Question

What are the steps to planning a project? Forecasting is critical. Assume you are starting a project to develop widgets. How would you start teh planning and forecasting process?

Answer 1

Project planning is an important step that an organization needs to go through to be able to successfully implement the document outlining all the necessary processes that are required to realize the scope of the project completely, within the given margins. To create such a document the company needs relevant data like the market research, product metrics, schedule and resources allocation, the scope of the project, work-based schedules and the deliverables of the project. It can also include customer communication data, mismatch data and essentially the supporting plan in case the first plan needs adjustment or changes.

All this data depends on the forecasting methods that the company has employed in order to be in better shape to control the market as well as the necessary metrics that help management focus on the key deliverables and therefore essentially allow the company to be able to create an effective blueprint.

For the process of developing widgets, the market that needs to be targeted in studies. All the data is presented in the form that will make it easy to calculate in terms of the method of the forecast that the management tends to employ. Based on this data all the other relevant information like the schedule and scope of the project is necessarily created for the team and this serves as the document of purpose or the stage of project planning which is successfully concluded.