Whenwe areoperatingin a minor or a large project to gain or increase benefits in the business, there may be some work or even lots of tasks that should be done at just the right time and with the suitable sequence of work that meets the planning and the requirement of the project.To setup a project, there should be a clear understanding of the plan in mind that when to start the project, what to do in the middle of the project and how to finish the project. The Project manager has to handle the details of a project properly and need to take the necessary steps in the right direction when the project allocates into different phases.
The project management cycle always helps you to keep the functions of the project organized and streamline all the areas from the commencement of the project till the completion of the project.To be able to become a successful project manager and a company asset, enroll yourself in Wagner College’s PMP certification bootcamp and be ready to reach the new heights in your career.
The below four phases of the project management lifecycle can help in the efforts to build and streamline them into a series of logical and convenient steps. These steps are;
- Project Initiation
- Project Planning
- Project Execution
- Project Closure
In the beginning, you need to recognize a business problem,need, or opportunity and innovation ways that the team assigned to the project can meet the need, answer this problem or seize the opportunity. In the phaseof this step, you must highlightthe objective for your project, measurethat whether the value of project is feasible or difficult, and classify the major deliverables for the assignment of the project. Initiation phase consists of the following six steps;
- Develop a Business Case.
- Undertake a Feasibility Study.
- Establish the Project Charter.
- Appoint the Project Team.
- Set up the Project Office.
- Perform Phase Review.
The first evaluation tool of project initiation is the Business Case Document that explainsthe need for the project, and it comprises an estimate of possible financial benefits. The project manager also studies the feasibility of the project to evaluate the project’s goal, cost and timeline to make the decision if the project should be executed.The project charter helps a project manager to understand the scope of the project. The project charter hasclear information about the mission, vision and the purpose of the project. Also measure success criteria, requirement, risk and project description. The project manager createsan organizational structure and List the key responsibilities and roles to ensure the successful completion of the project.
After the project receives the green signal for the execution, solid design to guide the team as well as keep them onbudget and on time is the requirement. A good and brief written project plan provides guidance for finding resources, procuring required materials and acquiring financing. The project plan alsoprovides the team direction for handling risk, producing quality outputs,creating acceptance, communicating the paybacks to the stakeholders and managing the suppliers. A project manager must need to create below essentials for better planning;
- Create a Project Plan.
- Create a Resource Plan.
- Create a Financial Plan.
- Create a Quality Plan.
- Create a Risk Plan.
- Create an Acceptance Plan.
- Create a Communications Plan.
- Create a Procurement Plan.
A project manager also contractswith the Suppliers for defining the tender process and issue statements of work for the requirement of the project and ask them when and how to deliver the needs. Project manager request for proposal and information to select the suppliers which are suitable for the business.With the information, you can shortlist the supplier to select the final ones and create a contract by defining terms and conditions between business and supplier. This will help the project manager to manage supplier performance and smooth transaction. The Project planning Phase Review Form is accomplished at the end of the Planning stageas it is very important to have everything drawn and clarified so that the team members can quickly and easily start their work in the next phase.
After the phases of getting business approval, developing a strategy, and organizing your team, now the next step is to get the project work started. The objective of the Project Execution Phase is to perform the activities decided during the Project Planning Phase. Project Execution is used most of the money, time, and people on the project. The execution phase of the project management lifecycle moves your plan into action. The project manager’s work in this phase is to keep the jobsof the project on track, establish team members, accomplish timelines, and make sure all the work is done according to the designed plan. Following task a project manager must understand to perform;
- Perform Time Management.
- Perform Cost Management.
- Perform Quality Management.
- Perform Change Management.
- Perform Risk Management.
- Perform Issue Management.
- Perform Procurement Management.
- Perform Acceptance Management.
- Perform Communications Management.
Monitoring and control of the project mostly treat the same as the execution of the project because they take placein the same period. As teams implement their project design, they must continuously monitor their own development.
The final phase of the project management life cycle is the closure of the project where the team has completed the work on the project. In this phase, the project manager delivers final deliverables, discharge project resources, and analyze the success of the project. They determine the project’s tasks completed with in the time and on the budget as well as all the highlighted problem sresolved as per the prepared checklist. Project Manager also analyzes the team member’s performance to meet their goals and their quality of work. The Project Manager documents the closure of the project to ensure all aspects of the project finished with no remaining business and making reports for the key stakeholders. The project manager conducting a final analysis to take the lessons he learns from the project into the notebook so this will help to prepare and implement similar things in the upcoming projects. Also, he allocates the remaining resources (if any) for future projects.
Sometimes project Manager skips this phase and simply move on after Execution Phase without understanding the project goals have been met. Project Closure will benefit the company for future projects as well.