Page 8 - Financial Report
P. 8
Financial "Our company's
Plan for growth primarily
increased due
2021 to the expansion
of branches. We shall
A summary of the allocated therefore allocate a
budget for the following year.
sufficient part of the
A big project involves overseeing a lot of budget to this area."
moving parts, oftentimes from different
people. To have a successful rollout,
project managers rely on a well-crafted The first step to creating an effective
project plan to ensure objectives are project plan is to set a baseline. The
met on time and on budget. A project baseline is the foundation on which
plan is a formal approved document the other project elements will be built
which is used to define project goals, on. This must include a scope
outline the project scope, monitor statement. Start by identifying what
deliverables, and mitigate risks. business need the project aims to
address and how the company will
it must answer basic questions like what benefit from the project. Then create
is the purpose of the project, what milestones as appropriate to the size
activities are involved, who will be of the project. Next, create a work
responsible for what, and when is it breakdown structure (WBS), breaking
expected to be completed? It is not to up large tasks to smaller ones. Lastly,
be confused with the Gantt chart, which come up with a baseline management
shows project deliverables against the plan which details how stakeholder
timeline. The said chart is only one part will review and approve changes to
of the project plan. the baseline.
ANNUAL FINANCIAL REPORT / PAGE 8
