A project plan is a formal document that outlines the goals, tasks, timelines, and resources needed to complete a specific project. It serves as a roadmap, guiding the project team through each phase of the project, from initiation to completion. Key components often include objectives, deliverables, milestones, and budget estimates. Creating a project plan involves identifying the stakeholders, defining the scope, and determining the necessary resources and team members. This structured approach helps ensure that everyone involved understands their roles and responsibilities, ultimately increasing the chances of project success.