Some specific points, requirements, and expectations are to be kept in view for the formulation of a good/ideal and better project planning and formulation, so that the projects may be accomplished.
Characteristics of Good and Ideal Project Planning
Following are the expectations or features for the formulation of an ideal project planning:
1. Practical Action Plan
The action plan for a good and ideal project planning should be so formulated that it may ensure timeliness and may be practical.
For that, a detailed action plan should be prepared at the time of project planning.
2. Wide Observation
The entrepreneur may make the project planning ideal by widely observing various aspects of the business.
For that the entrepreneur should take the following actions:
- Profitable investment opportunities will have to be ascertained.
- Wide areas and sources will have to be closely tested.
- Sufficient foresightedness, imagination and wide approach will have to be given a place in project planning.
3. Legal Formalities
All legal formalities of the project should be completed for successful planning and implementation of the project, so that practicability of the project may be examined and tested.
4. Based on Objective Assumptions
Project planning should be based on purely objective and realistic assumptions and not on feelings and sentiments.
Project planning should be done rationally on a scientific basis.
The estimates of the project should be based on facts, information and scientific base.
5. Organizational Frameworks
An appropriate organization should be set up for project formulation so that work division may be properly done and responsibilities may be fixed.
6. Analysis of Risks
The extent and type of risks involved in the project should be properly analyzed, so that consideration about profitable and risk-bearing projects may be possible.
Impartiality is also a specialty of good project planning. Hence:
- More than required recognition should not be given to the ideology of any particular person or group.
- All points and aspects of the project should be impartially considered.
- The approach and ideas of all parties should be analyzed without making a distinction.
8. Team Spirit of Work
Project formulation needs the contribution of various experts. hence, their services should be utilized.
9. Practical Estimation
Feasibility reports based on practical estimates should be prepared for good project formulation.
10. Social Utility
Its being of social utility is also necessary for an ideal project planning.
Hence, the following points should be kept in view, while making project planning:
- Projects should be formulated by keeping various objectives in view.
- Both financial and social objectives should be kept in view.
- The project should be useful from the view of social profitability.
- The project should be formulated, by keeping the social structure of the nation in view.
Thus, there are some important Characteristics of Good and Ideal Project Planning.