The importance of project management cannot be ignored as it impacts the success of a project. Stakeholders of various types of projects take a keen interest in hiring a competent project management company that could ensure the smooth operation of the project.
Though project management may seem very easy to execute, it consists of five essential phases that facilitate its execution. These phases split up the project working into a series of manageable steps.
Thus, following these steps in order helps to complete the project in due time and set a budget. To understand these phases deeply, let us discuss each stage in detail.
Table of Contents
1. Project Initiation
The first phase of the project management lifecycle is initiation. This is where the project scope, vision, and feasibility is determined. The step holds immense significance since it determines the success of a project.
The step carries out feasibility studies and identifies the solution that could aptly suit the project needs. The project managers prepare business case documents that propose the audience the project will target.
Moreover, project managers evaluate the potential benefits and risks associated with the project.
The project initiation phase of Project management also helps owners identify the goals they want to achieve
After a keen analysis of all the feasibility studies, project managers decide the future of the project. If the feasibility studies are to declare the project as unprofitable, it is abandoned. However, if the managers are satisfied with the results, the project then gets assigned a team to carry out its execution.
2. Project Planning
After the project initiation phase comes to the planning phase. This step devises a plan on how to blow life into the project within time and budget.
It is one of the most significant aspects of project management as only a thoughtful plan blows success into a project.
Project planning includes the creation of a solid project plan that efficiently divides it into small manageable tasks. These tasks are then allotted to team members as per their field. Next comes the making of workflow diagrams.
Workflow diagrams hold immense significance since they help project managers visualize the working on the project. Moreover, it is easier for the teams to ensure coherence in their works, helping them achieve their set goals quickly.
The most crucial element of the planning phase of project management is the drafting of the budget. Without proper estimation of the budget and a sound financial plan, a project can never achieve its completion.
Hence, project managers work to estimate the total investment the project will be needed with time. This way, it is easier for the project owners to arrange for the capital and keep the project running. Similarly, the planning phase also arranges for the workforce needed.
Project managers seek professional individual for every task to achieve efficiency. It is vital to building a functional team for all jobs to be performed in the project before working on the project gets started.
Another factor that can never be overlooked is the risks involved. The planning phase must have backups planned for every chance that could be encountered during the project execution.
3. Project Execution
The phase where you could see the project coming into life is the project execution phase. This part of the project management life cycle requires project managers to streamline the workflows.
It is done by assigning every team member a particular aspect of the project to be done within a given time.
Moreover, project managers continue to stay in touch with all the team members working on the project throughout this phase.
They impart the necessary guidelines that could be needed by the team to complete a task.
Since the execution phase of project management depends on the planning phase, it is critical to give due time and attention to project planning.
4. Project Monitoring and Control
One of the critical parts of project management is quality control. It is quite common to witness massive projects being executed with little attention given to quality control.
Thus, this part of project management ensures that not only the budget and time are kept within adequate limits but also the highest quality of work is guaranteed too.
Besides, project managers are also responsible for managing budget just in case overspending hinders project completion.
The monitoring and control phase runs parallel to the project execution phase. As a result, project progress and quality are ensured at the same time. Additionally, this phase helps prevent scope creep, which is a common problem that many projects encounter.
5. Project Closure
It is often thought that once a project attains completion, there is no work left to do. It is an apparent misconception.
Project closure is a significant aspect of the project management life cycle. It includes the release of the resources of the projects that could be needed for its running later.
Moreover, this step allows the team to evaluate their performance and consider the aspects that could be improved.
Proper documentation of the project is done in this phase, which includes the potentials of a plan as well as risks are mention here.
Although project management may seem a daunting task to do, its five easy stages make it facilitated for project managers to execute. Given the functionalities of each step, together they help to bring about a successful yet viable project.
