The project management lifecycle is the integrated system of certain stages that define a way in which a project develops and grows from starts until its completion. Every project has five significant phases. Each phase is interrelated with the next and previous phase. Each phase is dependent on the completion of the previous phase. The five phases of the project management life cycle are given below by an assignment writing service:
- Phase 1: Initiation
- Phase 2: Planning
- Phase 3: Execution
- Phase 4: Monitoring and Controlling
- Phase 5: Termination
It is very important for the project manager and team members to understand the importance of each phase of project management lifecycle. The project management lifecycle is like a guide or director which provides a roadmap to the team of the project. It tells which step has to be taken at what time. It helps in effectively planning, managing, controlling and completing a project. In this article, we will discuss in detail each phase of the project management lifecycle to what is the importance of each phase, how it is dependent on the previous phase and connected to the next phase, what each phase requires and how minor negligence in one phase can cause the failure of the whole project.
Phase 1- Initiation:
The first and initial stage is initiation. This phase is also known as the pre-project phase. Any flaw or negligence in this phase directly impacts all other phases of the project. Initiation forms the basis or foundation of the whole project. This phase includes classifying the need of the project, goals and issues of a project, defining the feasibility and rationale of the project, deciding and organizing the teams, resources identification and allocation ( resources include budgeting, team, tools and time), timeframe of the project, potential risk involved in this project and what will be the result of this project.
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Phase 2 – Planning:
In phase two the project teams plan about the ways in which they have to carry out the project. The plan of action is decided with the scheduling and assignment of tasks and deadlines. The project is planned keeping in mind the vision of the project. The project manager forms the teams and s the group and individual responsibilities. The project team decides about how to utilize the resources and tools and workflow of the project. It also involves setting the milestones and deciding about the steps needed to achieve these milestones.
Phase 3 – Execution:
This stage involves the implementation of planning. The team takes the steps to carry out the project. This phase of the project is the longest project as compared to other phases of the project as your written plans and ideas start converting into actions. Step by step you will implement your planning while keeping the deadlines in mind. When your ideas and plans start converting into actions you will come to know whether your plan was right or not. Did you correctly allocate the resources and assign the tasks rightly? This phase also involves increased and proper collaboration and effective communication. During this phase at some points you may come to know that you need more resources or tools, or you may come to know that you don’t have the right resources for carrying out the projects, or you are unable to complete the tasks on the proper time, your project is not meeting the deadlines. Such a situation brings another phase called monitoring and controlling.
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Phase 4 – Monitoring and Controlling:
The execution phase and monitoring and controlling phase both are interconnected and carried out side by side. In the monitoring and controlling phase, the project manager is responsible for monitoring and controlling the cost, quality and performance. He has to make sure that each task and ultimately the project is meeting the deadlines. He also has to take the necessary steps to deal with the risks already identified during the planning phase. The manager also has to ensure that the right resources are available for carrying out the tasks. He may need to replace the resources and may need to make some big decisions and actions on the spot for effective workflow. Aside from resources and tools he also has to manage the people that are the team members. There may be the chances of conflict arising between the team members. So a manager also has to control and monitor the team members. He has to do an ongoing analysis of the project and monitor and calculate the key performance indicators.
Phase 5 – Termination:
This phase involves the analysis and assessment of the project. The project manager and team members will analyze whether the project is successful or not, what goes right and what were the mistakes, what were the major issues and flaws, how were the individual and overall performance of the team? The team will wind up things and tasks. Take necessary and final actions for making sure that all phases of the project have been completed rightly. During termination, the evaluation is also conducted to conclude the success and failures.