When we say Project management it means understanding the dept. of the project beginning with the purpose, goal, and initiative including the right implications. To fulfill all this the major factor is to understand what is Project Management life cycle all about and what all things it includes.
What is the Project Management Life Cycle?
The project management life cycle is truly a highfalutin method of portraying the life of a project. It’s the way projects occur; how the periods of a project direct a group from brief through the end. Each project has a beginning and end process; its birth, development, and last but not least “its death” when the project lifecycle is completed.
In this blog, we’re going to go into detail about what these project management life cycles comprise of, the important project management steps, and how they can assist one in delivering a well-managed and successful project.
5 Stages of the Project Management Life Cycle
- – Project Initiation- The beginning step of the project
- – Project Planning- Planning what and how to do
- – Project Execution- Making the project happen
- – Project Monitoring and control- Keeping track of the project
- – Project Closure- Coming to an End of the project
Below, each of the stages is explained in detail and what happens in each of the 5 phases of the Project Management Cycle
1- Project Initiation
This is the initial stage of the project, and the main objective of this stage is to portray the project at a high level. This stage for the most part starts with a business case. This is the point where you will explore whether the project is achievable and if it should be undertaken. If the possibility of testing needs to be done, this is the phase of the project wherein that will be finished.
Partners will do their due diligence to help choose if the task is a “go.” If it is given the green signal, you should make a venture contract or an undertaking commencement archive (PID) that outlines the requirements and reason of the project. It should incorporate partners, business needs, and the business case.
Tip: There are a lot of Project Management Courses that stick to PMBOK Guide rules which are easily accessible online that you can download to get started.
2- Project Planning
After the project is approved to go ahead based on your project initiation document, business case, and state of work you step into the planning phase.
In this phase of the Project management life cycle, you diversify the projects into smaller tasks, create your team and make a schedule for the completion of the task.
You can follow this rule:
C.L.E.A.R. Goals: A new way of setting goals that involve the environment of the new generation’s fast-paced business era.
Collaborative: The goal is to encourage employees to work in a team.
Limited: Employees should be in a limited time frame and scope to keep things manageable.
Emotional: Goals should come within the passion of employees and it should be something they can have an emotional attachment to. This can develop the quality of work.
Appreciable: Divide larger goals into smaller parts so that they can be quickly achieved.
Refinable: As new conditions arise, you should be flexible enough to adapt the goals and refine them as needed.
Tip: You should make smaller goals within the larger project, and make sure that each goal is achievable in the mentioned period. Remember, smaller goals always have a high potential for achievement. You can get more guidance on this with help of Project Management Training.
3- Project Execution
This is the stage where expectations are created and fulfilled. This generally feels like the heart of the project since tons of work is going on during this time, similar to status reports and meetings, improvement updates, and execution reports. A “Set-up” meeting for the most part implies the beginning of the Project Execution phase where the groups involved are guided regarding their responsibilities.
Tasks to complete during the Execution Phase include:
- Creating Team
- Appoint resources
- Execute project management plans
- Acquisition of the management if required
- PM coordinates and oversees project execution
- Set up global positioning frameworks
- Undertaking tasks are executed
- Status Meetings
- Update project plan as needed
- Alter project designs depending on the situation
While the project observing stage has an alternate set of requirements, these two stages frequently happen at the same time.
4- Project Monitoring and Control
This phase is tied in with knowing the project progression and execution and approving that all that incident matches up with the project management plan. Project managers will utilize the (KPIs) key performance indicators to rectify whether the project is on target. A PM will ordinarily pick one to five of these KPIs to quantify project execution:
Project Objectives: Measuring if a project is on time and a financial plan is a sign that the project will meet partner objectives.
Quality Deliverables: This decides whether the particular task expectations are being met.
Cost Tracking and Efforts: PMs will represent the effort and cost of assets to check whether the financial plan is on target. This kind of following educates if a project will meet its finish date dependent on current execution.
Project Performance: This screen changes the project. It takes over the sum and kinds of issues that emerge and how rapidly they are addressed. These can happen from unexpected obstacles and degree changes.
During this time, PMs may have to change timetables and resources to guarantee the project is on target.
5- Project Closure
This stage addresses the completed project. A few PMs even sort out little work occasions for individuals who took part in the project to express gratitude toward them for their endeavors. When a project is finished, a PM will frequently hold a meeting to assess what worked out positively in a project and distinguish project failures. This is particularly useful to comprehend exercises learned so upgrades can be made for future projects.
When the project is finished, PMs actually have a couple of tasks to finish. They should create a project punch list of things that didn’t get cultivated during the project and work with colleagues to finish them. Play out a last project budget plan and set up the last project report. At last, they should gather all project documents and deliverables and keep them in a single place.
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