Documentation of Material Projects

What is Documentation of Material Projects?

Documentation of material projects provides comprehensive information on all details of your company’s major projects including initial project plans, summaries, completion status and assessments.

Documentation of material projects outlines the objectives of your company’s ongoing projects, the timelines to complete them and the assessment of the risks associated with them.

It covers:

• Project Summary: Overview of the project type, description, scope and objectives and any risks or issues
• Project Plan: Processes identified to get projects completed, breaking-up of each project into sub- projects and allocation of budget and resources across different phases
• Project Status: Status of your projects (as completed, ongoing or expected to commence), key milestones and deadlines and costs committed to date
• Project Assessment: The current progress of all ongoing projects, past performance against timelines and budgets and the impact of a project on your business

Why is Documentation of Material Projects important for business today?

Documentation of material projects enables your company to:

• Communicate with internal stakeholders and employees, the steps required to complete a project
• Track the progress of projects in real-time and assess key milestones and deliverables
• Formulate strategies to achieve both short and long-term project objectives and meet deadlines
• Evaluate the impact of each project on your company’s performance
• Review the expenditure on a project to date relative to the costs allocated to it under historic budgets
• Determine any potential risks associated with your projects and their impact on your company’s performance

Why is Documentation of Material Projects important for an event tomorrow?

Documentation of material projects is important for an event tomorrow, as it helps:

• Assess your company’s capabilities in planning and managing projects effectively and efficiently
• Assess the key projects of your company by reviewing the costs and benefits associated with them, and analyze their impact on your company’s performance
• Determine your company’s focus areas of growth by analyzing the nature and contribution of various projects
• Evaluate the risks related to each project and assess their impact on costs and timelines
• Determine project margins by analyzing the expected cost and actual cost of your completed projects
• Benchmark the cost and time required by your company to complete a project against your peers

Pros of addressing Documentation of Material Projects

• Increase efficiency by leveraging historical project plans and strategies for similar projects
• Benchmark the actual project costs against the budgeted costs to assess any efficiencies or inefficiencies
• Enhance transparency of costs and timelines of key projects within your company
• Identify gaps in project plans by tracking progress and realign strategies to fill those gaps
• Forecast the earnings impact of each project on your financial performance
• Assist your project managers to break a project into sub-projects and assign them across teams
• Ensure your team’s compliance with the project scope, changes and objectives
• Benchmark project performance against set timelines and budgets

Cons of not addressing this topic

• Negative impact on your company’s business efficiency and performance as project costs and their timelines are not tracked
• Difficulties in tracking and adhering to the scope and objectives of your projects
• Potential to over-utilize resources due to lack of visibility on the resource requirement for each project
• Limited ability to identify and mitigate the risks or issues arising
• Operational inefficiencies, as processes to complete projects are not identified and budgets and resources not allocated in an optimal way
• Difficulties in benchmarking current costs against budgeted costs and forecast earnings potential.