The ultimate Project Management Checklist for FinTech p.3

Well, the third part of PM checklist is arrived. Kindly remind you I'm a certified Agile Project manager and would love to share my knowledge.

Prepare a Project Plan & Work Breakdown Structure

When you as a project manager collected enough information to start planning the project, use a project planning tool like comprehensive Jira, Confluence, or for small projects: Trello, Asana, or even a simple spreadsheet.

Remember a rock solid project plan can be achieved in any solution as long as it helps you to formalise your thoughts and bring consistency. Keep in mind your project plan should be as simple as possible – straightforward and easy to read.

A WBS will help you define all the tasks and activities that need to be completed in order to finish the project. And identify all the requirements, and then break them down into tasks.

It helps you to understand task dependencies – which tasks have to be completed first? And determine the critical path – the task completion sequence that will help you finish the project in the shortest possible time, with the lowest possible costs.

Please find below a common plan for IT project as an instance, but keep in mind that a full project plan should be supplemented with other documents.

Project Plan should contain:

• The project scope statement.
• A project schedule.
• Project risk plan.
• Change policy.
• The project communication plan.

Your fintech project plan is like a road map.

Develop the Budget 

Make your project budget detailed, time-based estimated for all the costs of project. Develop a budget step by step – from an initial estimate to a detailed version to the final approved project budget.

When you run a project, it is difficult to estimate how much it will cost – and degree of uncertainty in projects, thus it is one of the project manager’s greatest challenges.

Count all direct and indirect costs, with a small amount assigned for contingency reserve ~ 20%. When you get to know, how long a project is going to take and how much resources you need, you can calculate the approximate total for the direct and indirect costs.

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