Introduction

Once a project gets fully defined and relevant team to manage the project is appointed, the project shall be ready for entering the subsequent stage in the lifecycle of project management, that is, detailed form of project planning stage (Meredith et al., 2017). In essence, project planning represents the crux for the lifecycle in the project, and the same shall inform everyone involved on where the project is progressing and where the project shall reach. The phase of planning shall be where relevant project plan will get suitably documented, project deliverables as well as requirements shall be suitably defined and overall project schedule shall be developed (Meredith et al., 2017). The same entails the creation of range of plans for helping to guide the team by way of implementation as well as closure phases pertaining to specific project. In this context, the plan so created in the course of a phase shall aid in the management of time, cost/ quality / changes /risks / affiliated issues. Further, they shall in addition one to control staff as well as external suppliers for making sure that one shall deliver project within baseline time / budget / schedule (Meredith et al., 2017).

Conceptual Background

This phase of project planning shall often be highly challenging form of phase to the project manager, with one shall need for making educated guess with respect to resources, equipment and staff required for completing the project. There shall in addition be a need for planning the communications as well as procurement related activities, in addition to contracting any qualified suppliers of third-party nature (Meredith et al., 2017).

A planning phase in project shall undertake the refinement of the objectives for a project, which had been gathered in the course of initiation phase. The same encompasses planning of steps which shall be essential for meeting the objectives in the manner of further identifying specific set of activities as well as resources that are needed for completing the project (Harrison & Lock, 2017). After these objectives get finalised and recognised, they need to be articulated in a clear manner, detailing in-depth levels of scrutiny pertaining to each of the recognised objectives. By this level of scrutiny and assessment, the understanding with respect to the objectives of the project could suitably change. Usually, the very action to strive and describe something in a precise manner offers better form of understanding with respect to what has been noting at. The articulation shall aid to be a basis to undertake development concerning the requirements. The same shall mean that that after specific set of objectives shall be articulated in a clear manner, it can be described it using measurable or else concrete terms, as well as identify actions that have to be undertaken for achieving the same. Evidently, in case one does a job that is ineffective to articulate objectives, the requirements shall then be misdirected as well as result in project not represent true needs (Harrison & Lock, 2017).

The overall purpose with respect to the stage of project planning shall include the following: [1] establishing the business-related requirements, [2] establishing cost / schedule / deliverables list as well as all required delivery dates, [3] establishing the pertinent resources plans, and [4] obtaining the management approvals as well as proceed towards the subsequent phase (Harrison & Lock, 2017).

Project Planning & Risk Minimisation

Project planning represents a highly critical form of task to identity and manage relevant risks pertaining to the business or else project context which could have an impact on specific organisation or the project, as well as, at times can have an ability for putting the specific company to go out of business. In this context, the four critical processes that form of project planning which aid in the minimisation of risks shall include the following: [1] identifying and documenting risks relevant to the project / organisation, [2] quantification of risks identified using a systematic approach, [3] design, development and documentation of the risk responses, and [4] risk control and risk response implementation when required (Marcelino-Sadaba et al., 2014).

The stated planning process forming part of risk management shall represents a highly critical process as the same aids to identify risks with respect to specific business/ project contexts. Later on, the process of risk planning shall aid to formulate the strategies for the minimisation of the various risks that are relevant to the specific context (Marcelino-Sadaba et al., 2014). Further, the subsequent step shall entail design, development and documentation of risk responses or else the process of execution aligned to the strategies formulated for the purposes of minimising the identified risks. With respect to the process of risk identification, overall source pertaining to each risk shall be identified as well as later on the overall risk breakdown structure shall aid in organising risks which shall be identified (Pritchard & PMP, 2014).

Table 1 – Project Planning for Risk Management: Example for Risk Register

Conclusion: Discussion & Outcome Based on Laptop Upgrade Example

The example to further illustrate and explain risk management and planning for projects is presented in this section.

In effect, IT functions in major, global and large corporation shall often be engaged to upgrade workstations for all of the employees for providing them with new and advanced platforms. In effect, project manager shall eventually decide for issuing varied new laptops who have new and advanced platform, with older laptops life ending as they are reaching the contracted lease. Herein, primary motive at the level of project manager shall be in reducing the overall prices at the cost level. Unfortunately, the schedule has been noted for being critical as well as new software has noted to be not compatible in case of certain software that has been utilised by relevant function in charge of sales. The same has been resulted in significant levels of loss within production function at the level of overall organization. The same has taken place on account of improper form of project planning, and hence project planning shall represent a critical basis for minimisation of relevant risks with respect to business processes.

References

Harrison, F., & Lock, D. (2017). Advanced project management: a structured approach. Routledge.

Marcelino-Sádaba, S., Pérez-Ezcurdia, A., Lazcano, A. M. E., & Villanueva, P. (2014). Project risk management methodology for small firms. International journal of project management, 32(2), 327-340.

Meredith, J. R., Shafer, S. M., & Mantel Jr, S. J. (2017). Project management: a strategic managerial approach. John Wiley & Sons.

Pritchard, C. L., & PMP, P. R. (2014). Risk management: concepts and guidance. Auerbach Publications.