims to achieve.
• Scope Overview : A snapshot of the project scope.
• Key Deliverables : Major outputs the project will produce.
• Assumptions and Constraints : Conditions and project limitations.
• Brief Overview of Methodology : How to achieve project objectives.
• Summary of Costs and Benefits : Project budget and expected ROI.
• Key Stakeholders : Stakeholders involved in or affected by the project.
• Project Timeline : High-level timeline of the project’s major milestones.

💡 Pro Tip : Writing a project plan can take days or even weeks. You can cut that time by up to 50% with Taskade’s AI features.

Project Goals and Objectives

Alright, let’s zero in on what you’re aiming for in a project. This is where you lay down the markers, the “what” and “why” that’ll keep the project on track.

First things first, project goals are the big-picture targets you’re trying to reach. These are the overarching aims that give our project purpose and direction.

Whether it’s boosting revenue, enhancing customer satisfaction, or launching products, goals set the stage for everything you will do during the project.

Now, let’s talk about objectives, the building blocks that will help your team reach the project goals. They’re the specific steps you and your team will take.

Here’s what you’ll need to do next:

• Define Project Goals : Start with broad goals that encapsulate the project’s purpose, like increasing market share or organic traffic.
• Set Specific Objectives : Break down goals into clear objectives using the SMART criteria, such as “boost sales by 20% in six months.”
• Link Objectives to Strategies : Describe how you plan to achieve each objective, like mapping out a marketing campaign to boost sales.
• Prioritize Objectives : Identify which objectives are most critical to the project’s success. This could mean securing funding or finalizing designs.
• Establish Metrics for Success : Define how success will be measured for each objective. Number of new subscribers? Satisfaction rating?
• Review and Adjust Objectives : Be prepared to revisit and refine objectives as needed. Stay flexible to adapt to changes in scope.

Scope and Deliverables

What exactly is the project aiming to achieve?

How do we define its success?

Outlining the boundaries helps your team understand what’s in play and what’s out. It also helps prevent the dreaded scope creep, which is just a fancy way of saying “biting off more than we can chew.”

Next up, deliverables.

These are the milestones, the tangible outcomes that you’re committing to deliver at various stages of the project. This can be a new software feature, a marketing campaign, or a construction project.

Timeline and Milestones

Why bother with figuring out a project timeline early on?

Well, for starters, it will keep you and your team sane. A timeline lays out the “when” for the project, a key ingredient necessary for tracking progress and adjusting the sails when the wind changes direction.

While it may be tempting to pack the timeline with back-to-back milestones, breathing room is crucial. Projects, like people, need space to breathe, adapt, and grow. Plot your milestones wisely, leaving room for the unexpected.

💡 Pro Tip : Still trying to piece it together? Set up a custom AI agent in Taskade and train it with historical project data to set realistic deadlines. Follow the link or watch this video guide to start.

Resource Allocation

Every project needs adequate resources to lift off. If you’ve done your lesson and applied what we discussed in the stakeholders section, this should be easy.

Start with your crew.

Who’s on board? Evaluate team members’ strengths and match them with project tasks that not only need those skills but will also keep people engaged.

Once you have the “who” figured out, it’s time to discuss the “what.”

The first step is a thorough inventory. What do we have? What do we need? This includes personnel, technology, financials, and physical spaces.

Next on, financial resources. This step involves creating a project budget that reflects the project’s scope, allocating funds across project tasks, and setting up monitoring mechanisms to ensure adherence to the budget.

And let’s not forget about technology. The right selection of tools can make a significant difference in the success of your project.

Check our article on Best AI Project Management Tools to learn more.

💡 Pro Tip : Taskade’s Mind Map view allows you to visualize different aspects of your project, including resources, tasks, and dependencies.

Risk Management Plan

Imagine your project is progressing smoothly, and suddenly, a critical supplier fails. Ok, you don’t have to imagine it. These things happen all the time, and poor risk management is at the heart of most project failures.

A risk management plan is a document designed to identify, assess, and manage potential risks that could impact the project’s objectives. What’s included? At the very minimum, it should discuss:

• Potential Risks : From financials to operational challenges.
• Analysis : An evaluation of risks to understand their impact.
• Risk Mitigation Strategies : Actions to prevent or reduce the risk.
• Monitoring : A process for ongoing monitoring of risks.
• Roles and Responsibilities : A clear breakdown of who does what.

Communication Plan

Communication silos, undercommunication, overcommunication, using wrong channels — a lot of things can go wrong when it comes to project chatter.

You’ve already identified key stakeholders — from team members and managers to clients and vendors. That was step one. Step two is to specify the frequency of communications, the level of detail, and preferred channels.

Drafting a formal document may seem excessive, but it’s well worth it. It lays everything out on the table — who talks to whom, about what, and how often — and sets the rules for a game everyone’s playing.

💡 Pro Tip : Lost in emails, chats, and calls? Taskade centralizes communication so you can work and chat in the same space .

✨ Best Practices in Project Planning

Flexibility and adaptability.

Does our little exercise give you an urge to get everything right? It shouldn’t.

No plan survives contact with the real world entirely unscathed. That’s why you need to leave some wiggle room from a Plan B, C, and even D.

Because circumstances change, new information comes to light, and what seemed like a solid idea yesterday might not hold water today.

So, when the unexpected hits, view it as a chance to refine, not just react. Your plans will shift, and that’s okay. It’s this readiness to adjust that keeps your project resilient and forward-moving.

Stakeholder Engagement

We’re making a full circle back to where it all started — the people.

Stakeholders may have a stake in the project, but getting them fully engaged can be tricky. It requires a blend of clear communication, mutual respect, and genuine collaboration. Check all three boxes, and you’re good to go.

You have come up with a future-proof communication plan. Now, you need to encourage feedback and actively listen to what stakeholders have to say.

Demonstrate that their engagement has a real impact, strengthening their commitment to the project’s success. And when the time is right, don’t forget to celebrate milestones together and address challenges openly.

Continuous Monitoring and Adjustment

Think of this point as the project’s pulse check.

Regular reviews of timelines, budgets, and deliverables allow you to catch potential issues before they escalate. Let’s break it down then.

First, use project management software.

A solid digital toolbox gives you the scoop on everything, in real time — progress tracking, seeing where resources are tight, and spotting hold-ups.

The real magic happens when you start adjusting based on what you’ve monitored. Changes in scope, timelines, and resources should be made thoughtfully, with a clear understanding of their impact on the project.

But it’s not all about tech. Regular team check-ins matter, too. They’re your chance to catch up, tackle problems together, and keep everyone in the loop.

🏁 Finalizing and Implementing the Project Plan

Review and approval process.

So, you’ve got your plan all mapped out. But before you hit the ground running, there’s a crucial step: getting the thumbs-up from those who hold the reins.

First up, the presentation. This is your opportunity to demonstrate the strategic alignment of your project and articulate its relevance to overarching organizational objectives. Present the key milestones, resource distribution, and strategic alignment in a manner that is both detailed and succinct.

Now, brace yourself for feedback. It’s inevitable and invaluable.

Whether it’s a question about your timeline or a suggestion to reallocate resources, each piece of feedback is a gem. Active listening and a willingness to adapt your plan based on stakeholder input are essential.

Implementation Strategy

With vetted project plan in place, it’s time to bring the project to life.

Break down the project into manageable segments with specific milestones. Segmentation makes it easier to track progress and make adjustments along the way. You can use a Gantt chart or similar project management tools to visualize the timeline and dependencies between tasks.

Once the project is in motion, it’s all about smart moves.

Resources? We’ve already mapped that out, as well as risks, key stakeholders, and deliverables. Make sure every dollar, person, and minute counts. Spot those potential hiccups early and react as soon as possible.

Monitoring Progress and Making Adjustments

Maintaining project momentum requires constant attention.

Keep an eye on how things are moving and course-correct as needed. Use key performance indicators (KPIs) and regular status meetings to gauge progress against the project schedule and objectives. Implementing a feedback loop from team members and stakeholders adds extra context and value.

Remember — monitoring is an ongoing strategy.

With the right tools and a responsive approach, you will help your project team thrive, meet challenges head-on, and make more informed decisions.

🐑 Wrapping It Up: Key Takeaways for Successful Project Planning

Time to wrap this up.

We’ve covered the essentials of crafting a comprehensive project plan. You should now understand foundational project elements and implement the plan in real time. You also have the knowledge and tools n to navigate the complexities of project planning successfully. 

But before you go, let’s recap what we’ve learned today:

• Planning is Gold : Good planning sets the stage for success.
• Solid Foundations First : Nail the basics — needs, goals, and who’s in.
• Stay Flexible : Be ready to pivot; perfection is not the goal, progress is.
• Communicate : Dialog is key; keep everyone in the loop.
• Eyes on the Prize : Run regular checks and adjust to keep things on track.
• Seal the Deal : Get that final nod through a solid approval process.
• Action Time : Break it down, use the right tools, and get moving.

And speaking of tools, why don’t you try Taskade? 🐑

Taskade is an AI-powered project and task management platform that streamlines collaboration and helps teams keep a clear view of projects.

🪄 AI Project Studio : Describe what you’re working on or upload seed documents, and Taskade will generate projects, lists of tasks, and even entire workflows.

📚 AI Prompt Templates : New to generative AI? Taskade features hundreds of AI prompt templates to help you start. Pick a prompt, customize it, and you’re ready to go.

✏️ AI Assistant : Plan and organize projects faster with smart insights powered by GPT-4 Turbo. Use dozens of handy AI commands in the project editor or add your own.

🤖 Custom AI Agents : Create a squad of custom AI agents. Deploy then within projects to automate routine tasks and supercharge your workflow.

Visit Taskade’s  pricing page  for for a full list of AI features.

Need help? Want to learn more? Check these resources next:

• 🔗 Basics of Project Management
• 🔗 What Is Scope Creep?
• 🔗 AI Project Management Generators
• 🔗 Project Planning Checklist Template

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Planning, build-up, implementation, and closeout. by HBR Editors

Whether you’re in charge of developing a website, designing a car, moving a department to a new facility, updating an information system, or just about any other project (large or small), you’ll go through the same four phases of project management: planning, build-up, implementation, and closeout. Even though the phases have distinct qualities, they overlap.

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Project Planning: How to Make a Project Plan

This guide is brought to you by projectmanager, the project planning software trusted by 35,000+ users worldwide. make a project plan in minutes.

What Is a Project Plan?

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A project plan is a series of formal documents that define the execution and control stages of a project. The plan includes considerations for risk management, resource management and communications, while also addressing scope, cost and schedule baselines. Project planning software is used by project managers to ensure that their plans are thorough and robust.

ProjectManager allows you to make detailed project plans with online Gantt charts that have task dependencies, resource hours, labor costs, milestones, the critical path and more. Plus, your team can execute the plan in any of our five project views, while you track progress along the way with dashboards. Start today for free.

The project plan, also called project management plan, answers the who, what, where, why, how and when of the project—it’s more than a Gantt chart with tasks and due dates. The purpose of a project plan is to guide the execution and control project phases.

As mentioned above, a project plan consists of the following documents:

• Project Charter : Provides a general overview of the project. It describes the project’s reasons, goals, objectives, constraints, stakeholders, among other aspects.
• Statement of Work : A statement of work (SOW) defines the project’s scope, schedule, deliverables, milestones, and tasks.
• Work Breakdown Structure : Breaks down the project scope into the project phases, subprojects, deliverables, and work packages that lead to your final deliverable.
• Project Plan : The project plan document is divided in sections to cover the following: scope management, quality management, risk assessment, resource management, stakeholder management, schedule management and the change management plan.

This guide aims to give you all the information and resources you need to create a project plan and get it approved by your customers and stakeholders. Let’s start with the basics of writing a project plan.

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Project Plan Template

Use this free Project Plan Template for Word to manage your projects better.

Your project plan is essential to the success of any project. Without one, your project may be susceptible to common project management issues such as missed deadlines, scope creep and cost overrun. While writing a project plan is somewhat labor intensive up front, the effort will pay dividends throughout the project life cycle.

The basic outline of any project plan can be summarized in these five steps:

• Define your project’s stakeholders, scope, quality baseline, deliverables, milestones, success criteria and requirements. Create a project charter, work breakdown structure (WBS) and a statement of work (SOW) .
• Identify risks and assign deliverables to your team members, who will perform the tasks required and monitor the risks associated with them.
• Organize your project team (customers, stakeholders, teams, ad hoc members, and so on), and define their roles and responsibilities.
• List the necessary project resources , such as personnel, equipment, salaries, and materials, then estimate their cost.
• Develop change management procedures and forms.
• Create a communication plan , schedule, budget and other guiding documents for the project.

Each of the steps to write a project plan explained above correspond to the 5 project phases, which we will outline in the next section.

What Are the 5 Phases of the Project Life Cycle?

Any project , whether big or small, has the potential to be very complex. It’s much easier to break down all the necessary inclusions for a project plan by viewing your project in terms of phases. The Project Management Institute , within the Project Management Book of Knowledge (PMBOK), have identified the following 5 phases of a project:

• Initiation: The start of a project, in which goals and objectives are defined through a business case and the practicality of the project is determined by a feasibility study.
• Planning: During the project planning phase, the scope of the project is defined by a work breakdown structure (WBS) and the project methodology to manage the project is decided on. Costs, quality and resources are estimated, and a project schedule with milestones and task dependencies is identified. The main deliverable of this phase is your project plan.
• Execution: The project deliverables are completed during this phase. Usually, this phase begins with a kick-off meeting and is followed by regular team meetings and status reports while the project is being worked on.
• Monitoring & Controlling: This phase is performed in tandem with the project execution phase. Progress and performance metrics are measured to keep progress on the project aligned with the project plan.
• Closure: The project is completed when the stakeholder receives the final deliverable. Resources are released, contracts are signed off on and, ideally, there will be an evaluation of the successes and failures.

Free Project Plan Template

Address all aspects of your project plan with this free project plan template for Word . This in-depth template will guide you through every phase of the project, as well as all the elements you need to outline for a proper document. Download your template today.

We’ve created also created other project planning templates to help you create all the different documents that make up a project plan, like the project schedule, project budget or resource plan.

Now that we’ve learned how to make a project plan, and identified the stages of the project management life cycle, we need to emphasize on the importance of the project planning phase.

The project planning process is critical for any kind of project because this is where you create all the documents that will guide how you’ll execute your project plan and how you’ll control risks and any issues that might occur. These documents, which are part of the project management plan, cover all the details of your project without exception.

There are project plan templates out there that can help you organize your tasks and begin the project planning process—but we here at ProjectManager recommend the use of project planning software. The feature set is far more robust and integrated with every project phase compared to an Excel project plan template, and is a great way to ensure your actual progress stays aligned with your planned progress.

Once you write a project plan, it’s time for implementation . Watch the video below to see how project planning software helps organize a project’s tasks, resources and costs.

Project planning tools has become an invaluable tool for project managers in recent years, as it provides them the ability to maintain and automate the components we outlined above. Project planning software is a great tool to facilitate project management processes such as schedule development, team management, cost estimation, resource allocation and risk monitoring.

Beyond that, planning software also allows managers to monitor and track their plan as it moves through the execution phase of the project. These features include dashboards, for a high-level view of the project’s progress and performance, and in-depth reports that can be used to communicate with stakeholders.

Project planning software comes in all different sizes and shapes. There are some that focus on a single aspect, and others that offer a suite of planning features that can be used in each one of the project planning steps. What’s right for your project depends on your specific needs, but in general terms, project planning software is a much more powerful tool than project planning templates .

Related: 20 Must-Have Project Management Excel Templates

Online project planning software is highly flexible and adaptable to your team’s style of work. It has features that are designed to assist you throughout your project planning process.

Before the rise of planning software, project managers would typically have to keep up with a disjointed collection of documents, excel spreadsheets and so on. Savvy managers, however, make use of the project management tools available to them to automate what they can, and streamline what they can’t.

Some of the time-saving benefits of project planning software include the following.

• Organize, prioritize and assign tasks
• Plan and schedule milestones and task dependencies
• Monitor progress, costs and resources
• Collaborate with team
• Share project plans with team and stakeholders
• Generate reports on plans

Gantt Charts for Superior Planning

A Gantt chart is the most essential tool for the project planning process. Organize tasks, add their duration and they automatically populate a project timeline . Set milestones to break the larger project into manageable phases, and link task dependencies to avoid bottlenecks later in the project.

Get More Than a To-Do List

When planning a project, you need more than a to-do list. Seek out a planning software with a task list feature that lets you set priority levels, filters and collaborate. It’s a big plus if you can also make personal task lists that are private to manage your own work.

Use Kanban for Workflows

Workflows ensure proper execution of your plan, and no feature does this better than kanban boards. Customize boards to match your workflow and drag and drop cards as teams get their work done. See what work needs to be done and keep the focus on productivity with this feature.

Be Able to Track Progress

A dashboard can keep your project plan on track. Try and find a dashboard that’s synced with your planning tools, so everything updates automatically. It will make reporting easier too.

Get Transparency Into Teams

For a plan to go smoothly, you have to know what your team is working on. Find a way to balance your team’s availability with the project schedule. Workload features that map out resource allocation and holidays can be a big help here.

Be Able to Manage Multiple Projects

Rarely do you need to only focus on one project at a time. Give yourself the flexibility to manage multiple projects at once in the same tool. A roadmap feature that maps all of your projects on one timeline can be a lifesaver.

Before we dive into how to create a project plan, it helps to be familiar with some of the terms that you’ll run across. Here is a list of general terms you’ll encounter in this guide.

• Deliverable: The results of a project, such as a product, service, report, etc.
• Stakeholder: Anyone with a vested interest in the project—project manager, project sponsor, team members, customers, etc.
• Tasks: Small jobs that lead to the final deliverable.
• Milestone: The end of one project phase, and the beginning of the next.
• Resources: Anything you need to complete the project, such as personnel, supplies, materials, tools, people and more.
• Budget: Estimate of total cost related to completing a project.
• Tracking & Monitoring: Collecting project data, and making sure it reflects the results you planned for.

The project planning process is critical for the success of your project, and as a project manager, you have to think about all the elements that make up your project management plan such as work, time, resources and risks.

Now, we’re going to take you through the main project planning steps :

• Outline the business case
• Meet with key stakeholders
• Define project scope
• Assemble a project team
• Determine a project budget
• Set project goals & objectives
• Outline project deliverables
• Create a project schedule
• Assign tasks to your team members
• Do a risk analysis
• Create your project plan
• Report your progress

By following these project planning steps, you’ll clarify what you need to achieve, work out the processes you need to get there and develop an action plan for how you are going to take this project plan outline forward.

1. Outline the Business Case

If you have a project, there’s a reason for it—that’s your business case . The business case outlines reasons why the project is being initiated, its benefits and the return on investment. If there’s a problem that is being solved, then that problem is outlined here. The business case will be presented to those who make decisions at your organization, explaining what has to be done, and how, along with a feasibility study to assess the practicality of the project. If approved, you have a project.

2. Meet with Key Stakeholders

Every project has stakeholders , those who have a vested interest in the project. From the ones who profit from it, to the project team members who are responsible for its success. Therefore, any project manager must identify who these key stakeholders are during the project planning process, from customers to regulators. Meeting with them is crucial to get a better picture of what the project management plan should include and what is expected from the final deliverable.

3. Define Project Scope

It refers to the work required to accomplish the project objectives and generate the required deliverables. The project scope should be defined and organized by a work breakdown structure (WBS). Therefore, the project scope includes what you must do in the project (deliverables, sub deliverables, work packages, action items ), but also what is nonessential. The latter is important for the project plan, because knowing what isn’t high priority helps to avoid scope creep ; that is, using valuable resources for something that isn’t key to your project’s success.

4. Assemble a Project Team

You’ll need a capable project team to help you create your project plan and execute it successfully. It’s advisable to gather a diverse group of experienced professionals to build a multi-disciplinary team that sees your project management plan from different perspectives.

5. Determine a Project Budget

Once you define your project scope, you’ll have a task list that must be completed to deliver your project successfully. To do so, you’ll need resources such as equipment, materials, human capital, and of course, money. Your project budget will pay for all this. The first step to create a project budget is to estimate the costs associated with each task. Once you have those estimated costs, you can establish a cost baseline , which is the base for your project budget.

6. Set Project Goals & Objectives

Goals and objectives are different things when it comes to planning a project. Goals are the results you want to achieve, and are usually broad. Objectives , on the other hand, are more specific; measurable actions that must be taken to reach your goal. When creating a project plan, the goals and objectives naturally spring from the business case, but in this stage, you go into further detail. In a sense, you’re fine-tuning the goals set forth in the business case and creating tasks that are clearly defined. These goals and objectives are collected in a project charter , which you’ll use throughout the project life cycle.

7. Outline Project Deliverables

A project can have numerous deliverables. A deliverable can be a good, service or result that is needed to complete a task, process, phase, subproject or project. For example, the final deliverable is the reason for the project, and once this deliverable is produced, the project is completed. As defined in the project scope, a project consists of subprojects, phases, work packages, activities and tasks, and each of these components can have a deliverable. The first thing to do is determine what the final deliverable is, and how you will know that the quality meets your stakeholder’s expectations. As for the other deliverables in the project, they must also be identified and someone on the team must be accountable for their successful completion.

8. Create a Project Schedule

The project schedule is what everything hangs on. From your tasks to your budget , it’s all defined by time. Schedules are made up by collecting all the tasks needed to reach your final deliverable, and setting them on a project timeline that ends at your deadline. This can make for an unruly job ahead, which is why schedules are broken into phases, indicated by milestones , which mark the end of one project phase and the beginning of the next.

9. Assign Tasks to Your Team Members

The plan is set, but it still exists in the abstract until you take the tasks on your schedule and begin assigning them out to your team members. Their roles and responsibilities must be clearly defined, so they know what to do. Then, when you assign them tasks from your plan, they should be clear, with directions and any related documentation they will need to execute the tasks.

10. Do a Risk Analysis

Every project has some level of risk . There are several types of risk such as scope risk, technical risks and schedule risk, among others. Even if your project plan is thorough, internal and external factors can impact your project’s time, cost and scope (triple constraint). Therefore, you need to regard your planning as flexible. There are many ways to prepare for risk, such as developing a change management plan, but for now, the most important thing to do is to track your progress throughout the execution phase by using project status reports and/or project planning software to monitor risk.

11. Create your Project Plan

As discussed above, a project management plan is a document that’s made of several elements. Before we get into a detailed explanation of each of them, it’s important to understand that you should include them all to have a solid project plan. The components that you’ll need might vary depending on your project, but in general terms, you’ll need these main documents to create your project management plan:

• Project charter
• Project schedule
• Project budget
• Project scope statement
• Risk management plan
• Change management plan
• Cost management plan
• Resource management plan
• Stakeholder management plan

12. Report Your Progress

Your ultimate goal is to ensure a successful project for your stakeholders. They’re invested, and will not be satisfied twiddling their thumbs without looking at project status reports to track progress. By constructing a work breakdown structure (WBS) during the project planning phase you can break down the project for them so that they understand how your project plan will be executed. Keeping stakeholders informed is important to manage their expectations and ensure that they’re satisfied. Having regular planning meetings where you present progress reports are a great way to show them that everything is moving forward as planned and to field any questions or concerns they might have. Your stakeholder management plan will specify how you’ll engage stakeholders in the project.

Project planning software is a tool that helps to plan, organize and manage the schedule and resources needed to complete a project. ProjectManager is an award-winning project management software that organizes projects from planning to completion. Sign up for a free 30-day trial and follow along to build a thorough project plan that covers every detail.

1. List Your Tasks for the Plan

Tasks are the building blocks of any project and the start of any plan is identifying all the tasks that lead to your final deliverable.

Open the tool to add your tasks on the Gantt chart or one of the other multiple project views. You can import a task list from any spreadsheet or use one of our templates to get started.

2. Add Duration and Costs to Tasks

Every task has an estimated duration, which is the time it will take to complete it. They will also require a certain amount of funding, which needs to be collected to formulate your plan.

Add the start and end dates for each task in the Gantt and they populate a project timeline, so you can see the whole project laid out in one place. There’s also a column for task costs.

3. Link Dependent Tasks

Tasks are not always separate from one another. Often one cannot start or stop until another has started or stopped. That’s called a task dependency and needs to be noted in your plan.

Link dependent tasks by dragging one to the other. A dotted line indicates that they’re linked, so you stay aware of the fact and can avoid bottlenecks later in the project.

4. Set Milestones & Baseline

A milestone indicates the end of one phase and the beginning of another, which helps with tracking and morale. The baseline sets your plan so you can compare it to actual progress.

There is a filter on the Gantt that automatically sets the baseline, so you can use it to track your actual progress against the plan. The baseline can also be locked with a click.

5. Onboard Team & Assign

Getting the team and the tool together is how a project plan becomes actualized. The easier and seamless this transition, the faster you’ll get to work on the project.

Invite your team from the software and it generates an email with a link. Once they follow that link, they’re in and have access to the tools they need to manage their tasks.

6. Monitor Progress & Report to Stakeholders

Keeping track of your progress and then updating stakeholders is both how you stay on track and manage your stakeholders’ expectations.

See progress as it happens on our real-time dashboard, which calculates data and displays it over six project metrics. Reports can be filtered and shared for a deep dive into those numbers.

7. Adjust Plan As Needed

No plan remains the same throughout a project. Things happen and changes are demanded. Therefore, being able to edit your plan easily is key to the project planning process.

Edit your plan on the Gantt by a simple drag and drop. Move the old date to the new date and not only is that task fixed, but any impacted tasks are also updated automatically.

ProjectManager is an award-winning software that helps managers plan and helps teams get organized. Gantt charts control all aspects of your project plan from scheduling to assigning tasks and even monitoring progress. Multiple project views provide transparency into workflow and give everyone the tools they need to be at their best.

Ready to make your plan? Try ProjectManager today with this free 30-day trial.

The project manager is responsible for producing the project plan, and while you can’t make up all the content yourself, you’ll be the one banging the keys to type it all out. Use templates where you can to save time. Download our free project plan template and write your plan in double-quick time!

The purpose of a project management plan is to serve as a guide for the execution and control phases. The project plan provides all the information necessary for the execution phase such as the project’s goals, objectives, scope of work, milestones, risks and resources. Then, this information helps project managers monitor and control the progress of the project.

We plan at the beginning to save time later. A good project plan means that you don’t have to worry about whether the project participants are going to be available on the right dates—because you’ve planned for them to be. You don’t have to worry about how to pay those invoices—you’ve planned your financial process. You don’t have to worry about whether everyone agrees on what a quality outcome looks like—you’ve already planned what quality measures you are going to use.

A good project plan sets out the processes that everyone is expected to follow, so it avoids a lot of headaches later. For example, if you specify that estimates are going to be worked out by subject matter experts based on their judgement, and that’s approved, later no one can complain that they wanted you to use a different estimating technique. They’ve known the deal since the start.

Project plans are also really helpful for monitoring progress. You can go back to them and check what you said you were going to do and how, comparing it to what you are actually doing. This gives you a good reality check and enables you to change course if you need to, bringing the project back on track.

Tools like dashboards can help you make sure that your project is proceeding according to plan. ProjectManager has a real-time dashboard that updates automatically whenever tasks are updated.

The project planning process already discussed only scratches the surface of what is a deep well of practices created to control your project. They start with dialogue — speaking to stakeholders, teams, et al.

The deliverable for your planning phase is a document called the project plan. A Guide to the Project Management Body of Knowledge (PMBOK Guide) – Fifth Edition says that the project plan is made up of lots of subsidiary plans. These include:

• A project scope statement to define all the tasks and deliverables that are needed to complete the project
• A risk management plan for dealing with project risk including the processes for logging and tracking risks
• A change management plan to manage any changes that will be made to the project plan
• A cost management plan for managing costs and the budgeting elements of the project including any procurements or supplier engagements you might have
• A resource management plan for managing the material resources such as equipment and the human resources on the team both in terms of availability and skills
• A stakeholder management plan setting out who is going to receive messages about the project, when and in what format
• A quality plan that specifies the quality targets for the project

That’s a lot of documentation.

In reality, it’s rare that you’ll produce these as individual documents. What you need is a project plan that talks about the important elements of each of these. There’s no point creating a big document that sets out exactly how your business works anyway. If you already have a structured risk management process , then don’t waste time writing it all down again in your project plan.

Your project management plan needs to include enough information to make sure that you know exactly what processes and procedures need to be followed and who needs to be involved. Get your project plan approved by your stakeholders, your project sponsor and your team so there are no surprises later. As explained above, project planning charts and techniques such as Gantt charts, CPM, WBS or PERT can help you create your project plan.

This is hard to answer. It’s going to take longer to plan the moon landing than a new dating app.

The best way to estimate how long your project planning phase will take is to look at similar projects that have happened before, and see how long it took them to plan. Talk to the project manager as well, if you can, because they’ll have a view on whether that length of time was enough or not!

It’s easy to see how long other projects took if you have a project management tool that archives your old project schedules and makes the data available to everyone who needs it. You can then search for similar projects and study their schedules in detail.

A project plan is all about working out what to do and how to do it, so you need to get a lot of people involved. There are several good tools and project planning techniques for getting information from other people including:

• One-to-one meetings or interviews
• Surveys or customer focus groups to gather and validate requirements.

You should also arm yourself with a task management tool , like a list or a kanban board. They are incredibly useful for noting down important things that should be in your project plan. Kanban board software can help structure your plan by writing down the key headings and then moving them around as required until you have a flow that looks right.

Finally, you’ll need an online project management system to store your project management plan in. Make sure that everyone in the team can access the latest version of the project plan.

Your project plan is not a document written in stone. You should be referring back to it and making changes to it as often as you need to. Parts of it, like your project schedule, will change almost daily. Other parts, like your procurement plans and cost management processes, won’t change at all during the life of your project.

The important thing to remember is that if your project management plan isn’t working for you, think about what you can do to change it. It’s there to guide your project management, not restrict you from doing the right thing. If you need to review how you manage work and project resources, then go back and review it. Make the changes you need, get the plan approved again and share it with the team.

How To Make a Project Plan When You Don’t Have All the Answers

Yes, this happens–most of the time! It’s rare to have all the information at the beginning of a project. Most managers want you to dive in and get started, but you might not have the luxury of knowing all the details.

That’s OK; we have techniques to help deal with uncertainty.

First is the project assumption. You use these to put caveats on your plan and to document the things that you assume to be true at this point in time. For example:

• We assume that the resources will be available.
• We assume that the required funding is available.
• We assume that the colors requested will be in line with the company brand and that Marketing sign off is not required.

You get the picture. Then, if the design team comes back and says that they want the product to be a totally new palette of colors and that Marketing has to approve that, you are justified in saying that you’ll have to change the timescales on the schedule to make that possible.

You planned based on an assumption (that everyone agreed to, because you got the document approved) and that assumption turned out not to be true.

Next Steps for Project Planning

The most important thing to remember is that you shouldn’t rush the project planning process. Done properly, project planning takes time. And it’s worth doing it properly because if you don’t, we guarantee that you will hit problems later on as people won’t understand what they are supposed to do and why.

Great planning sets you up for success. It gives you the confidence of knowing that you’ve got all your processes, tools and systems in place to deliver the perfect result.

Now that you’ve learned all about project planning, it’s time to take action. Sign up for a free 30-day trial of ProjectManager and start planning your project today!

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Understanding project baselines: a guide

Project baselines are an essential part of successful project management . Your baseline allows you to track your progress, adapt to any changes, and still finish your projects on time and within budget.

In this article, we’ll show you how to baseline your project plan, so you can adjust your course, learn crucial lessons, and efficiently manage your projects every time. We’ll also outline how a software solution like monday work management can help make it easier to set up and track your project baselines.

What is a project baseline

A project baseline is an initial plan in the project planning phase that you create with stakeholders, defining the project expectations and deliverables, including schedule, scope, and cost.

It can be as simple as a short list of expected costs, times, and deadlines, or a more complex document showing a breakdown of milestones or budget expectations at each stage of the project.

Here’s an illustration of a schedule baseline in a Gantt chart format. The project baseline is shown as a grey line, and what’s actually happening is shown in green. This makes it easy to compare what you expected to happen – the baseline – with how the project is going.

Why is a project baseline important?

A baseline offers numerous benefits, including:

• Allowing you to assess your project’s performance over time and determine whether you’re on track and within budget.
• Giving you an overview of your entire project, and identifying areas to improve.
• Helping you to avoid cost overruns, scope creep, and even project failure.
• Setting a point of comparison to be used throughout a project’s life cycle , so you know if you’re staying on track.

What are the 3 different types of baselines in project management?

There are three different types of project baseline that you can set up:

Schedule baseline

A schedule baseline is a project planning document that lays out the ideal schedule for your project. It’s often a version of the project schedule — the last version before you start executing the project plan.

The baseline schedule exists to help you identify and fix scheduling issues with any project team, individual, or process, during or after the project.

Scope baseline

The scope baseline is a collection of project documents that highlight the scope of the project – the different deliverables and requirements that the project should include. For a building project, the scope might be to lay the foundation and then build a new building that meets specific standards.

If you follow traditional project management methods , you’re probably familiar with the work breakdown structure (WBS). It’s a document where you break down your scope into concrete activities centered around deliverables. Most companies use their WBS, along with the scope statement, as their final scope baseline, rather than developing a new document.

Cost baseline

The project cost baseline is the final version of the project budget before the project launch. As changes happen to the real budget, the baseline will show you how accurate or inaccurate your research was.

The cost baseline is useful because only 43%  of companies often or always complete their projects on budget. Improving your ability to forecast costs will help you make better project management decisions in the future.

What do you need to create a project baseline?

To create a project baseline, you’ll typically need the following key components:

• Project scope document : If you’re creating a scope baseline, you’ll need a scope statement – a document that outlines the project’s objectives and requirements. This will serve as the foundation for understanding what needs to be accomplished.
• Work breakdown structure :  As mentioned above, this is a breakdown of the project work into smaller, manageable tasks.  The WBS helps identify all the work that needs to be done to achieve your project goals. You’ll need a WBS for a scope baseline.
• Project schedule : For any project baseline, you’ll need a project schedule — a timeline that outlines when each task or work package should start and finish.
• Resource breakdown structure : If you’re making a cost or scope baseline, you’ll need a list of the personnel, equipment, and materials required for each task.
• Cost breakdown structure : For a cost baseline, you’ll need an estimate of the costs associated with each task, such as labor costs, material costs, equipment costs, or any other expenses.
• Stakeholder approval: Before you can start using your project baseline, you’ll need to share it with your key stakeholders (like the project sponsor, your clients, and your team members) and get their sign-off. This way, you’ll know that everyone is aligned with the project’s initial parameters.
• Project management software: You may want to use tools, such as monday work management, to document and track the baseline. This will help you to create, share, and update project plans, schedules, and budgets efficiently, and compare to the initial baseline.

With these elements in place, you can formally establish a project baseline. This will then act as a benchmark, against which you can measure your progress and assess the impact of any deviations from the original plan.

Regularly comparing actual progress to the baseline helps ensure that the project stays on track and within scope, schedule, and budget.

How do you create a project baseline plan?

The best way to create a project baseline plan is to start with your project charter — the statement of the scope, objectives, and participants in a project. From this document, you’ll be able to determine any milestones, a budget, and finally create a project schedule — your project baseline.

1. Create an initial version of your project charter

Creating an initial project charter involves defining the project’s purpose, objectives, and key stakeholders. You should include a brief description of the scope, major deliverables, estimated budget, and expected timeline.

For a quick, visual overview of your project charter, try using monday work management. Our intuitive work management software makes it quick to set up your initial project charter with your team, and then revise it as you gather inputs from stakeholders.

2. Solidify all phases and milestones

At this point, go through each project phase and make sure everything is in order.  Is the flow of the project realistic? Are you going into too much detail?

Aim to capture more high-level phases like research, design, prototyping, and more. Then, build out a few logical milestones within these phases.

For instance, milestones could be when you finish your initial research, finalize a product sketch, and so on.

3. Add realistic buffers to your budget and schedule

Creating accurate baselines is often about expecting the unexpected.  Once you’ve built out an initial schedule with phases and milestones, add in buffer time that allows for any problems, roadblocks or delays. Do the same thing for your project budget – add in margins for unexpected and unavoidable costs, to make sure you don’t go over budget.

Visualization of your project, its milestones, buffers, phases, and so on make it easy to know what’s going on and factor in the unexpected. With monday work management, you can easily create a responsive Gantt chart based on any timeline and bring your projects to life.

Using monday work management, you can easily rearrange stages and add buffers wherever necessary, immediately seeing how they change your timeline.

4. Update your baseline throughout the project

For shorter or smaller-scale projects, you typically won’t need or want to touch the original baseline. But, if you’re working on projects that span multiple years, the marketplace may change significantly, impacting the goals of your project. That means the original baseline will reflect a different undertaking, and you’ll need to update it to a new baseline that more accurately reflects your project goals.

monday work management makes this easy, with automations you can set up so you never forget to notify all parties.

Make it easy to baseline your next project with monday work management

If you’re managing a large-scale project, your project plan isn’t complete without a baseline. It’s a reliable reference point, making it easy to identify if and when things get off track so you can easily adapt to and overcome any previously unforeseen issues and roadblocks. Your baseline can also help you plan future projects, giving you an accurate estimate of resources needed and timeframes so you can avoid making the same errors.

With monday work management, planning your project baseline has never been easier. Understand your project health with Gantt charts and key milestones, mitigate risks and bottlenecks, and stick more closely to your baseline so you finish on time and in budget.

• Project change management
• Project schedule management

5 key elements of project management and planning

Further reading

• Top 20 PSA tools for resource management and project management
• Strategies for improving your project's profit margin
• How PSA helps drive project profitability
• 5 key benefits of adopting PSA software for professional services firms

5 essential elements of project management for professional services

Whether it is to launch a new product, deliver complex services, or optimize operational processes, you need project management to achieve your goals. Without it, you're looking at a chaotic mess of confusion, clueless employees, and unhappy customers. Streamlined project management extends far beyond completing tasks on time. It's about balancing resources, setting timelines, managing risks, fostering collaboration, and ensuring that every project aligns with the overarching business objectives.

Today, we  delve into five critical components that lay the foundation for successful project management. In this article, we cover:

What is project planning?

Why is project planning essential.

• The connection between the project framework and project management

5 essential elements of project management

• How Rocketlane can help you balance all project planning and management essentials

Project planning is a crucial aspect of project management that involves setting clear objectives, defining deliverables, creating a timeline, allocating resources, and assigning tasks to ensure successful project completion. It lays the foundation for the entire project and sets the direction for all subsequent activities. At its core, project planning helps organizations streamline their operations and achieve project goals efficiently.

By engaging in project planning, teams can break down complex projects into smaller, more manageable tasks. This allows them to determine the necessary steps and dependencies required to achieve each milestone. With a well-designed plan in place, teams can identify potential risks, establish contingency plans, and allocate resources strategically.

Project planning also aids in effective time management. By identifying critical activities and their associated timelines, project managers can create a realistic project schedule that accounts for dependencies, milestones, and deadlines. This helps teams stay organized, prioritize tasks, and monitor progress throughout the project lifecycle.

Ultimately, project planning is essential for successful project execution. It provides teams with a roadmap that outlines the project's goals, deliverables, timelines, and resource allocations. This in-depth planning process helps minimize risks, maintain project scope, and ensure project outcomes align with stakeholders' expectations. With proper project planning, organizations can improve efficiency, maximize productivity, and achieve successful project outcomes.

Project planning is an essential part of any endeavor, no matter the size or scale. Whether it's a simple task or a complex project, having a well-thought-out plan is the key to success. So why is project planning so important?

Foremost, project planning helps with project management. It allows you to define the project's objectives, outline the tasks that need to be completed, and set realistic deadlines and budgets. Without a plan in place, it's easy for things to get disorganized, leading to missed deadlines, overspending, and a lack of direction.

Project planning is also crucial for enhancing business operations. By carefully considering and mapping out each step of the project, you can identify potential risks and challenges. This allows you to devise strategies to overcome these obstacles and mitigate their impact on your business. Additionally, it helps you allocate resources effectively, ensuring that you have everything you need to complete the project at the right time.

Another benefit of project planning is that it encourages collaboration and communication among team members. With a clear plan in place, everyone involved in the project can understand their roles and responsibilities. This fosters a sense of accountability and teamwork, resulting in improved efficiency and productivity.

In other words, project planning is essential because it helps with project management, enhances business operations, and promotes collaboration.

Understanding project framework and project management

Understanding the differences between project management and project framework is crucial for successful project execution. While project management focuses on the actual implementation, the project framework is the structure that determines how project activities are carried out.

Project framework

A project framework acts as the backbone for successful project management. Essentially, it is a predefined structure that guides the entire project lifecycle, from initiation to completion. It outlines the key elements and processes required for an effective project, including goals, roles and responsibilities, timelines, and communication channels.

By implementing a project framework , teams can establish clarity, promote consistency, and enhance collaboration. It helps allocate resources efficiently, ensures adherence to budget, and mitigates risks. Whether you're using traditional methodologies like Waterfall or agile approaches like Scrum, a project framework provides a common language and roadmap for all stakeholders.

Project management

Project management involves the application of knowledge, skills, tools, and techniques to meet project requirements and achieve desired outcomes. A project manager plays a pivotal role in effectively planning, executing, monitoring, and controlling all aspects of a project. They are responsible for setting project goals, defining tasks, assigning resources, and managing budgets and timelines.

Project management involves effective communication and collaboration with stakeholders, as well as risk management and problem-solving. By employing proven project management methodologies and frameworks, organizations can ensure efficient project delivery and maximize their chances of success.

The importance of project management lies in its ability to provide structure and direction, enabling teams to work collaboratively towards a common objective. There are essential elements that make project management effective. It helps maximize productivity, mitigate risks, and ultimately deliver successful projects.

Here are five essential elements of project management to ensure a successful project implementation.

1. Project scope management

Project scope management involves defining and controlling what is included in a project, as well as what is not. This helps to prevent scope creep and ensure that the project stays within its allocated resources and timeline.

The first step in scope management is to define project objectives, deliverables, and requirements clearly. This will provide a foundation for setting boundaries and making decisions throughout the project. Additionally, continuous monitoring and control are necessary to ensure that you evaluate and manage any changes or requests properly to keep the project on track.

2. Project time management

Project time management entails the planning, scheduling, and controlling of project activities to ensure timely completion. Effective time management allows project managers to allocate resources efficiently, meet deadlines, and deliver high-quality results.

To achieve this, it is essential to establish a clear and flexible project schedule that outlines all tasks and their respective durations. Project managers should also regularly track progress and make necessary adjustments to stay on track.

Besides timely project completion, time management enables teams to identify and address potential risks and issues early on, leading to improved efficiency and outcomes.

3. Project cost management

Project cost management is a crucial element of effective project management. It involves estimating, budgeting, and controlling costs throughout the project lifecycle. By properly managing costs, project managers can ensure that their projects stay within budget and avoid financial surprises.

The first step in project cost management is accurate cost estimation. This involves identifying and documenting all project costs, including labor, materials, equipment, and other resources. A realistic budget is then created based on these estimates.

Once the project is underway, project managers must monitor and control costs to prevent budget overruns. This includes tracking actual costs against the budget, identifying any deviations, and taking corrective actions if necessary.

By incorporating project cost management into their overall project management strategy, organizations can achieve successful outcomes by ensuring financial stability and efficiency in their projects.

4. Project quality management

Project quality management ensures that projects achieve their objectives while maintaining high standards of quality. By following a well-defined quality management process, project teams can identify, assess, and prioritize quality requirements. This includes defining quality criteria, creating quality plans, and implementing quality assurance and control measures throughout the project lifecycle. Besides an impact on the final deliverables, project quality management increases customer satisfaction and reduces the likelihood of rework or costly errors.  

5. Project risk management

Project risk management involves identifying, assessing, and mitigating potential risks that could hinder project progress. By proactively addressing risks, project managers can prevent costly setbacks and increase the chances of meeting project objectives.

Risk management helps identify potential obstacles, such as resource limitations, technical challenges, or unforeseen external factors that could impact project outcomes. Through effective risk management, project managers can develop contingency plans, allocate resources wisely, and prioritize activities to minimize potential disruption.

It ensures that projects are executed with a clear understanding of potential risks and the necessary steps to mitigate them, ultimately leading to successful project completion.

Ace project management with Rocketlane

Your search for the perfect project management software stops here. Rocketlane's PSA software is the best choice for project management because it enhances project execution and delivery through the integration of automation and consistency.

With tools like Gantt charts, Kanban boards, real-time notifications, and automated status updates, project tracking becomes streamlined and efficient.

Here are some of Rocketlane's compelling capabilities that make it an easy choice for your project management needs:

Streamlined project management: With Rocketlane, your team transitions from mere task management to strategic project delivery, for improved visibility and collaboration in every project. Leverage tools such as Gantt charts, Kanban boards, real-time notifications, and automated status updates to streamline project tracking

Resource planning: Optimize resource planning by automating processes, achieving pinpoint accuracy in forecasting, and maximizing resource utilization while safeguarding against burnout. Ensure that the right personnel are available at the right time for your projects.

Budget and financial management: Attain cost-effectiveness by meticulously monitoring and managing project expenses across an unlimited number of projects. Rely on Rocketlane's live budget tracker to maintain project alignment with budgetary constraints.

Data-driven decision-making: Harness the power of data insights to optimize your project portfolio, pinpoint bottlenecks, and unearth previously undiscovered opportunities. This empowers quicker, more informed decision-making.

Easier client collaboration: Rocketlane offers white-labeled client portals, project chat functionality, and advanced options for file collaboration, making client engagement effortless and highly productive.

Rocketlane: Your go-to project management tool

Rocketlane offers modern project management and automation capabilities that enhance project execution and delivery every step of the way. Optimize resource planning by automating processes, achieving pinpoint accuracy in forecasting, and maximizing resource utilization. With Rocketlane, you can be sure that the right resources are available at the right time for your projects. It also provides a live budget tracker to monitor and manage project expenses across multiple projects, ensuring alignment with budgetary constraints.  With data-driven insights, you can make informed decisions that optimize your project portfolio, identify bottlenecks, and uncover new opportunities.

Ready to take your project management to the next level?

1. What is project scope in project management?

Project scope refers to the specific goals, objectives, deliverables, and tasks that must be accomplished within a project.

2. How is a project timeline determined?

A project timeline is determined by identifying the tasks, estimating durations, and sequencing the tasks in a logical order to determine the start and end dates for each task.

3. What is a project budget?

A project budget is a financial estimate that outlines the costs required to complete the project, including resources, equipment, materials, and any other expenses.

4. How is risk management applied in project management?

Risk management in project management involves identifying potential risks, analyzing their impact and likelihood, developing strategies to mitigate or minimize risks, and monitoring and controlling risks throughout the project life cycle.

5. Who are the project stakeholders?

Project stakeholders are individuals or groups with an interest or influence in the project, such as clients, executives, team members, suppliers, or regulatory bodies.

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Madhushree Menon is a content marketer at Rocketlane. She mainly focuses on SEO blogs, but also dabbles in other forms of content. A true Hufflepuff at heart, she loves to binge-watch anime, explore new cuisines, and learn new languages.

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