The schedule
The schedule is a plan for carrying out processor procedures giving lists of intended events and time. When a project is behind schedule, the following should be done; overtime should be done, especially when it’s a minor work, extend the deadline, changing the scope and including more resources in the project. Components of the project communication plan include; source, message, channel, receiver, and feedback. The head is the message originator who thinks about the audience, dispatch and delivery time. The message is the information that is conveyed by words, signs or symbols. Channel is the medium of communication such as face-to-face or phone. The receiver is the recipient of whom the message is intended. Feedback is the response received from the receiver.
The five process groups are; initiating, planning, executing, monitoring and closing. The initiating group has stakeholders register and the project chapter, which helps determine the project’s vision. For example, stakeholders’ names, objectives, plane and timeline, estimate costs, and risks are in the initial group. In the planning process group, project infrastructure is built, for example-mail, fax, software of project management and word processors. In executing the process, allocation of budget and production of project deliverables are done. For example, they are identifying regular reports and schedules. Monitoring phase eye keeping on project progress and making corrections where necessary. For instance, when the project is not well-performing, the cause of the problem should be identified, and corrective action should be taken. The closing group is the final phase, where the project is checked off, for example, archiving project records, signing –off and releasing the team. The payback period is the amount of time taken to recover the cost of an investment. The payback period is determined by dividing the asset’s annual expected cash inflows by the regular initial expenditure.
Reference
Balwani, S. S. V. (2012). Operational efficiency through resource planning optimization and work process improvement (Doctoral dissertation, Massachusetts Institute of Technology).