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Neha Tikoo, Lovely Professional University Unit 3: Project Planning

Unit 3: Project Planning Notes

CONTENTS
Objectives

Introduction
3.1 Time Planning
3.2 Contents of Project Plan

3.3 Planning Process
3.4 Work Break-down Structure

3.5 Process Mapping
3.6 Strategic Planning for Projects
3.7 Summary

3.8 Keywords
3.9 Review Questions
3.10 Further Readings

Objectives

After studying this unit, you will be able to:
Understand 'Project Planning' and to make overview of various stages of project planning;
Explain the main versions of strategic planning;
Know the managing the planning process.

Introduction

Project planning is important for business decisions. This is emphasized here because there is
wrong notion that planning is not essential for business projects. The same set of mechanisms
ore same models cannot win the market simply because they are the projects of a reputed
manufacturer. There is not constant threat due to change in fashion as in the case of consumer
projects. But the tempo of technological development increases certain machines do become
obsolete. In order to avoid this obsolescence, the manufacturer has to provide built in
arrangements to modernize the machinery at a minimum cost. Market research and analysis of
business trends provide a good indication of the future market changes. Therefore, successful
business must rely upon the very close relationship of marketing to specified requirements and
engineering design and provide features and facilities within the technological art, and the
manufacturing function to produce at a specified volume and cost. The project plan should
include all functional requirements throughout the project cycle, such as performance, features
price, finance, distribution etc., project elimination, if all required at a later stage, should also be
foreseen. All the project mix elements should be carefully considered before the project actually
goes into commercial time of project.

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