Project Plan

A project plan is a statement of how and when a project's objectives are to be achieved, by showing the major products, milestones, activities and resources required on the project. It is a formal, approved document used to guide both project execution and project control.
Using project planning tools like Microsoft Project FinSysAdvisors will create and manage summary or detailed project plans.
The primary uses of the project plan are to document planning assumptions and decisions, facilitate communication among stakeholders, and document approved scope, cost, and schedule baselines. The project plan has to be optimized to achieve the appropriate balance between resource usage and project duration to comply with the project objectives. All the necessary resources have to be estimated and costs for each activity need to be allocated to each resource, giving the total project cost.

Balancing scope, time, and money is often among the biggest responsibilities
of the project manager.

If you increase the scope, the time or money side of the triangle will also be increased. If you need to reduce time, that is, bring in the project finish date, you might need to decrease the scope or increase the cost through the addition of resources.

Once established and agreed, the plan becomes what is known as the baseline. Progress will be measured against the baseline throughout the life of the project.

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