A project is a personal or cooperative enterprise, probably involving analysis or design. Planning is the method of thinking and organizing the activities needed to attain the desired goal. Project planning hence means thinking and organizing the activities needed to attain the desired project. Copy the link given below and paste it in new browser window to get more information on Project Planning:- www.transtutors.com/homework-help/accounting/project-planning.aspx

1. PROJECT
PLANNING

2. WHAT IS PROJECT PLANNING?
Project planning is a direction for stating a way to complete a project within a
certain timeframe, generally with established stages, and with selected
resources. Project planning is the structured ordering and planning of the tasks
comprising a project. It is also known as work planning. “Project planning is part
of project management, which relates to the use of schedules such as Gantt
charts to plan and subsequently report progress within the project environment.”

3. WHY IS PROJECT PLANNING
IMPORTANT?
• It reduces the risk and uncertainty in any project
• Project planning helps employees at a company know what they should be
trying to accomplish
• It recognizes the activities and duties to be carried out in any project
• It helps in creating more awareness and devotion towards accomplishing the
goals within the team
• It characterizes real undertaking, gauges the time and assets required, and
supply a structure for administration, survey, and control

4. PROCESS OF PROJECT
PLANNING• The initial step in the process of project planning is to set up project goals. The
foremost purpose in the initial step is on project definition and on getting the
project started
• Determine the undertaking to be performed and find out all deliverables
related to the project. (Make sure all project team members are familiar with
this list)
• Identify the dependency relations between tasks
• Carefully evaluate the assets required to perform each task
• Prepare a project schedule
• Create a budget for performing the tasks
• Execute the project
• Find out the hazards in executing the project
• Define the procedure utilized for guaranteeing quality

5. TOOLS FOR PROJECT PLANNING
• Network Diagrams: One of the tools used in project planning is
network diagram. It is also known as arrow diagram as it uses arrows to
connect activities and shows terminal elements and their dependencies
• Project evaluation and review technique: Project
evaluation and review technique is used for ascertaining the critical path of the
project. PERT simplifies the arranging and planning of large and complex
projects

6. • Critical path method (CPM): It is a very important tool to examine
the progress of the project i.e. to make sure that the project is on schedule. In
CPM there is no slack for all exercises in the sequence which implies a tiny
delay could bring about a postponement in the usual timetable of the project.

7. • Gantt chart: It is a very important tool for the project managers. It is a
type of bar chart that provides a schedule for planning and controlling the
project. It records the progress of the task towards completion.

8. • Work breakdown structure: It is a hierarchical decomposition of
the total scope of work to be carried out by the project team to accomplish the
project objectives and create the required deliverables. A Work breakdown
structure is a delivery oriented hierarchical decomposition of work

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