Project Management Life Cycle Phases

1. Project Management Life Cycle Phases What Is A Project Lifecycle? Project management is the process of planning, organizing, and managing resources to bring about the successful completion of specific project goals and objectives. It is a vital skill for any business, as it enables managers to oversee complex projects and ensure that they are completed on time and within budget. There are several different project management methodologies, each with its own advantages and disadvantages and you can also explore them by enrolling in PMP Certification. The most popular of these is the waterfall methodology, which involves dividing a project into five distinct phases: initiation, planning, execution, monitoring and control, and closure. Why Is The Project Life Cycle Important? The project life cycle is important because it ensures that all aspects of a project are completed in a systematic and orderly fashion. By following the five phases outlined in the waterfall methodology, project managers can be sure that no critical tasks are left unfinished and that the project is completed on time and within budget. The PMBOK guide from the Project Management Institute (PMI) is a comprehensive resource that outlines each phase of the life cycle in detail, as well as provides tips for completing them successfully. 5 Phases Of Project Management Life Cycle The five phases of the project management life cycle are initiation, planning, execution, monitoring and control, and closure. Each phase is important and has specific tasks that need to be completed in order for the project to be successful. Initiation is the first phase of a project and is when the project is started. This phase includes tasks such as developing the project charter, which outlines the project goals and objectives. Planning is the second phase of a project and is when the project manager creates a plan for how the project will be executed. This phase includes tasks such as creating a work breakdown structure and developing a schedule.

2. Execution is the third phase of a project and is when the project team begins working on the project. This phase includes tasks such as procuring supplies and hiring staff. Monitoring and control is the fourth phase of a project and is when the project manager monitors the progress of the project and makes changes as needed. This phase includes tasks such as tracking milestones and issuing change orders. The closure is the fifth and final phase of a project and is when the project is completed. This phase includes tasks such as issuing a completion report and archiving documents. Project Initiation The initiation phase is the beginning of the project and is where the project is first conceived. In this phase, the project team meets to discuss the project and determine what needs to be done in order to complete it. The objectives of the project are also defined in this phase, as well as the resources that will be needed to complete it. The project manager is also appointed during this phase. One of the key tasks of the initiation phase is to create a project charter. The project charter outlines the purpose of the project, the business goals that need to be achieved, and the stakeholders who are involved in the project. It also defines the roles and responsibilities of each member of the project team. The project charter is an important document of reference throughout the lifecycle of the project. The initiation phase is essential for setting up the foundation for a successful project. It ensures two things - •Everyone involved understands what needs to be done. •And has a clear understanding of their roles and responsibilities. Project Planning In this phase, the project manager takes forward the project charter and starts creating a project management plan, and outlining the tasks that need to be completed in each phase of the project. It is important to have a well-defined plan in order to ensure that the project is completed on time and within budget. The project management plan outlines the specific steps that need to be taken in order to complete the project. It includes information such as the project goals, the resources that will be needed, and the schedule for completing each task. The project manager will use this plan to track the progress of the project and make sure that it is on track. In order to create a successful plan, it is important to have a clear understanding of the requirements and constraints of the project. The team should also be aware of

3. any potential risks and how they will be managed. By taking these factors into account, the team can develop a plan that is tailored specifically for their project. Project Execution The project execution phase is where the work of the project is actually carried out. This is the most critical phase, as it is during this time that the goals of the project are met. The project manager must be able to effectively manage the resources and ensure that the project is completed on time and within budget. In order to do this, they need to be able to effectively communicate with all stakeholders and keep them informed of the progress of the project. Project Monitoring & Control Project Monitoring and Control is the process of tracking the progress of a project and making adjustments as needed to ensure that it stays on track. This includes measuring the results of the project against the original plan, identifying any potential problems and taking action to correct them, and ensuring that all stakeholders are kept up-to-date on the project status. Project managers use a variety of tools and techniques to monitor and control a project, including Gantt charts, milestone charts, task lists, status reports, and change management procedures. It is important to note that the project manager should not be doing all the monitoring and controlling themselves - they need to delegate tasks to team members so that everyone is responsible for tracking the project's progress. Through effective monitoring and control, a project manager can ensure that a project stays on track and completes on time and within budget Project Closure Project closure is the process of officially ending a project and wrapping up all the loose ends. This includes closing out any financial accounts, shutting down any computer systems or other equipment that was used for the project, and completing any final paperwork or reports. The project manager is responsible for ensuring that project closure is completed properly and that all stakeholders are notified of the closure. It is also important to review the project with team members to make sure that everyone has a clear understanding of what was done and what could be improved upon in the future. Project closure is an important step in the project lifecycle, as it ensures that all tasks are completed and the project is officially closed out.