A project description is the structured representation of an idea for a particular venture or project whereas forecasting refers to the prediction of future probabilities that the individual or a company might face. Besides, a new client is unbiased and will be more than likely to compare your results with your rival firms.
Making a good project description
Apart from the name of the organization, project title, time taken and the name of the author, a good project report should incorporate the following essentials:
- An initial compact project summary.
- Required documentation, duly attached.
- A list of project contacts, i.e. people who are associated with the project, along with their contact information and professional details.
- A detailed project summary elaborating on the questions of How? What? When? And Where?
- Project background or a brief description of the central theme of the project report and why is it important.
- A hierarchy of objectives, listing the most important at the top.
- Project methodology delineating how objectives will be achieved and how potential problems will be addressed.
- Project schedule outlining a time frame for each task.
- Estimated overall project costs including a detailed project budget and budget narrative justifying the proposed costs.
- And last but not the least; your project report should include a conclusion and an appendix complete with the charts, graphs and illustrations alluded to in the report.
Tips for great forecasting
- Give importance to historical statistics and data.
- Being aware of the organization market position and risk bearing capacity.
- Making provisions for the worst case scenario while hoping for the best outcome.
- Conduct thorough research and be informed about the market dynamics.
- Graphical and tabular representation of data is always welcome as it helps to make your presentation more interactive and attracts the client.
Making an appealing project description and a valid forecast for a new client is a daunting task mainly because it requires immense self conviction on part of the project manager in order to successfully convince his clients.