Definition of Planning

00:02 Okay. So we know what a project is, a temporary, complex, unique initiative.

00:09 So with that, our initiation phase is complete.

00:14 And the project manager is the one with the skills and experience to make the project happen. But hold on a minute.

00:21 Our laboratory project hasn't got a PM.

00:24 Who could take on such an important task.

00:27 How about you? Excellent. Welcome aboard.

00:33 So now we're at the point where the board of directors has okayed the project. The PM has been hired along with the project team.

00:42 The feasibility study and risk assessment have been carried out.

00:45 We have a neat project charter and everything looks in order.

00:50 So what next? Time to plan a project.

00:54 So take a pencil.

00:56 Grab the scrunched up napkin from the dinner table and spend the next 5 minutes drawing a mind map. Yeah.

01:03 Oh, if only it were that simple.

01:05 Planning is a detailed procedure and is the key ingredient in the recipe for success. In this next section, we'll take a trip through the ins and outs of the planning process.

01:18 Let's begin with the simplest of questions.

01:21 What is planning? It is the process of analyzing, evaluating, deciding and organizing activities in advance.

01:33 We can summarize it in three fundamental steps.

01:36 One. Define the goal to evaluate options. And.

01:42 Three. Choose and confirm the best option to achieve the goal.

01:49 Complex human endeavors involve planning on two levels strategic should we do it and tactical? How do we do it? When and what resources should we spend? But how important is planning in our work and in our spare time? That's an excellent question.

02:10 So consider the following examples.

02:13 Sports managers.

02:15 They do not simply show up to the game and start yelling at the players.

02:20 Before the game.

02:21 They analyze multiple aspects, create a game plan, decide how to attack the opponent's weak spots, how to defend their own.

02:29 And they also have backup plans if the initial ones don't work.

02:34 Take Hollywood actors.

02:37 They have a strict diet and exercise plan in order to get buffed out enough to convincingly play your favorite superhero.

02:44 These plans involve expensive physical trainers and dietitians who regiment their entire day to day lives.

02:53 Or maybe something as simple as shopping.

02:57 Before we go shopping, we look through our covers to see what we need and we make a list. Usually when we don't, we come home, having spent triple our usual amount both of time and money.

03:11 Nothing we bought can be combined to make a legitimate meal.

03:14 So we end up ordering a pizza.

03:17 Okay. This last one is failing to plan well on a small scale.

03:21 But did you know the Sydney Opera House was initially planned to take six years to build for $7 million, while in reality it took 16 years to build and cost $106 million.

03:35 Something must have been missed during the risk assessment or when evaluating the scope.

03:39 Right? Well, how about the 2016 Oscar fiasco, where lack of proper controls ended up with the wrong best picture being announced? More than just money and time was lost there.

03:53 With that said.

03:55 What are the conclusions you can draw from these examples? Let me help spell it out for you.

04:02 Planning is an enormous part of our personal and business lives, and failure to plan properly can have disastrous results.

04:10 On the other hand, excel at planning and you or your company will reap the rewards.

04:18 Let's wrap it up here, everyone.

04:20 Thanks for watching and I'll catch you next lesson.