Subscribe to Updates

    Get the latest creative news from FooBar about art, design and business.

    What's Hot

    Time Shooter 3 Unblocked Games 76

    August 5, 2022

    How to Use an 18 Minute Timer

    August 1, 2022

    How to Make Mojarra Frita

    August 1, 2022
    Facebook Twitter Instagram
    Trending
    • Time Shooter 3 Unblocked Games 76
    • How to Use an 18 Minute Timer
    • How to Make Mojarra Frita
    • Arroba – The Spanish Word For the Symbol “@”
    • Sonia Barragan Perez
    • Can-Am Maverick Sport XXC – The Ultimate Cross-Country Bike
    • Ares R1D1
    • Tips on Finding a Painter and Decorator with Exemplary Customer Service
    Facebook Twitter Instagram
    Tech Expert Hub
    Demo
    • Home
    • Tech
      • Technology Tips
      • Apps & Softwares
      • Gadgets
    • Business
      • Jobs & Career
      • Finance
      • Real Estate
    • SEO
      • Social Media
      • Digital Marketing
    • Education
    • Health
    • Sports
    • Lifestyle
      • Home Improvement
      • Entertainment
      • Fashion
    • Travels & Tours
    Tech Expert Hub
    Home»Real Estate»What Are The Five Stages Of Project Management?
    Real Estate

    What Are The Five Stages Of Project Management?

    Tech Expert HubBy Tech Expert HubJuly 7, 2020Updated:July 12, 2022No Comments
    Facebook Twitter Pinterest LinkedIn WhatsApp Reddit Tumblr Email
    What Are The Five Stages Of Project Management?
    Share
    Facebook Twitter LinkedIn Pinterest Email

    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
      • 2. Project Planning
        • 3. Project Execution
        • 4. Project Monitoring and Control
        • 5. Project Closure

    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.

    project management ppt project management process project management skills project management software project management steps project management tools types of project management what is project management pdf
    Share. Facebook Twitter Pinterest LinkedIn Tumblr Telegram Email
    Tech Expert Hub
    • Website

    Related Posts

    Why You Should Consider Buying a Home in Charlotte

    July 18, 2022

    HOW CAN I SOLVE MY PROPERTY DISPUTES USING A LAWYER?

    July 31, 2020

    Questions That Make Your Second Home Purchase Really Easy

    July 22, 2020

    Leave A Reply Cancel Reply

    Demo
    Top Posts

    20 Gorgeous Mother of the Bride Dresses for Every Style and Season

    April 23, 2021

    Time Shooter 3 Unblocked Games 76

    August 5, 2022

    SEC Sets Clock for Delisting Chinese Companies Over US Audit Demand

    January 11, 2020

    US HY Defaults Return as Rate Inches Up to 0.5%; Forecasts

    January 11, 2020
    Don't Miss
    Sports

    Time Shooter 3 Unblocked Games 76

    By Tech Expert HubAugust 5, 2022

    You can play Time Shooter 3 Unblocked Games if you want to kill some time.…

    How to Use an 18 Minute Timer

    August 1, 2022

    How to Make Mojarra Frita

    August 1, 2022

    Arroba – The Spanish Word For the Symbol “@”

    August 1, 2022
    Stay In Touch
    • Facebook
    • Twitter
    • Pinterest
    • Instagram
    • YouTube
    • Vimeo

    Subscribe to Updates

    Get the latest creative news from SmartMag about art & design.

    Demo
    Contact Us:

    Email id: admin@techexperthub.com

    WhatsApp
    Our Picks

    Time Shooter 3 Unblocked Games 76

    August 5, 2022

    How to Use an 18 Minute Timer

    August 1, 2022

    How to Make Mojarra Frita

    August 1, 2022
    Most Popular

    20 Gorgeous Mother of the Bride Dresses for Every Style and Season

    April 23, 2021

    Time Shooter 3 Unblocked Games 76

    August 5, 2022

    SEC Sets Clock for Delisting Chinese Companies Over US Audit Demand

    January 11, 2020
    © 2022 TechExpertHub. Designed by Good Men Project.

    Type above and press Enter to search. Press Esc to cancel.