Without careful and meticulous planning, even the simplest of projects can seem to be a gargantuan task. The reality, however, is quite the opposite. A little preparation and discussion around the project can help you carry out highly complex projects smoothly and efficiently; achieving all your project goals.
Project management is the set of activities and tasks that the project team should follow to complete all aspects of the project. It involves understanding the project goals, objectives, constraints, resources, budget, and deadlines to ensure that all stakeholders are satisfied with the result.
By its very nature, a project is a diverse undertaking. This means that even a small project requires inputs from different people, who bring in their own expertise and knowledge to complete the project. Collaboration is the key to success in project management. These individuals are organized into a project team, led by a competent project manager, ideally someone with a PMP certification. The manager’s job is to work out the different requirements of the project and assign tasks to each team member.
The way that most project teams go about managing different projects is to organize the different tasks into phases. There are typically five different phases of project management, each with its own set of requirements and expectations. In this article, each of these project management phases is described in detail.
The Project Life Cycle
The different phases of project management are organized in the form of a life cycle. Each stage is a requirement for the successive stage, and its output serves as the input of the next stage in the life cycle. This model also suggests that project management is a continuous process and requires constant monitoring even after it begins operations.
Phase 1: Project initiation
Initiation refers to the phase where the project is conceived, and its goals are laid down in tangible terms. Using these goals, the feasibility of the project is determined. Metrics such as ROI are identified which will be used to evaluate the success of the project later on. The key documents produced at the project initiation stage are the feasibility study and the business case document.
The project team prepares a business case document, which explains the rationale for exploring a particular project, such as acquiring new technology, developing a new product, and so on. It includes the estimated benefits of the project, such as increased revenues or profits, impact on the competition, improvement in customer perception, cost savings, and so on. However, simply knowing the estimated gains of a proposed project is not enough. The management will also need to know if the company has the wherewithal to execute the project and reap the expected benefits.
The feasibility study is a technical assessment of the project and the outcomes it is expected to achieve. While the project might sound like a great idea, the company might not have the expertise or resources at its disposal to assign to the project. The feasibility study determines the costs and time required for the project to be completed, which is then compared against the resources available with the company.
If the business case document and feasibility study do not show potential, the project is abandoned. However, if the business case and feasibility show promise, the project is given the green signal, and the team moves to the second phase, i.e. project planning.
Phase 2: Project planning
Now that the project has been sanctioned, the project team needs to come up with a plan that will provide oversight of every stage of the project, while also enabling the team to monitor the expenses and time.
The project plan is the key document produced in this phase. It is a highly detailed document which breaks down the project into different stages, assigns responsibilities to different teams, and identifies the goals and performance standards for each stage. The project plan based on PMP certification standards also describes the financing, sourcing, and management strategies.
A key responsibility of the project management team at this stage is to anticipate the challenges that might arise during the project. In doing so, they must also lay down the contingency plans and responses that the team will take to overcome those challenges.
Phase 3: Project execution
This is the most exciting phase of the project management life cycle. Once the project plan is approved, the project team sets about executing their assigned tasks for the project. The progress towards deliverables is driven by matching the skills and knowledge of the team members to the tasks that are assigned to them. A variety of project management tools are used to ensure that the project is executed according to the standards laid down in the project plan.
Phase 4: Project monitoring
This phase is often performed simultaneously with the execution stage since performance is monitored while it is in progress. Monitoring oversees every stage of the project to determine whether the project is achieving its key milestones, deliverables, and timelines. Resource utilization is monitored to identify potential shortages and make alternative arrangements well in time. Possible bottlenecks are also identified so that solutions can be implemented ahead of time.
Phase 5: Project closure
In this phase, all the deliverables for the project are achieved, and the project is ready to be handed over to the client. The project manager prepares the project report detailing the achievements and challenges of the project and hands it over to the project sponsor. The project team is dismantled, and the resources are returned to the organization. Internally, the management evaluates the performance of the team based on the project report and outlines suggestions for future projects.
Project management is an exciting field because it offers the opportunity to develop diverse skills that can be applied in different situations. Project managers get to work in different organizations and industries where they apply the right set of project management techniques. Career prospects are also bright for qualified and experienced project managers.
To gain more insight into the different project management phases, get in touch with us today.