After the initiative stage, the project is planned to an appropriate level of detail. The main purpose is to plan time, cost and resources adequately, in order to estimate the project as a whole and effectively manage risk during the execution.
Project planning generally consists of the following steps:
Developing the scope statement
Selecting the planning team
Identifying deliverables and creating the work breakdown structure
Identifying the activities needed to complete those deliverables and networking the activities in their logical sequence
Estimating the resource requirements for the activities
Estimating time and cost
Developing the schedule
Determining the budget
Gaining formal approval to begin work
Additional processes, such as communication planning and scope management, identification ofroles and responsibilities, determination of the equipment and the holding of a kick-off meeting, are also planned by the project management team.