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What is a project charter? Describe different components of project charter? What are the various elements...

What is a project charter? Describe different components of project charter? What are the various elements and steps of project planning? Briefly mention about various project planning tools.

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Project charter: Project charter is the first piece of information on the project which will explain the project objective, project scope, project reason, budget, resources and benefits from the project to the approval team so that they can review and approve for project start.

Different key components of project charter are as below

  • Project Objectives
  • Project Deliverables
  • Project Scope
  • Project Benefits
  • Project Budget
  • Project Resources
  • Project Timeline

Project charter is defined as the initial business case prepared for the project on the given subject which states the key business objective that are going to achieve in this project. The project charter explains the key reason for the need of this new project for the business. The project charter will explain the background environment around the need and importance of this project for the business. The project charter will state the key benefits the business is going get from the successful completion of this project. The project charter will help to state the scope of this project and what is the deliverable for the project. The project charter will also state the tentative team members who will be supporting this project. This project charter will also state the timeline and budget needed for the project execution.

Project Planning: Project planning is nothing but the planning execution of the project work with respect to the project budget and project resources availability meeting the customer expectation. The project planning will have detail project activities along with their individual target lead time with sequencing so that project can be optimized with adequate sequencing of the activities based on their order of execution.

Project Planning Elements are as below

  • Understand stakeholder/sponsor needs and expectation
  • Project to have Smart Objectives
  • Clear deliverable and deadlines for the project
  • Detail project schedule along with timelines
  • Project cost/budget.
  • Communication plan for the project
  • The requirement for the system and processes for project execution.
  • Role definition for leader and team members.

Steps of project planning are as below

  • Step 1- Understand the project requirements, constraints and deliverables.
  • Step 2- develop the project schedule and plan that will meet project deliverables
  • Step 3 – Assign cost for each project tasks and ensure the total cost is within the project budget.
  • Step 4 – Assign resources to the tasks along with target lead-times.
  • Step 5 - Release the project plan and schedule to all concern employee.

Various key project planning tools are as below

  • Microsoft Project Plan template –it will critical path approach
  • Real time dashboard
  • Gantt Chart
  • Timesheets
  • Project Reports
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