Introduction: Project Planning and Development The life cycle is one of the most critical and sensitive aspects of the organization that can have a direct impact on productivity, efficiency and reputation of organizations. Therefore, in order to complete project development in an effective and optimized manner, it is important to pay special attention to the issues and factors that lead to failed or overestimated projects. Therefore, one of the most common concerns of project managers concerns the factors that lead to project failure, costs exceeding those allocated and wasted resources. Considering the importance of project planning and development life cycle, the respective document will describe that projects often fail due to failure to plan and estimate project requirements, specifications and costs effectively and efficiently which could lead to successful project planning. To overcome these problems and shortcomings, project managers must understand the importance of planning which includes detailed requirements analysis, feasibility analysis and identification of specifications before initiating the project. Careful planning leads to projects being delivered in an effective, cost-efficient and timely manner. Furthermore, to complete the project successfully, it is necessary to understand that "deficient requirements are the main cause of software project failure" [3]. Therefore, special attention must be paid to proper planning and scheduling. This is for process control that “addresses the team's ability to execute according to plan” [3]. During the planning process, three factors must be significantly considered which include: knowledge, resources and specifications… middle of paper… grave sins of project planning. IEEE Software, 18(5), 5-7.3. Hofmann, H. F., & Lehner, F. (2001). Requirements engineering as a success factor in software projects. IEEE Software, 18(4), 58-66.4. Davison, J., Mackinnon, T., & Royle, M. (2004, June). The slacker's guide to tracking projects or making time for more important things. In Agile Development Conference, 2004 (pp. 127-136). IEEE.5. Stutzke, R. D. (2005). Estimating software-intensive systems: projects, products and processes. Pearson Education.6. Boehm, B., & Chulani, S. (2000). Software engineering economics. Annals of Software Engineering, 10(1-4), 177-205.7. Reifer, D. J. (2000). Web development: estimating rapid-to-market software. IEEE Software, 17(6), 57-64.8. Laranjeira, Los Angeles (1990). Software size estimation of object-oriented systems. Software Engineering,IEEE Transactions on, 16(5), 510-522.