As a project manager, you play a critical role in ensuring that the final product is successful. Everything from ensuring your team understands the assignment correctly to guaranteeing the product is completed on time goes into getting the desired result. Even if you think you can handle it all, it’s easy to feel overwhelmed by the weight of it all.
That’s where project management’s five phases come into play: they break down a project into manageable chunks, making it easier to follow along. Using these five phases, teams may speed up project progress, unite a group, avoid overspending, and identify potential bottlenecks.
There are five processes that project managers must know to build up projects and create achievable assignments that teams can finish. The five stages of a project management lifecycle, which commonly fall under the Waterfall/Traditional project management technique, will be discussed in this writing. For both large and small projects, you can follow these phases. The Project management certification is widely recognized and has been connected to numerous advantages for project managers, with more than a million people holding it.
What is project management?
For a project to be perfect, it must have a starting and an end date. It is a part of your daily routine. As a result, project management “is the application of know-how to project operations to satisfy the project requirements” (PMI).
PMBOK® guide concept: What is that?
The PMI produced a Guide to the Project Management Book of Knowledge (PMBOK® Guide) to standardize project management best practices. You can use the PMBOK® Guide’s procedure on as many projects as you choose. You can also find further details on project lifecycles in the PMBOK® Guide.
Five phases of project management form the life cycle of a project, which we’ll go over in detail in the sections that follow. It’s worth noting that organizations and project teams are likely to alter the five stages of a project. You could change any of these things. According to the PMBOK® Guide, the project life cycle should include the following.
- goals of the project
- deliverables for the project
- project team
- managing and overseeing the project
Traditional project management comprises five phases: Initiation, Planning, Execution, Monitoring/Controlling, and Closing. In the following sections, let’s examine each step in further detail and identify the key components and actions that make it up.
1. Project Initiation
The beginning of a project’s lifecycle is called initiation. It is where the value and viability of the project are assessed. When deciding whether or not to proceed with a project, most project managers rely on two types of evaluation:
- The Business Case Document – This document explains why the project is necessary and estimates the financial benefits that it could reap.
- Feasibility Study – Determine if the project should proceed by reviewing the project goals, timeframe, and cost. It weighs the project’s needs against the available resources to determine whether or not it is worthwhile to proceed with the project.
Teams abandon unprofitable and infeasible initiatives. However, it is possible to allocate projects that pass these two tests to a project office or a project team.
2. Project Planning
You must set an effective strategy to ensure that the project is completed on schedule and under budget. To secure the necessary resources, funding, and materials for your project, you’ll need a well-written project plan. Quality output, risk management, stakeholder acceptance, and supplier management are some of the goals outlined in the project plan.’
Prepares teams for the challenges they may face and helps them comprehend the project’s cost and duration scope timeframes.
3. Project Execution
When it comes to project management, this is the most prevalent phase. Execution is all about making sure the consumer is happy with the final product. Team leaders ensure success by allocating resources and keeping team members focused on their assigned responsibilities.
4. Project Monitoring and Control
Because they generally coincide, monitoring and control are commonly coupled with execution. Teams must keep an eye on their performance while carrying out their project plans.
Team members must keep an eye on tasks to prevent scope creep, compute KPIs, and keep tabs on budgeted costs and timelines variances. The project’s progress can be kept smooth by maintaining a steady look at things.
5. Project Closure
When a project’s final deliverables have been delivered to the customer, the team can declare success, release resources, and move on to the next project. When a project is completed, the team can use the lessons learned from earlier endeavors to improve their procedures and build stronger teams.
Take advantage of the project management methodology:
Having processes and frameworks on hand is a good idea. Remember that each organization is unique. Before implementing a new initiative, the people involved, the institution’s past issues, and current procedures must be considered. In project management, motivation and empathy are critical. Do what’s best for everyone concerned by continuing to pursue those projects.
Using the five stages in the proper order
Professionals have utilized the five processes for decades, but that doesn’t mean there isn’t an opportunity for adaptations. A lack of trust could hinder your project management in the unknown.
The great thing about project management is that it’s a constantly evolving process. The tried-and-true methods may no longer work for your company because of new software, a new solution you devised, or all three. It’s all about completing projects on schedule and budget. That can necessitate an altogether new way of thinking about your process.
Although these are formal aspects, projects and project management techniques differ from industry to industry. Overarching objectives are delivering a product, changing a process, or solving a problem to benefit the organization.
Between a project’s start and end, there are five stages of project management to consider. To some degree, each phase of a project is approached uniquely. Each project may refer to the stage by a different name, but each step is encountered in some way by all of them.