Managing a project is not easy, regardless of its scale and scope. There may be dozens, if not hundreds, of tasks that must be completed at precisely the right time and in precisely the right sequence. Project managers (PMs) often find it easier to oversee the entire scope of a project by segmenting it into the five project phases that comprise the project management life cycle.
In this article, we’ll go over the five project management phases that help PMs structure and simplify project management and move projects forward.
1. Project Initiation
Initiation is the first phase of the project management life cycle that officially marks the start of the project. It focuses on briefly describing the project’s purpose and determining whether or not it is feasible.
At this phase, a project manager defines the project broadly. They use two approaches to determine whether or not to approve the project:
- Business case document: It justifies the project’s necessity and estimates potential benefits
- Feasibility study: It assesses the problem and determines whether the project will resolve it.
If the project passes these two checks, the next step in the initiation phase is to create a project initiation document (PID). It is the foundation of any project and a critical point of reference for the subsequent stages. The PID should include the following key components:
- Business plan
- Project objectives, scope, and size
- Project management
- Project constraints
- Project risks
- Stakeholders
- Project controls and reporting framework
- The criteria for project closure and evaluation
2. Project Planning
During the project planning stage, a more detailed overview of the project’s goals and requirements is created. The process involves:
- Defining the project’s scope
- Determining what needs to be done
- Finalizing the deliverables timeline
- Putting together a workflow schedule
- Evaluating and allocating resources
During this stage, project managers communicate the roadmap of what is required for project success to the team in order to keep everyone on track and avoid miscommunication.
3. Project Execution
In this stage, meticulously planned project plans are transformed into tangible deliverables. PMs usually hold meetings to give everyone an overview of their objectives so that everyone on the team knows what is expected of them. This stage involves:
- Development of individual task strand
- Obtaining the necessary resources
- Assigning tasks to team members
- Delivering deliverables on time
- Keeping track of project progress
4. Project Monitoring
Monitoring and execution frequently overlap because they occur at the same time. At this phase, PMs monitor the project’s status and performance and address any issues that arise during routine operations. They also use key performance indicators (KPIs) to determine if the project is on track. They measure the following things:
- If the project is on schedule and within budget
- If specific tasks are completed
- If problems are addressed adequately
5. Project Closure
During the last phase of the project management life cycle, PMs complete the work and dissolve the project. This phase includes:
- Delivering the deliverables
- Releasing personnel and resources
- Archiving or transferring any project documents
- Contract cancellation with suppliers
- Completion of all project activities
- Preparation of the final project budget and report
Following closure, project managers conduct post-implementation project reviews to assess what went well and what went wrong. It assists them in learning lessons and improving the way they carry out future projects.
Project Management Bootcamps to Advance Your Career
With businesses attempting to accomplish complex projects in competitive environments, the demand for highly skilled PMs is greater than ever. This implies that there are numerous career opportunities in project management for people who possess vital skills that businesses require.
And if you intend to take on the role, you will need to upgrade your skills and knowledge. To do so, enroll in advanced PMP certification courses offered by globally renowned institutes. These online bootcamps for freshers and professionals provide an ideal blend of leadership, technical, and business skills. So, enroll in a PMP certification course and upskill yourself to stand out from the competition.
