A formal project plan is a detailed document that outlines the strategy, goals and objectives of a project. It’s designed to ensure everyone involved has a shared understanding of the project and its requirements. The plan also serves as an important reference for all stakeholders, helping them Make informed decisions throughout the life of the project. By taking the time to develop a effective project plan, you will always have a clear overview of your project and can identify any potential risks or trouble spots before they arise. A formal project plan gives your team the tools they need to achieve success.