5 Phases of Project Management Life Cycle You Need to Know
In this article we are going to be discussing the 5 phases of Project Management Life Cycle you need to know. Project Management is the application of knowledge, skills, tools, and techniques to project activities to meet project requirements.
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Why Is The Project Life Cycle Important?
The project management life cycle is a framework that describes the phases of a project from start to finish. It helps project managers to plan, execute, and monitor projects in a structured way.
The project management life cycle has its origins in the field of systems engineering. In the 1950s, systems engineering was developed as a way to manage complex engineering projects, such as the development of nuclear weapons.
Systems engineering has since been used to plan and manage all sorts of complex projects, from the construction of the International Space Station to the development of new computer systems.
The project management life cycle is important because it provides a structured approach to managing projects. By breaking a project down into phases, project managers can better plan and control the project. The project management life cycle also helps to ensure that all the necessary steps are taken to complete a project successfully.
The 5 phases of Project Management Life Cycle are: 1. Initiating 2. Planning 3. Executing 4. Monitoring and Controlling 5. Closing. Each of these phases has its own purpose and activities.
- In the initiation phase, the project manager defines the objectives of the project and gains approval to proceed.
- In the planning phase, the project manager develops a detailed plan for how the project will be executed.
- In the execution phase, the project manager carries out the project according to the plan.
- In the monitoring and control phase, the project manager monitors the project to ensure that it is on track and makes changes as necessary.
- In the closure phase, the project manager completes the project and documents the results.
Project Initiation Phase of the project management life cycle
The project initiation phase is the first stage of the project management life cycle. The main objectives of this phase are to identify and define the project, develop a project charter, and assemble the project team.
To achieve these objectives, the project manager must first understand the business need or opportunity that the project is meant to address. This understanding will help to define the scope and objectives of the project. Once the project scope and objectives are understood, the project manager can develop a project charter.
Project Charter Document
The project charter is a document that formally authorizes the project and provides the project manager with the authority to assemble the project team and begin work on the project.
Project Team Members
The project team is assembled during the project initiation phase. The team should be composed of individuals with the skills and knowledge necessary to complete the project.
Project Management Plan
The project initiation phase culminates in the development of a project management plan. The project management plan is a document that outlines how the project will be executed, monitored, and controlled.
The project initiation phase is a critical phase in the project management life cycle. It is during this phase that the project manager establishes the foundation on which the project will be built.
Summary - Project Initiation
Project initiation is the phase in which a project manager is tasked with understanding the business need or opportunity that the project is meant to address, defining the scope and objectives of the project, developing a project charter, and assembling the project team.
Project Planning Phase
The project planning phase is the second phase of the project management life cycle. This is the stage where the project manager develops a detailed project plan that will guide the execution and control of the project. The main considerations for the project manager during the project planning phase are:
1. Defining the scope of the project:
This includes identifying the objectives of the project and the deliverables that need to be produced. The project manager also needs to identify the risks and assumptions associated with the project.
2. Developing the project schedule:
The project manager needs to develop a detailed schedule that includes all the activities that need to be carried out to complete the project. The project schedule also needs to take into account the dependencies between the different activities.
3. Estimating the resources required:
The project manager needs to estimate the resources required for the project. This includes human resources, financial resources, and other resources such as equipment and facilities.
4. Developing the project budget:
The project manager needs to develop a detailed budget that takes into account all the costs associated with the project. The project budget also needs to include provisions for contingencies.
5. Identifying the risks and developing risk mitigation plans:
The project manager needs to identify the risks associated with the project and develop plans to mitigate these risks.
The aim of the project planning phase is to develop a detailed plan that will guide the execution and control of the project. The deliverables at the end of the project planning phase are:
1. A detailed project plan
2. A project schedule
3. A project budget
4. A risk mitigation plan
The Project Execution Phase - Project Lifecycle
The third phase of the Project Management Life Cycle is Executing. The Execution Phase is when the project team does the work defined in the project plan to achieve the project’s objectives. This is the phase where the rubber meets the road, and where the project manager’s leadership skills are put to the test.
During the Execution Phase, the project manager’s main considerations are:
- Ensuring that the project team has the resources and support they need to do their work
- Tracking progress against the project plan and schedule
- Managing risks and issues
- Reporting progress to the project sponsor and other project stakeholders
The goal of the Execution Phase is to deliver the project’s objectives within the agreed upon budget, schedule, and quality standards.
At the end of the Execution Phase, the project manager should have the following deliverables:
- A completed project
- A project team that is ready to transition to the next project
- Updated project documentation
- A lessons learned document
Project Monitoring & Control Phase
The fourth phase of the Project Management Life Cycle is Monitoring and Controlling. The Project Monitoring & Control phase is where the project manager monitors and controls the progress of the project to ensure that it is on track and within the scope, budget and schedule.
The main considerations for a project manager during Project Monitoring & Control are:
- Tracking the progress of the project against the project plan
- Identifying any variances from the project plan and taking corrective action
- Identifying any risks or issues that could impact the project and taking mitigating action
- Communicating the project status to the project sponsor and other stakeholders
The aim of Project Monitoring & Control is to ensure that the project is delivered on time, within budget and to the required quality.
The deliverables at the end of Project Monitoring & Control are:
- Updated project plan
- Updated project schedule
- Updated project budget
- Updated risk register
- Updated issue log
- Project status report
Project Closure Phase
The Project Closure Phase is the last phase in the project life cycle. The objective of this phase is to formally close the project or phase. This includes releasing the final deliverables to the customer, handover documentation to the operations team, terminating supplier contracts, releasing project resources and communicating the project closure to all shareholders.
The main considerations for a project manager during the Project Closure Phase are:
1. Ensuring all project deliverables are completed and meet quality standards
2. Conducting a project review to identify lessons learned
3. Obtaining customer sign-off on the final deliverables
4. Archiving project documents 5. Formally closing out supplier contracts
6. Releasing project resources
7. Communicating project closure to all stakeholders
The deliverables at the end of the Project Closure Phase are:
1. Project Closure Report
2. Lessons Learned Report
3. Final Deliverables
4. Customer Sign-off