1. Project management plan. In practice, the project management plan is a guide for the definition and control of the work. Therefore the plan must include control points, for instance, stage-gateway reviews, to ensure that management authorizes movement from one phase or stage to another. Reporting and monitoring strategies, including the use of earned value to integrate cost, schedule, and quality performance, should be made explicit.
The plan should also address accountability, particularly in view of the recent legislative and regulatory requirements of the Sarbanes-Oxley Act. This requirement is in compliance with internal control and accounting standards and is no longer optional for project managers. In fact, the price of disconnected and inconsistently applied efforts throughout a project and its interfaces, and lack of financial tracking systems that provide for audits, could be business-wide. Compliance with Sarbanes-Oxley therefore is not a choice but a requirement, and the plan should state standards for estimating costs, tracking the costs and relating costs to work performed, and the integrity of the closeout procedure and invoices to customers for work performed.
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What you need to know about… Project Management Made Easy! Project management consists of more than just a large building project and can encompass small projects as well. No matter what the size of your project, you need to have some sort of project management. How you manage your project has everything to do with its outcome.