What are the different phases in Project Management Lifecycle? How do they help effectuate a Qualitative Project?

A project can be described as an effort to produce or reform a particular product or service. Projects are temporary and have a clear beginning and end. Project Management Institute of USA had declared that “a project is a one-set, time-limited, goal-directed, major undertaking requiring the commitment of varied skills and resources”.

What are the features of a Project?

A clear start and end date – There are projects that last several years but the project cannot continue forever. It calls for having a clear start, a concrete conclusion, and an overview of everything that happens inside.

A project creates something new – Every project is distinct and initiates something that was not there before. The project is a one-time, once-done, never-to-be-repeated process.

A project has limitations – There will be a time limit to complete every project. Also, there will be a fixed budget, expected quality in the project.

A project is not a business as usual – Projects are not processes. The process is a sequence of standard, pre-defined functions for performing a definite task. It is not a one-time operation like how a project is.

Objectives– A project has a number of specific objectives. Once the objectives have been accomplished, the project is no longer available.

Life cycle– Projects have a learning environment that is characterized by growth, maturity, and decay.

Variation– No two projects are exactly similar. Location, infrastructure, agencies, and individuals make each project distinct.

Change– The project sees many changes throughout its life while some of these changes may not have a significant impact; there can be specific changes that will change the whole character of a project course.

Unity in diversity– A project is packed with hundreds of complex elements. There is diversity in technology, equipment, and building materials, equipment and people, work culture, and ethics.

You can also read Differences between Projects and Programs for information.

Project Management:

Project management is an analytical practice that uses process knowledge, skills, tools, delivery, and strategies to discharge project tasks to ensure that a project meets its stated objectives and needs. Therefore, project management is the process of administering and supervising a team to set goals or complete delivery on time.

Life Cycle:

As projects become more complex, it is obligatory to plan and demarcate the project elements throughout the life cycle to prevent damage or failure. The first five stages of the project, planning, execution, monitoring, and closing are mandatory in the proper project management.

The life cycle of project management is a five-step structure developed to assist and motivate project managers in triumphantly completing projects.

1. Initiation

Initially, you need to map out the business essentials, troubles, or opportunities and formulate ways to meet them. You have to establish the purpose of your project, determine if the project is possible, and nail down the main benefits of the project.

Projects are a great chance for organizations and individuals to pull off their business and non-business goals productively through change. It is an effort to enact the desired change to the environment in a controlled manner.

Creating a business case: Use the above criteria to compare project costs and potential benefits to determine their sustainability.

Creating a work statement: Markdown the project objectives, scope, and achievements you identified earlier as a performance agreement between the project owner and the project staff.

Editing: After getting the approval for the designed project, you enter the planning phase.

2. Planning

During this phase of the project management life cycle, you split up large projects into smaller tasks, set up a team, and formulate a plan for completing assignments. Lay down smaller goals within a larger project, making sure each one happens within the allotted time.

Designing a project plan: Arrange a timeline of the project, comprising project phases, tasks to be performed, and potential issues to be addressed.

Creating workflow diagrams: Conceptualize your processes using swimlanes to assure that team members clearly understand their role in the project.

Budgeting and financing: Use cost estimates to decide how much you will spend on a project to receive the highest return on investment.

Collecting resources: Set up your working team from internal and external skill pools while making sure everyone has the necessary tools to complete their tasks.

Expected Risks and Potential Roadblocks: Understand the issues that could harm your project so as to maintain the quality and timeliness of the project.

Hosting a project start-up meeting: Bring your team to the board and elucidate the project so they can work faster.

3. Execution

Now it’s time to get your project going. The execution phase is the actual implementation stage for the project. The project manager has to structure and arrange the work, guide team members, master time, and ensure that the work is done according to the original plan.

Generate tasks and organize workflow: Provide significant features of projects to appropriate team members, making sure that team members are not overused.

Informing team members about tasks: Reveal the tasks to team members, provide the necessary guidance on how to achieve them, and conduct process-related training if necessary.

Communication with team members, clients, and senior management: Give updates to project participants at every level.

Occupational quality monitoring: Assure that team members meet time and quality work objectives.

Budget Management: Supervise and sustain the project in terms of assets and resources.

4. Monitoring and Control

The project monitoring and control phase happens at the same time as the implementation phase. This section centers around measuring project performance and progress according to the project plan. The monitoring function is discharged through verifying the potentiality of the project at this stage. And the control changes take place to track and manage changes in project requirements. The project manager figures out the key performance indicators in terms of cost and time to measure the variability. The team will scrutinize remedial measures and take up a path to be followed to keep the project on track.

5. Closure

After the completion of the work on the project, you enter the closing phase. In the closing phase, you dispense final submissions, release project resources, and confirm the project’s success.

Project performance evaluation: Decide if the project objectives were accomplished.
Evaluating team performance: Examine how team members performed, including whether they achieved their goals and time and quality of work.

Writing a project closure: Make sure that all aspects of the project are completed without further objectives and provide feedback to key stakeholders.

Conclusion:

Project management plays an important role in any organization in maneuvering the smooth and proper functioning of the business. The 5 phases are the key to the successful implementation of any project. Are you curious to know more? SKILLOGIC provides training in Project Management that is accredited by AXELOS. Come attend our course to successfully manage your projects. SKILLOGIC is providing PMP and PRINCE2 Certification Courses.