Page 159 - 2502_Pakistan-kifayat_C-8

Work Breakdown Structure (WBS): Divides a large project into smaller, more manageable parts or
tasks, making it easier to assign work and estimate time and cost.

Critical Path Method (CPM): Identifies the longest sequence of tasks that must be completed on
time for the whole project to be completed on schedule. Helps in recognising tasks that can delay
the project if not finished on time.
Agile Methodology: A flexible approach focused on collaboration, continuous improvement, and
customer feedback. Commonly used in software development.

Program Evaluation and Review Technique (PERT): A method used to estimate the time required
to complete project tasks, especially when exact durations are uncertain.

Factbot

Crowdfunding platforms like Kickstarter and GoFundMe have helped raise billions for new
start-ups around the world.

Importance of Project Management in a Business Plan

For an entrepreneur, project management is important because:

Clear goal setting: Helps define business objectives and break them into smaller, manageable
tasks.
Efficient resource use: Allows better use of time, money, and human resources.

Timely delivery: Ensures that each phase of the business plan (like product development or
marketing) is completed on time.

Risk management: Helps identify potential problems in advance and plan solutions.
Team coordination: Promotes teamwork by assigning roles and responsibilities to each team
member.

Tracking progress: Tools like Gantt charts or Trello help entrepreneurs stay updated and make
adjustments quickly.

Meeting business objectives effectively: Ensures the final outcome aligns with company goals and
delivers value.

Double Tap Century #Information Literacy
21 st
Skills
Match the following:

1. B2B a. Promoting products or services.

2. SMART Goals b. Transactions between two companies.

3. Asana c. A web-based tool for project planning.

4. Marketing d. Used to set clear and achievable objectives.

#Business Plan and Social Media Marketing 157