project management plan theory

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PROJECT MANAGEMNT PLAN-THEORY Introduction Amongst all the several management process and practices associated with a project, the significance of a project management plan is often deemed to be very high. It can be considered as the “backbone” of the project. According to the PMBOK guide, a project plan is defined as – “A formal, approved document used to guide both project execution and project monitoring, control, and closure”. (PMBOK guide, 2004) A project plan provides guidelines as to how and when the objectives of a project can be achieved by shedding light on the milestones, activities and resources required on a project. In simple terms, the Project Management Plan establishes project management's interpretation of the why, what, how, who, how much, and when of the project. The development of the project management plan may be something that is drafted by the project team leader, or arrived at a consensus through discussion among all project team members and key stakeholders. On some occasions, it may be developed by the executive management team who is more attuned with the financial specifications and the big picture. However, in these cases it is essential that the project team and key stakeholders be given adequate opportunity to review and comment on this plan. (PMBOK guide, 2004) Sub-components of a Project Plan A project management plan accommodates several components. The level of detail expected out of a project plan varies depending on the application area, scope and complexity of the project. A project plan can be either summary level or detailed and could comprise of one or more subsidiary components and plans. (PMBOK guide, 2004) Firstly a plan should provide an overview of the specific project. This is in order to provide perspective on issues such as how the project was initiated, who the customer or sponsor

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