Analyzing the different phases of the project

What is the Project Management Lifecycle?

The project life cycle is the path for your project from start to finish. Each project phase builds toward the subsequent phase and helps to create a structure for the project. the main phases of the project life cycle are: initiating the project, making a plan, executing and completing tasks, and closing the project.

project mgmt lifecycle phases

Why project management is essential?

“Plans are nothing; planning is everything.” ― Dwight D. Eisenhower, former U.S. President

An Economist Intelligence report showed that 80 percent of global executives believed having project management as a core competency helped them remain competitive during the recession.

source. Projectmind.com

According to a survey by the Project Management Institute (PMI), Leading organizations across sectors and geographic borders have been steadily embracing project management as a way to control spending and improve project results.

Initiate the Project

In this phase, by asking these questions project manager is able to set the foundation for the project, for example

• Who are the stakeholders?
• What are the client’s or customer’s goals?
• What is the purpose and mission of the project?
• What are the measurable objectives for the team?
• What is the project trying to improve?
• When does this project need to be completed?
• What skills and resources will the project require?
• What will the project cost? What are the benefits?

Make a Plan

In this phase, make a plan to get your project from start to finish.

• Create a detailed project plan. What are the major milestones? What tasks or deliverables make up each milestone?
• Build out the schedule so you can properly manage the resources, budget, materials, and timeline. Here, you will create an itemized budget.

Execution of Project

In this phase, but all of your hard work from the first two phases into action.

• Monitor your project team as they complete project tasks.
• Break down any barriers that would slow or stop the team from completing tasks.
• Help keep the team aware of the schedule and deliverable expectations.
• Address weaknesses in your process or examine places where your team may need additional training to meet the project’s goals.
• Adapt to changes in the project as they arise.

Close of Project

Each phase of the project life cycle has its own significance and reason for existing. By following the project life cycle, you’re ensuring that you are:

• Get a confirmation that final outcome for your project is acceptable
• Make sure all tasks are completed
• Closing out your project to capture any lessons learned.
• Be sure any outstanding invoices have been paid

Key takeaway

It may seem like a lot of work to go through an entire project life cycle, but the long-term impact it will have on your project is huge! Being a Project Manager, It is your job as the project manager to take the time to carefully initiate, plan, execute, and close your project leading to project success and good working relationships with customers.