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All Access PRINCE2 7 Activity Planning Part 3
PRINCE2 – Checking risk
You should be checking for new project risks that come from within the project itself rather than from outside as you carry out all of the planning work.
Project risks may include things like multiple points in the project where you need advice on legal matters, and bad advice may take time to arrive and so delay the project.
After the resource planning you may notice that nearly all the project staff are available for part of their working week only, because they are working on other projects at the same time.
This situation is likely to slow the staff down because they have to stop and start all of the time. In addition, if one of the other projects comes under pressure and has a higher organisational priority, staff time on your project may well get charted even further.
As with all risk analysis, you record risks that will be formally managed in the risk register, and you build actions or responses into the plan. You are very likely to update the plan then, and any contingency time you require alters the timing of the project activities and perhaps the overall timescale of the project.
Adding text to the plan
The last thing to do with the plan, at whichever level of detail you are working, is to add textual Explanation and also any other elements required that the products and the activities do not cover. Probably, the most important of these other elements is a finance plan.
Other Aspects that mainly need explaining might be to cover a little more detail on technical aspects particularly if the project board do not have a technical background.Â
You may also need to explain any delays shown in the schedule such as risk contingency time, waiting for an external supply of resources, or waiting for staff to come on board from another project.
You may need to comment on other things as well such as your level of confidence in the estimates that underpin the activity plans. If experienced people help with the estimating of a fairly standard project, then you may be, say, 90% confident that the estimates are correct and that the project will run closely to the plan.
However, if this is a unique and different project that nobody has much relevant experience about, you may be only 20% confident that the estimates are correct. Such an explanation will give early warning to the project board and any others, that the project May fluctuate significantly Either side of the estimates.
PRINCE2 7 – Financial planning
Although little is mentioned of this within the official PRINCE2 Manual, financial planning is an important part of project planning and control.
You will want to draw up a budget for the project and then monitor project spending and compare it with that budget. As with all planning in PRINCE2, your financial planning goes into more detail at stage and team levels.
You can have a high-level project budget, and then a more detailed stage budget, and beyond that, team budgets for each unit of work.
You do most monitoring at stage budget level, but you must also maintain the project budget.
Most people use a spreadsheet for the budget and this allows you to show the costed elements of the plan, the actual cost you have so far, and the variance between planned and actual costs incurred.Â
Due to the formula functionality built into spreadsheets, these also allow “What if “Projections on costs.
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