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4 Phases of the Project Management Life Cycle

No matter whether you’re working on a small business project or a large enterprise project that spans multiple departments and has huge company implications, understanding the life cycle is vital.

Ensure that your project stays organized and on track from beginning to end by understanding the four phases of the project management cycle.

Project Management Life Cycle Overview

The life cycle of the project management cycle outlines high-level procedures that are used to deliver a great project.

The waste of money and resources could be avoided through effective management of projects since the majority of unfavorable projects fail because of a communications breakdown. Within the various phases of a project’s management process, it is your job to come up with an idea for a project and then define the goals of the project, plan its implementation, and guide it through to its completion.

Four Phases of the Lifecycle of Management

The lifecycle of managing projects typically breaks into four parts: beginning, planning, completion, and closing. The four phases comprise the route that will take your project from the beginning until the end.

Note: Certain methodologies may also have a fifth phase, which is called control or monitoring. However, for our study, the monitoring phase falls in the execution and closing phases.

Initiation

The first step is to find a business requirement issue, opportunity, or problem and think of ways your team could fulfill this need, resolve the issue, or take advantage of the opportunity. In this stage, you determine the goal of the project, decide if your project can be accomplished, and identify the main outputs of the undertaking.

Management of projects in the beginning phase

Methods to initiate the project Phase of initiation could comprise the following steps:

  • Involving in a feasibility analysis Determine the main issue that the project is designed to solve and determine whether the project can provide a solution for this issue.
  • Determining the scope: Define the extent and scope of the work
  • Deliverables to be identified: Define the service or product to offer
  • Identifying the project’s stakeholders to figure out the people who are affected by the project and what their demands could be.
  • Business case development using the above guidelines to evaluate the possible advantages and costs of the proposed project and determine whether the project can be moved ahead
  • The process of creating an outline of the work documents the goals, scope and deliverables that you previously identified in a written agreement between the owner of the project and the people who are working on the project.

Planning

When the project is cleared to go forward in accordance with your business plan or statement of work or the project’s initiation documents, you are now in the planning stage.

In this stage of the management process, you split the bigger project into smaller projects, establish your team and create your schedule to complete of the tasks. Set smaller objectives within the bigger project and make certain that each goal is feasible within the specified timeframe. The smaller goals must have a great chance of successful completion.

Management of Project Steps During the Planning Stage

Project plan phase could include these:

  • Create a Project plan. Determine the timeline for your project. Include each phase of your project, the work to be completed, as well as potential constraints
  • Create workflow diagrams. Make your process visible by using the swimlanes in order to ensure team members comprehend their part in the project.
  • Calculating budget in making budget: Utilize estimates of costs to figure out what amount you will need to put into this project to ensure the best ROI
  • Building your team’s functional structure from both the talent pool of both sources as you ensure everyone has the tools they require (software and hardware.) for their work
  • Be prepared for potential risks as well as quality roadblocks: Recognize issues which could cause your project to stagnate while planning how to reduce those risks and ensure the project’s integrity and schedule.
  • Conducting a Meeting for the project: Get everyone on board and define the scope of your project so that they’re able to swiftly get to work

Begin by defining all the tasks and steps with this flow diagram template.

Execution

The business has given you approval, created a strategy and gathered your team. The time has come to go into action. In the execution phase, you turn the plan into reality. The job of the project manager in this part of the life cycle is to ensure that work stays in order, coordinate the team, oversee the timeline, and ensure everything is completed in accordance with the plan originally devised.

Steps to Manage Projects in the Phase of Execution

Project implementation phase could include these:

  • Tasks and managing workflows: Assignment of specific aspects of projects to team members who are responsible while ensuring the team members don’t get overwhelmed.
  • Informing team members about the tasks at hand: Explain them to team members, giving the necessary guidelines on how to finish them, as well as arranging process-related training should it be required.
  • Communicating with clients, team members and management at the top: Send out updates to all stakeholders in the project on every level
  • Quality of work monitoring: Verify that members of the team meet their time and quality objectives for their tasks.
  • Budget management: Monitoring expenses and ensuring that the project stays up to date in terms of the resources and assets

If you’ve got the proper documentation of your process established, then completing the task will be simpler.

In accordance with the method of project management that you use, There are a variety of ways to visualize tools that you can use to determine what deliverables were completed to make sure your project stays within its scope. Make use of AirViewX tracking templates to aid in organizing your management of your project.

Closure

When your team is finished with the project’s work then you move into the closing stage. When you are in the closing phase, you deliver the final deliverables to make resources available for the project and evaluate the overall success in the course of your project. While the primary tasks of the project are finished, that doesn’t mean that your job as a project manager is over. There are still vital issues to address, like the evaluation of what worked and what failed to work in the project.

Steps to Manage the Project in the Closing Stage

The steps for the closing phase of a project could consist of the following:

  • Analysis of the project’s results: Find out if the goals of the project were achieved (tasks were completed on time and within budget) and if the problem was addressed using a pre-planned list.
  • Evaluation of team performance: Assess how team members did and whether they achieved their objectives, along with the timeliness and the quality of the work
  • Documenting the closure of your project: Make sure all the aspects of the project have been completed and there are no loose ends left, and provide reports to the key parties.
  • Conducting reviews after implementation Perform a comprehensive analysis of the project, taking into account the lessons learned in similar projects to come.
  • Account for the budgets not in use. Allocate remaining budget resources to future initiatives.

If you stay focused while the project’s tasks are completed, You’ll be able to use the knowledge you’ve gained and use it in the next one.