Project planning is a cyclic process, which typically is performed repeatedly during a project.
During an initial planning workshop, first key results and milestones are defined based on the project assignment. Cost estimates are then derived as well as time and resource planning refined. The project structure is adjusted accordingly. The workshop includes all key personnel and is lead by the project manager in charge.
The main purpose of the project planning process is to iteratively:
- Refine objective, scope and strategy used in the project
- Define and adjust the project structure
- Setup the network diagram
- Define the work packages
- Assign the resources
- Plan deadlines and milestones
- Define the project organization structure
- Calculate the key financial figures and estimate both costs and ROI
As a result of the planning workshop, the finalized project assignment and an initial project plan are agreed upon.
In particular for funded R&D projects, expectations of the funding agencies are very high regarding the quality and level of detail of the project planning. Numerous formal requirements must be met and strict deadlines be kept. Professional support for funding applications is therefore essential for maximizing the odds for obtaining funding.