The Project Management Institute (PMI) project management process groups include initiation, planning, execution, control, and closing. In practice, however, the initiation processes of a project are often not part of a project for budgeting and control issues, but rather are charged to management and administration (M&A) or operations and maintenance (O&M) general ledger accounts. In some organizations, these charges are later reversed back to a project after it is decided to move forward with that project. Thus, only the planning, execution, and control processes become part of the project for accounting purposes; sometimes detail planning is part of a project but not overall planning. Similarly, the closing process group may or may not be a formal part of the project, and sometimes those processes are performed by an independent organization. This chapter is concerned with detail project planning, particularly the schedule and cost plan.
Risk management reconceived: reconciling economic rationality with behavioural tendencies
