A project plan is a formal document that outlines the goals, tasks, resources, and timelines needed to complete a specific project. It serves as a roadmap, guiding the project team through each phase and ensuring that everyone understands their roles and responsibilities. Key components often include objectives, milestones, budget, and risk management strategies. Creating a project plan involves collaboration among team members and stakeholders to identify the necessary steps for success. It helps in tracking progress and making adjustments as needed. A well-structured project plan can lead to improved efficiency and a higher likelihood of achieving the desired outcomes.