![]() Planning horizons are important for any kind of plans. The basic idea is to adopt different levels of detail for different purposes. Project management processes that are not integrated with formal risk management tend to use common levels of detail for the whole of each phase, often at two or more levels connected by a hierarchical 'hammocking' structure that tends to be fairly detailed at the most detailed level. ![]() However, the general principle is less need for detail and more need for flexibility with respect to strategic choices as we look further into the future. For example, deciding what portfolio of sources of electric power an electricity utility ought to aim for at a 25 year horizon, in terms of the mix of nuclear, oil, gas, and other sources, requires a very different form of analysis than that required to make a decision to build plant A or B over the next 10 years and the timing of the construction of B if that is the choice (Chapman and Ward, 2002, chap. Sometimes these distinctions are driven by very different types of decisions requiring very different decision processes, an issue that can be very important. Usually these project phases are defined in terms of deliverables, such as feasibility, development, permission to proceed from a regulator, an operational prototype, production of the 'first of class', and so on. For example, a project planned to take 15 years may involve a 'phase one', which is effectively the first three or four years, followed by several subsequent phases, in the form of Figure 2.2a. Often these are captured in the definition of distinct project phases. Risk management for some projects requires early consideration of appropriate planning horizons with respect to project reference plans.
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