In order to successfully conduct a project, every involved side must know what to do, when to do, and what is the expected outcome. By expanding on the idea by giving it a rigorous structure for its realization, the success of such a design will be guaranteed. This paper aims to provide the family’s project a proper conclusion, describe all the necessary steps, and link the documents with the schedule and the budget.
The shareholders of this project are the family members who go on a world trip, and its success lies in their ability to go through all the details that are involved in this trip. Family members might have different opinions on the various aspects of the plan, or have proposals that require additional budget expenditures. Communication between shareholders is vital for the effective conduct of a project (Dinsmore & Cabanis-Brewin, 2014). Adopting this precise method of planning eliminates a significant part of the risks that stem from the lack of communication. Development and finalization of a project budget prior to its realization do give not only its estimated cost but also prevent unnecessary expenditures. The Gantt chart serves as an excellent tool for such a plan. Through it, the family is able to plan the exact date and time for each of the activities that they have and address all potential spendings for each step.
The creation of a plan is essential to any project, however, it is not a total guarantee that it will go exactly the way it was described prior to its realization. Kloppenborg et al. (2019) argue that due to the “less detailed knowledge concerning the project in the initiating stage, there is likely to be a larger margin of error” (p. 250). Therefore, it is crucial to have a defined portion of the budget for any unexpected situations that might occur. As the nature of such a trip is subject to change, a large reserve is preferred. The family dedicates $4000 for this purpose, which should be enough to cover all the potential needs and activities.
In conclusion, for me, this project has been a prime example of the importance of a thorough plan for action, resource allocation, and a clear schedule for all planned parts. The table regarding these aspects of the trip, while might be overly meticulous and complex, serves as a stable foundation for a family project. Comparing the outcome of a project with previous expectations that are listed in its plan gives an insight into its efficiency and serves as a source for future improvement (Project Management Institute, 2017). Managing every project in this way, no matter what size it is, benefits all of the involved sides.
References
Dinsmore, P. C., & Cabanis-Brewin, J. (2014). The AMA handbook of project management (4th ed.). Amacom Books.
Kloppenborg, T. J., Anantatmula, V. S., & Wells, K. (2019). Contemporary project management (4th ed.). Cengage Learning.
Project Management Institute. (2017). A guide to the project management body of knowledge (6th ed.). Project Management Institute.