Planning Notes (221 -229)

 Planning notes (221 – 229) 

Cost-benefit analysis 

Cost benefit analysis is the process of analysing the costs associated with a project and the benefits provided from completing the project. It includes outlining the viability of the project and quantifying the intended deliverables. 

Project life cycle 

All projects follow a defined set of phases. These phases increase the potential to produce project deliverables which are fit for purpose. The project life cycle includes: initiation – questions are considered such as what the end result will be, who is it for, what is a realistic timescale, and who need be involved; planning – the restraints and requirements are considered to create a detailed and accurate plan of the project; timing and scheduling – the project plan is considered and timescales are set whilst setting key milestones that the project should hit; execution – the project is carried out following the plan carefully as to not stray from the scope; evaluation – the project is finally finished and evaluated, this could be through user feedback and meetings about what went well and what could be improved. 

Risk and issue management 

When unexpected issues arise in a project, the manager must be prepared and know how to deal with it appropriately. Some problems could be a lack of staff; lack of funding; system failures; delays. Managing these issues is vital to create a stable workflow and resolving further issues that may occur. All team members should help to resolve issues and mitigate risk wherever possible. Risks are usually identified at the project planning phase and are issues that could impact the project negatively. Risks and issues both need to be identified, determine their probability, define their impact on the project (what issues could they cause), and prioritise the risks that pose the most threat/most likely to cause problems. A contingency plan is recommended to make sure the project can continue if an issue was to occur. A contingency plan should be like a ‘plan B’ for when things happen differently than the project plan. 

Quality management 

These are processes and activities that are undertaken to ensure the quality of a project. Quality management includes monitoring the project deliverables to make sure they are up to standard and in line with the user requirements. The quality of the deliverables should be assured to evaluate the project’s details and components. Quality control should be used to evaluate whether the product meets quality requirements as specified by the user and the project plan. It includes inspection and verification of the deliverables as well as monitoring and recording the product’s quality. The project should also be reviewed and audited to identify the causes of low quality and how it can be improved. A project should first be planned for review which usually happens in the planning phase of the project life cycle. The project should then be analysed making sure the quality is up to standard and dealing with issues that could arise. Finally, a report is created to evaluate whether the project is fit for distribution and identify all project issues, concerns and challenges.