How do you plan for high-stakes projects?

1 Define the scope and objectives

The first step in planning for high-stakes projects is to clearly define the scope and objectives of the project. What are you trying to achieve, and why? What are the deliverables, milestones, and success criteria? What are the assumptions, constraints, and dependencies? Defining the scope and objectives will help you align your team, stakeholders, and resources, as well as set realistic expectations and avoid scope creep.

2 Identify and analyze the risks

The second step in planning for high-stakes projects is to identify and analyze the risks that could affect the project. What are the potential threats and opportunities that could impact the project's scope, quality, cost, time, or reputation? How likely and how severe are they? How can you prevent, mitigate, or respond to them? Identifying and analyzing the risks will help you prepare contingency plans, allocate buffers, and communicate proactively.

3 Develop the strategy and plan

The third step in planning for high-stakes projects is to develop the strategy and plan for executing the project. How will you approach the project, and what are the key activities, tasks, and resources required? How will you sequence, schedule, and budget the project? How will you monitor, control, and report the project's progress and performance? Developing the strategy and plan will help you organize, coordinate, and optimize the project's work.

4 Engage and communicate with stakeholders

The fourth step in planning for high-stakes projects is to engage and communicate with stakeholders. Who are the people who have an interest, influence, or impact on the project, and what are their needs, expectations, and concerns? How will you involve, inform, and consult them throughout the project? How will you manage their expectations, feedback, and issues? Engaging and communicating with stakeholders will help you build trust, support, and collaboration.

5 Review and validate the plan

The fifth step in planning for high-stakes projects is to review and validate the plan. How confident are you that the plan is feasible, realistic, and comprehensive? How well does it align with the project's scope, objectives, and risks? How flexible and adaptable is it to changing circumstances? How do you measure and ensure its quality? Reviewing and validating the plan will help you identify and address any gaps, errors, or inconsistencies.

6 Execute and evaluate the plan

The sixth and final step in planning for high-stakes projects is to execute and evaluate the plan. How will you implement, track, and adjust the plan according to the project's performance and feedback? How will you manage the changes, issues, and risks that arise during the project? How will you deliver the project's outcomes and benefits, and close the project? How will you learn from the project's successes and failures, and improve your planning skills? Executing and evaluating the plan will help you complete the project effectively and efficiently, and achieve the desired results.

7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?