The Project Management Lifecycle

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At the beginning of an undertaking how much planning, and the work needed may seem overwhelming. There might be dozens or even hundreds of tasks that must be accomplished at the perfect time and in the perfect order.

Experienced project managers understand that it's often easier to manage the aspects of a project and make sure that the steps are in the proper sequence when you break the project into phases. Differing your project management tasks into these five phases could aid in organizing your efforts and help you organize them into an orderly and easy steps.

1. Project Initiation

The initial phase is the most important stage of the lifecycle of a project. It is when the value of the project and its feasibility is assessed. Project managers typically employ two tools for evaluating the best way to go ahead with an idea:

• The Business Case Document is used to justify the necessity of the project and provides an estimate of possible financial benefits.

• Feasibility Study This is an analysis of the project's objectives as well as the timeline and cost to determine if the plan is feasible to implement. It is a balance of the needs of the project against available resources to determine whether it is feasible to pursue the project.

Teams stop pursuing projects that are deemed to be unprofitable or unsustainable. But, projects that are able to pass these two tests may become part of a specific project group or assigned project office.

2. Project Planning

When a project is given the green light, it requires an organized plan to guide the team, as to ensure that they are within the timeframe and budget. A clearly written plan for the project provides guidelines for the acquisition of funding, finding resources and procuring the necessary items. The plan provides the team direction in producing high-quality outputs, minimizing the risk, building acceptance, communicating the benefits to the stakeholders as well as managing the suppliers.

The plan for the project helps teams prepare for challenges they may encounter during the duration of the project and aids them in understanding the costs, scope, and duration that the task will take.

3. Project Execution

This is the stage which is usually related to managing projects. Execution involves creating products that meet the needs of the client. Team leaders are responsible for this by assigning resources and keeping the team participants focused on the respective duties.

Execution is heavily influenced by plan-making. The efforts and work of the team members during the execution phase derive from the plans for the project.

4. Project Monitoring and Control

Monitoring and control can be mixed with execution as they are often carried out simultaneously. When teams implement their plans for the project they have to constantly track their own development.

To ensure that the project is delivered as was stated, teams must keep track of projects to ensure that they do not expand scope as well as identify key performance indicators, and keep track of any deviations from the allocated time and cost. Monitoring is a constant process that keeps the project running smoothly.

5. Project Closure

The project is concluded when they hand over the completed project to the client and communicate the completion to all people involved in the project and also release funds to projects. This critical stage in the lifecycle of a project allows the team to review and document the project , and move onto the next by utilizing previous mistakes and successes to develop better processes as well as more effective teams.

Even though managing projects may be difficult at times, breaking it down into five distinct phases can assist your team to manage the most complicated projects and utilize time and resources effectively.