Project management is the ability to understand the department. The project’s purpose, goal, and initiative should be included along with the appropriate implications. All of this is possible by understanding the Project Management Life Cycle and all it entails.
Let’s look at the project management lifecycle.
The project management lifecycle is a highly complex method of depicting the life of a project. It is the way projects happen; how the periods of project management direct a group from the beginning to the end. Every project has a beginning, middle and end.
This blog will discuss the key project management steps and what they mean for delivering a successful project.
Below are 5 stages of the Project Management Cycle.
– Project Initiation – The first step in a project
– Project Planning – Planning what and where to do it
– Project Execution – Making the project a reality
– Project Monitoring and Control – Keeping track of the project
Project Closure – The End of the Project
Below are detailed explanations of each stage and what happens in each phase of Project Management Cycle.
1- Project Initiation
This is the first stage of the project. The main goal of this stage is portraying the project at a high-level. This stage starts with a business plan. This is where you will determine if the project can be achieved and if it should. This is the phase where you will finish the possibility testing.
To help decide if the task can be done, partners will do their due diligence. If the task is approved, you will need to create a venture contract (or an undertaking commencement archive) that details the requirements and the reason for the project. It should include partners, business requirements, and the business case.
Tip: Many Project Management Courses adhere to the PMBOK Guide rules. You can easily download them online to get started.
2- Project Planning
You can begin the planning phase once the project has been approved to proceed based on your project initiation and business case.
This phase of Project management involves dividing the projects into smaller tasks, creating your team, and setting a schedule to complete the task.
This rule can be followed:
C.L.E.A.R. Goals: A new method of setting goals that takes into account the fast-paced business environment of the new generation.
Collaborative: This goal is to encourage employees and teams to work together.
Limited: Employees should have a limited time frame and scope in order to keep things manageable.
Emotional: Employees should have a passion for goals and feel an emotional connection to them. This can improve the quality of work.
It is possible to divide larger goals into smaller pieces so that you can achieve them quickly.
Refineable: You should be able to adapt your goals and refine them as new circumstances arise.
Tip: Make smaller goals within a larger project and ensure that each goal can be achieved within the timeframe. Smaller goals have a higher chance of success. Project Management Training can provide more guidance.
3- Project Execution
This is where expectations are set and then fulfilled. This is the most important stage of the project, as there is a lot of work going on, such as status reports, meetings, improvement updates, execution reports, and status reports. The “Set-up” meeting is the beginning of Project Execution, where all involved are given guidance regarding their responsibilities.
The Execution Phase includes the following tasks:
Create a Team
Execute project management plans
Acquisition of management if necessary
PM coordinates and oversees the project execution
Establish global positioning frameworks
Tasks are undertaken
As needed, update the project plan
You can alter project designs depending upon the situation
Although the project observing stage may have a different set of requirements than the project planning stage, both stages often occur simultaneously.
4- Project Monitoring and Control
This phase involves assessing the progress and execution of the project and approving that it all matches the project management plan. To determine if the project is on track, project managers will use the (KPIs), key performance indicators. To quantify the project’s execution, a PM will typically choose one to five of these KPIs.