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Project Planning

In: Credit Scoring, Response Modelling and Insurance Rating

Author

Listed:
  • Steven Finlay

Abstract

Project planning is the process of deciding what the project’s objectives are, agreeing who needs to be involved, determining what needs to be done to deliver the objectives and what the time and costs will be of doing so. Sometimes there can be pressure to just “get on with it” and start gathering and analysing data as soon as possible. Project planning is viewed as a form of procrastination, delaying the start of the real work that needs to be done. This may be the case, but the old adage “more haste, less speed” generally holds true. As a rule, making changes towards the end of a project is much more time consuming (and hence more costly) than making the same change near the start. This is because of the knock on effects each change has on subsequent activities. Spending even a little bit of time and effort project planning at the beginning of a project will result in a lot less time reworking things to correct errors and misunderstandings as the project progresses. This isn’t to say that good project planning will prevent all need for reworking, but it will help minimize the changes that are required.

Suggested Citation

  • Steven Finlay, 2010. "Project Planning," Palgrave Macmillan Books, in: Credit Scoring, Response Modelling and Insurance Rating, chapter 2, pages 30-65, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-29898-9_2
    DOI: 10.1057/9780230298989_2
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