Whenever we want to go somewhere, we often plan a route to get there. In a similar manner, if you want your project to come to fruition, you need to come up with a plan that will help you successfully execute it. One such plan that we can utilize is the Project Execution Plan (PEP).
What Is A Project Execution Plan (PEP)?
A project execution plan is a document that acts as a blueprint for the project, breaking down the project into a series of precise steps that all lead to project completion. The process involves outlining all the goals, identifying all the necessary resources, and establishing the scope and timelines.
Why Is A Project Execution Plan Necessary?
A project execution plan can bring some much-needed context and provide a clear understanding of what needs to be done and how to accomplish it. For longer and more complex projects, a PEP is almost necessary as it helps in keeping track of everything and ensuring the smooth execution of the project. Without it, work can become disorganized, communication among teams may falter, and deadlines may be missed, potentially leading to the project's failure.
Key Elements Of A Project Execution Plan
The contents of a project execution plan normally have the following:
- Scope: Refers to the size of the project. A PEP will define scope and ensure that the project does not exceed or fall below these requirements
- Goals: The desired outcomes of the project. The PEP usually breaks down the main goal into smaller, manageable parts, such as milestones, deliverables, and objectives
- Quality Standards: Refers to the standards that the project must meet or surpass. It involves quality management, quality assurance, etc.
- Resource Allocation: The number of resources allotted for the project. resources can be capital (human-made goods) or labor (human workers)
- Scheduling: A PEP includes a project schedule that outlines each task’s start and end dates
- Communication Plan: Establishes various communication protocols and channels for various project stakeholders to ensure that no misunderstandings occur
How To Write A Project Execution Plan?
In order to write a project plan, one must:
Define The Project Objectives
The project's objectives must be clearly and concisely stated to eliminate any misunderstandings about what needs to be accomplished.
To help with defining objectives, project managers can make use of the SMART framework—the goals must be Specific, Measurable, Achievable, Relevant and Time-Bound (SMART). Constructing goals in this manner will provide clear direction and ensure that the project execution strategies are realistic with their aims.
Define The Project Scope
The project scope sets the boundaries of the project. It is crucial to define it accurately from the start, as it determines not only what the project can achieve but also whether it can achieve those goals.
It’s important to scope the project appropriately and not be tempted to add more. Doing so will only result in scope creep, delays and cost overruns.
Conduct A Feasibility Study
The Feasibility Study determines whether the project is viable or not. It does so by evaluating the entire project, analyzing all its critical aspects and determining whether it is worth moving forward.
A feasibility study has several benefits: it justifies the project’s existence, it prevents scope creep, and it identifies various strengths and weaknesses. Therefore, a feasibility study is vital to a project’s inception and later, execution.
Create A Work Breakdown Structure (WBS)
A work breakdown structure involves taking the project and breaking it down into smaller chunks that lead to the project goal. This approach not only makes the workload more manageable; it helps project managers visually oversee the entire project and helps in monitoring the project and measuring performance.
In order to create a WBS, project managers must dissect the project into more compact and manageable tasks, then identify any dependencies between the tasks to create a logical sequence. Once links have been established, they can plan ahead and set timelines.
Develop A Project Schedule
Once a WBS has been established, managers can move on to assigning deadlines. They can do so by utilizing a project schedule—a listing of all the project’s activities, as well as the project’s start date and end date. Each activity has an allotted amount of time to ensure that the project gets completed on time.
However, a project schedule is only good if it assigns realistic deadlines. Underestimation of time, lack of planning for dependencies and unrealistic deadlines can lead to many botched projects. Therefore, a project schedule must always be realistic in its approach.
Plan For Project Resource Allocation
Project Resource Allocation involves allocating resources (capital and labor) accordingly. It makes sure that each task has the necessary number of resources so that resources are not underutilized or overutilized.
Proper allocation of resources ensures that the project is completed without any constraints. Not doing so will risk the project going over budget and costing the business in the long run.
Set Up Monitoring And Reporting Mechanisms
Monitoring and reporting mechanisms track the progress of the project. It involves regularly reporting project status to stakeholders, tracking performance against the plan, and taking corrective action when necessary.
A PEP document can help with this by identifying key performance indicators (KPIs) to measure success. Various procedures for reporting progress can also be listed and save team members a lot of headaches in the future.
Refine The Project Execution Plan
Finally, the PEP should be an ongoing document. It needs to undergo periodic review and refinement to reflect project or environment changes as it ensures that the plan remains relevant and effective throughout the project lifecycle.
A successful project execution plan must also make sure that everything is understood properly. This involves using clear, concise language and visuals (charts, graphs) so everyone can grasp the project.
Best Practices For Project Execution
Project Execution by itself is not a guarantee of success. It is possible to still face setbacks even after thoroughly documenting every stage of the project management life cycle. Therefore, some practices to follow are:
- Project Risk Management: Risk management involves proactively identifying potential risks and developing mitigation plans to minimize their impact and ensure the project stays on track
- Effective Communication: Involves maintaining open and transparent communication channels with all stakeholders
- Performance Measurement: Regularly monitor project progress against the baseline plan (schedule, budget, etc.). Track key performance indicators (KPIs) to identify areas for improvement and ensure project objectives are being met
- Use The Right Tools: There are many software applications that can act as tools for project execution plan, but it’s up to you to determine which one is the best fit for your project, depending on its complexity, the size of your team, etc. Feel free to explore our Project Management software category to find the best tool to fit your needs
Ready to get started on creating a project execution document? While it may be daunting, there are many free Project Execution templates available online that can help you kickstart your journey.
