Phases in a Project Management Life Cycle
As per the Project Management body of Knowledge (PMBOK) Guide by PMI(Project management Institute), there are five phases in a project management life cycle. They are:
- Initiation
- Planning
- Execution
- Monitoring
- Closure
Now let us go through the five phases of the project management processes.
Project Initiation
This is the first phase of the project management process. In this phase we make the initial planning and prepare all the things required to start the project. In this phase we would define the project, assess the feasibility and assemble the project team. Following are some of the key activities that are to be performed in this phase:
- First identify the project idea or need and evaluate its alignment with strategic goals of the organisation.
- Create a project charter which is a document that formally authorises the project and offers the project manager the authority to proceed. It provides the objectives, scope, success criteria and the stakeholders of the project.
- Then identify the stakeholders of the project and assess their interests, potential impacts and expectations on the project.
- Conduct the feasibility study for assessing the project’s technical, legal, economical, scheduling and operational aspects. This will assist us to determine if the project is viable and should proceed.
- Project team is formed and a project manager is appointed. Then the roles and responsibilities are defined and the communication channels are formed.
Want to get PMP Training From Experts? Enroll Now to get free demo on PMP Training.
Planning Phase
In this phase we create a detailed project plan that will summarise how the project will be controlled, monitored and executed. It assists in defining the project goals, finding out the scope of work and creating the roadmap for the successful project completion. Following are some of the key activities that involved in this phase:
- Establishing clear and precise project objectives lays the groundwork for project planning and decision-making.
- The deliverables, features, functions, and project requirements are all included in the project scope. This aids in establishing limits and preventing scope creep.
- An hierarchical structure is used to divide the project work into more manageable, smaller tasks. This aids in project organisation and resource need estimation.
- The project timeline and critical paths are established by identifying the work dependencies and order.
- The types and numbers of resources needed for the project are established, ensuring it has the required resources.
- A timeline is made, detailing the beginning and end dates of each task. The project schedule can be visualised using a variety of scheduling strategies.
- Strategies are created to manage and mitigate risks after they have been identified and assessed.
- The measurements, control procedures, and quality standards for the project are specified.
- To enable efficient communication between the project team and stakeholders, a communication plan is created.
- Estimating the project's execution expenses leads to the creation of the project budget.
- A procurement plan is made to control the procurement process if the project calls for the use of outside providers.
PMP Training
- Master Your Craft
- Lifetime LMS & Faculty Access
- 24/7 online expert support
- Real-world & Project Based Learning
Execution Phase
This is the phase in which the actual work of the project starts. The project plan is executed in this phase and the project teams will perform the tasks that are defined in the planning phase. Following are some of the key activities that involved in this phase:
- The project team will perform the tasks that are assigned to them by following the plan and schedule.
- To ensure efficient project execution, resources are appropriately assigned and managed.
- When problems or disagreements arise during project execution, the project team works together, communicates, and finds solutions.
- To keep stakeholders informed and manage their expectations, maintain regular interaction and communication with them.
- Make sure that the project's deliverables satisfy the defined quality requirements.
- To prevent scope creep, track and manage changes to the project's scope.
- minimising the influence of project risks on the project's goals by continuously monitoring and addressing them.
- Tracking the development of projects' tasks, benchmarks, and deliverables to ensure they're finished on time and within the budget.
- Controlling and managing changes to the project's schedule, scope, or resources as necessary.
- Finding out and eliminating any problems or barriers that can appear during the project execution
- Maintaining project documentation, such as meeting minutes, progress reports, and any other records necessary.
Become a master of Project Management by going through this HKR Project management Tutorial !
Monitoring Phase
In this phase, we track and evaluate the progress, performance and risks of the project. This phase ensures that the project is on the track and if there is deviation in the project plan, it will be addressed on time. Following are some of the key activities that involved in this phase:
- Analysing and tracking key performance indicators (KPIs) to evaluate project performance and progress.
- Preparing and sharing status updates with stakeholders on a regular basis, updating them on project progress, accomplishments, and any risks or problems.
- Monitoring and re-evaluating project risk factors over time, implementing mitigation strategies and dealing with new risks when they arise.
- Conducting quality audits to make sure that project deliverables adhere to the established quality standards.
- Reviewing and managing the changes to the project's schedule, scope, or resources, making sure that they are documented properly and approved.
- Maintaining ongoing communication and engagement with stakeholders to inform them and handle any issues or comments.
Subscribe to our YouTube channel to get new updates..!
Closure Phase:
This is the final phase of the project management process. It involves closing all the project related activities, documentation and closing the project formally. Following are some of the key activities that involved in this phase:
- Conducting a review or evaluation of the project to determine its accomplishments, successes, and lessons learned. This identifies the areas for improvement in future.
- Compiling and organising all project documentation, such as deliverables, final reports, and other records. By archiving these records, you can be confident that they will be available for future use.
- Handing over the deliverables to the right stakeholders or clients will ensure a smooth transition and a proper closure.
- Recognizing the efforts of the project team and stakeholders, and celebrating the successful completion of the project.
- Creating a project closure report that lists the project's results, lessons learned, and any project-specific recommendations.
- Completing all financial tasks, such as budget reconciliation, settlement of unpaid bills, and contract or procurement agreement closure.
By following the above five phases of the project management, the project managers can effectively plan, execute, and control projects, ensuring that the project is delivered on time, within the scope, and within the budget. Every phase has some particular activities and tasks which will contribute to the overall management and success of the project.
PMP Training
Weekday / Weekend Batches
Conclusion:
In this blog we have seen the phases in the project management process. Following these phases will help you in the successful completion of the project, on time within the budget. We hope you found this information helpful. For more such blogs stay tuned to HKR Trainings.
Related Articles:
