A project management life cycle consists of 5 distinct phases: initiation, planning, execution, monitoring, and closure, which combine to turn a project idea into a working product. –PMBOK Guide (Project Management Body of Knowledge) by the Project Management Institute (PMI)
Project Initiation
In this first phase, it is where an idea transforms into a goal. This is where one develops a business case. It is also where he or she defines the project on a wider scope. To be able to do that, first determine the requirement for the project and create a project charter. In project management, a project charter is a statement of the scope, objectives, and participants in a project. Another term for project charter is project definition or project statement.
Then identify the key project stakeholders once the project goals and project scope are ready. They are the people who are going to be involved in the project. Create a stakeholder register with the roles, designation, communication, requirements, and influence. While a clear goal of the project is set, a project charter does not contain technical details that happen in this phase.
Project Planning
This phase requires an industrious mind since it lays out the project’s roadmap. Unless one is using a modern project management methodology, this second phase is expected to take almost half of the entire project’s timespan. Identifying technical requirements, developing a detailed project schedule, creating a communication plan, and setting up goals are the main tasks in this phase.
There are several methods to help set up the project’s goals, but the most popular ones are S.M.A.R.T. Goals and C.L.E.A.R. Goals.
S.M.A.R.T. Goals
Setting SMART goals means one can clarify the ideas, focus on the efforts, use the time and resources productively, and increase the chances of achieving what he or she wants to achieve. The acronym SMART stands for Specific, Measurable, Attainable, Realistic, Timely.
C.L.E.A.R. Goals
CLEAR goals are mostly similar to SMART goals. Setting CLEAR goals is designed to provide to the lively nature of a modern workplace. Nowadays, businesses need flexibility and fast results which CLEAR can help with. The acronym CLEAR stands for Collaborative, Limited, Emotional, Appreciable, Refinable.
During this phase, the scope of the project is defined. There is a possibility that the scope will change. Though the project manager must approve the changes. They also develop a work breakdown structure (WBS). WBS in project management is a method for completing a complex, multi-step project. It is a way to divide and conquer large projects. Its purpose is to get things done faster and more efficiently.
Another important element of this stage is a detailed project timeline with each deliverable. With the timeline, project managers can develop a communication plan and a schedule of communication with the important stakeholders. Another important aspect is risk mitigation. The project manager is responsible for extending past data to determine potential risks and develop a strategy to minimize them. An effective change management plan is an important element that professionals often miss. Project managers must be ready to include a few changes in the project. The purpose is to avoid project delays.
If there isn’t any working change management plan, scope creep happens. This refers to how a project’s requirements tend to increase over a project lifecycle. Another term for project’s requirement is requirement creep or feature creep. This causes a lot of problems for the project team in the late phases of the project. To avoid this from happening, it is best to reduce the possibility of unplanned changes as much as possible.
Project Execution
In this phase, it is where the team does the real work. The job of a project manager is to set up structured workflows are monitor the team’s progress. Another responsibility of the project manager in this phase is to be consistent in maintaining effective collaboration between project stakeholders. This will ensure that everyone is on the same page. This will also ensure that the project runs smoothly without any problems.
Project Monitoring and Controlling
The third and fourth phases are not consecutive in nature. This phase runs together with the third phase. This ensures that the objectives and project deliverables are met. A project manager can make sure that no one strays from the original plan by setting up Critical Success Factors (CSF) and Key Performance Indicators (KPI). During this phase, the manager is also responsible for tracking the effort and cost during the process. This ensures that the project remains within the agreed budget and is also important for future projects.
Project Closing
We are down to the last phase of the project management process. This indicates the end of the project after the final delivery. There are times when hiring external skills is important specifically for the project on contract. The responsibility of the project manager is also to terminate the contracts and complete the necessary paperwork.
Most teams get together for a meeting after the completion of the project. They do this to reflect on both their successes and failures during the project. This is an effective method to ensure that the company continuously improves. This will also enhance the overall productivity of the team in the future.
The final task of this phase is to review the entire project and prepare a detailed report that covers every aspect. All of the relevant data is kept in a secure place. The project managers of the organization can access these data.
