By understanding and recognizing them, you can help others on their journey and take charge of your own. It will be their duty to make sure that the final product has no bugs, errors, usage difficulties, missing items, etc. The next project life cycle phase is to turn the plan into action. You’ll be able to address the communication breakdown before it affects the entire project. Monitoring and controlling the execution process. Take a look at how you can identify a series of risks in project management. Analyze how the hazards you’ll face can affect your path to reaching the project’s objectives and meeting the client’s requirements. The Project Management Institute (PMI) originally developed these five phases. In business, this is called “risk management.” Once potential problems have been identified, teams can either reduce the probability of them occurring. To make your work easier, we’ve structured the entire project management process into 4 easy-to-understand stages that can help you successfully take a project from beginning to its completion. Below is a description of each phase along with practical tips you can use to implement project management in your own work. The value of the project is determined, as well as its feasibility. Indeed, […]. The Comprehensive Guide to Using Trello for Project Management [2020], Corporate Sustainability Initiatives that will Inspire Your Goals. Try to... 3. The budget that you set at the beginning will be used during the project development life cycle as a whole. However, you should also consider the quality that you want these tools and solutions to bring to your work. To make the work more manageable, project managers use a tried and tested four-step framework, known as the project life cycle. Make sure that costs have been distributed correctly from the beginning and that you are able to further develop your project with no need for extra funds. Prioritize the tasks that are urgent and postpone those that do not depend on another activity’s execution. He/she is in charge of leading the project towards the right direction. The 5 essential steps in project management 1. Undertaking the feasibility study – This will help you determine what problem needs to be solved. This way, you can ensure that the project is run effectively and efficiently. Conversely, if the project passes this stage, it can then be assigned to the designated project team. 3. Dividing up the process into smaller stages helps to make the project goal more achievable and more viable to execute. Make sure that you find out what is important for them and what they want to achieve in the end. These four phases are: Initiating. Now, once the project is done, it's time for closure. Monitor and control the entire process. A project risk can be defined as “an unforeseen event or condition” which may have a negative impact on the project’s objectives, in case the event takes place. Phase 1: Initiate the Project We understand that it can get confusing trying to build ideas on what to implement and […], As your employees self-isolate at home, are you aware of what they do online during work hours? Whether you’re in charge of developing a website, designing a car, moving a department to a new facility, updating an information system, or just about any other project (large or small), you’ll go through the same four phases of project management: planning, build-up, implementation, and closeout.Even though the phases have distinct qualities, they overlap. It's important to note that a project is only completed once the deliverables have been accepted and approved by the concerned party/parties. 4. Develop a schedule to estimate the time needed to complete each activity and the entire project. To make the work more manageable, project managers use a tried and tested four-step framework, known as the project life cycle. The planning phase also prepares teams for possible obstacles that they might encounter and helps them to understand the estimated costs and the project timeframe. You can have separate members in charge of quality assurance for a faster workflow. It takes a lot of work to successfully complete a project. Four stages of Stakeholder Management. Planning helps to identify those risks and ways to mitigate them. For the untrained eye, project management may seem challenging and stressful. Some people consider themselves Excel rock stars who can power through formulae and pivot tables on spreadsheets. You can click the links provided, to view more detailed information on the project management life cycle. Workflow diagrams will help the team to better understand their roles in a project. Don’t rush this step as hurried revision tasks frequently damage an entire product at the very end of the development life cycle. If the idea of project management seems rather abstract to you, bear in mind that there are a series of logical phases that you must go through to complete a project according to a series of guidelines and quality standards. by Laetitia Smith. Costs and schedule. Here’s where the project manager organizes the team, arranges timelines, and ensures the project is on track and done according to the original plan. The first meetings with a potential client are meant to also allow you to choose whether you want to follow through with the project or not. Remember that you must communicate with clients before implementing any decision since they are the direct beneficiaries of the project. In this final phase of the project life cycle, your focus as the project manager is on product release and delivery. The steps involved in the closure phase of the project management life cycle include: All the lessons learned from a project offer you great experience that makes you wiser going into other projects. You can name a specific person in the team to monitor the evolution of all processes, but it is best that you have each member analyze and review their own work before declaring it as being the final version. If you're new to the field of project management, you might be wondering what a Project Life Cycle means, right? This way, the chances of success are potentially high. Periodically send detailed status reports to your team and client using the communication method that you have agreed upon. However, understanding the phases of project management helps managers to effectively handle even the most complex projects. Moreover, you must take into account all the minute details, like the scope, cost, and resources. Figure 1: Project management in six phases, with the central theme of each phase. Looking to plan a project digitally? This document will prove useful for your future projects. 4.Project Monitoring and Controlling. Project deliverables, where you define the product or service to be provided. No project manager wants to find out that they will have to change something after it’s done just because they haven’t understood the exact needs and goals of their clients. In each phase, key activities must be accomplished and key deliverables must be produced. Every project has a risk. If your team is missing a key person, you can always look to hire an expert that will match your project’s needs. Adjusting and updating tasks, goals, and objectives as needed to address challenges as they arise. The Project Management Life Cycle has four phases: Initiation, Planning, Execution and Closure.Each project life cycle phase is described below, along with the tasks needed to complete it. Typically, there are four project life cycle phases that a standard project follows. Try to learn more about what kind of information your clients will require on a daily basis, how you can deliver it to them, and what their quality standards are. This way, you can determine whether or not it makes sense to pursue it. Here are 4 essential project management phases and processes that will ease your team’s work and speed up your efforts. QA allows you to identify quality issues and where you can improve your project to match the quality requirements of your client. Executing the project… The tasks are smaller and attaina… Identifying and defining the scope of the project. Analyzing and evaluating the team’s performance based on predetermined metrics. Through this, you will be able to make your team’s work more efficient in the future. It's how you prepare to deal with the risks that makes the difference between successful completion of the project or failure. Projects begin by defining a goal based on a demonstrated need, and conclude with demonstrating that need has been effectively met by the project and the goal achieved. This is the main and most important stage of your entire project management life cycle. Create a workflow. We don't spam and we deeply respect your privacy! Once you you’ve done that, your focus should be to continually monitor performance. Naturally, the entire process can seem overwhelming. Use objectives and key performance indicators (KPIs) to grade and improve your workflow. The project manager directs and manages project work, and the project team carries it out. Regardless of the type of project you're undertaking, understanding the four phases of the project management life cycle is essential. The project deliverables are produced and delivered to the project sponsor (or whomever they are produced for). Some of the areas you can think of include product development, design, testing, marketing, management, human resources, etc. It is fundamental that you actively listen to all of your employees’ ideas and that you integrate their knowledge into the development of your project. Manage your communications attentively for a clearer and more productive creation process. Bulk … Managing both projects and programs is a four-phase process. Concept stage. Client approval. Dividing your workflow into these project management will help you maintain full control of all project development stages and meet all quality standards. 2. If you’re searching for sustainability examples that may help transform how your organization affects the world, then keep reading. By continuing to use the website, you consent to the use of cookies. Creating a general plan, which will address the project timeline, the tasks that need to be performed, and possible potential threats. This is particularly important since one task often depends on another one and delaying one task might postpone the entire project. Your tasks’ progress and their results should be measured and controlled based on pre-set business policies and criteria. Copyright 2020 Traqq. There are four basic steps in stakeholder management. Time management issues are inevitable and knowing how you can get back on track is fundamental. 2. Take a few minutes to find more tips on how you can use this alternative procedure: It is up to you how you create your project management life cycle. By doing this, no step will be skipped. 6. Review. Analyzing the project performance to determine whether or not the project goals were met. Analyzing such measurement can help you see what is working and where you are at a standstill. There's a lot of research in this stage. The deliverables will be reviewed, they will be presented to the concerned party (client/stakeholders). In her article, Top 5 Project Management Phases, Roli Pathak introduced phase 4 by saying that the monitoring and control phase occurs “at the same time as the execution phase. If followed the way it should be, then it can prove pivotal in the success of a project. All of the funds that you require need to be approved so make sure that the budget you’ll use is justified. Some of these tools are all in one, and rather affordable if you are looking for a low cost one. By doing this, you make sure that no detail will be forgotten in the process. Regardless of the type of project you're undertaking, understanding the four phases of the project management life cycle is essential. There are also other standard procedures that you can use to manage your projects, such as the APM (Association for Project Management) method. Analyze whether the decisions they made are right for the development of the project based on your past experience since you might have dealt with similar projects before. Also known as the completion phase, this stage’s focus is on the end result. Cookies help us deliver our services. The issues and risks that arise are often similar. Project review. 2. This system helps in completing all tasks in the right sequence, and at the right time. Each of these phases of project management has its own agenda of tasks, characteristics, and issues. This will help you to determine whether or not to pursue it. Dividing your project management efforts into these five phases can help give your efforts structure and simplify them into a series of logical and manageable steps. Hence, go one step forward and allow your team to contribute to your project’s plan. The second phase is the planning phase where the important steps to complete the project objectives are explained as much as possible. Your budget can be either a pre-set one or determined as the project is being developed. Don’t worry if you need to change or update certain points of your project or features of your product. All remaining resources should be allocated to future projects. Before stopping on a final version of a schedule, talk to your team to find out how much time each member will need to complete their tasks. Team leaders must identify which tasks need to be accomplished and in which order or sequence. This step is just one additional part of your project to ensure that tasks will be executed according to a series of agreed policies. 1. It allows you to estimate material and labor costs to determine how much you need to spend on the project to get the maximum return on investment (ROI). Detailed planning will keep you away from taking any risk and, if you see that you’re lacking some mandatory parts for your project’s proper development, you can always ask for more resources, more time, or a higher budget that will help you meet the exact needs of your client. During the project execution phase, you and your team will work on all of the aspects that you have planned and assessed during the previous project management steps. More importantly, it helps project managers attain project goals and objectives in a timely manner. Choose one or more predefined methods through which your team will communicate with each other as well as with your client or sponsor. Some of the aspects that you should review during the execution and monitoring stage are: 1. 3. It ensures ongoing projects are more organized and efficient. Based on research, you can discuss with your team how you can manage each risk or obstacle that might delay your project. Allocating tasks to staff. Divide your costs by taking into consideration how you’ll be able to allocate your funds to your team. Developed by the Project Management Institute (PMI), the five phases of project management include conception and initiation, planning, execution, performance/monitoring, and project close. 8. Make sure to always create and submit products based on this simple flow: 2. The 4 Phases of Project Management – and How Process Automation Can Help. The benefits of using such a tool include: Find out how you can choose the best project management software available on the market. See if all tasks are being completed according to the original schedule and timeline. Frequently communicating with your team and project stakeholders to ensure that everything is going according to plan. Identifying the list of stakeholders to be considered and whether their interest is positive or negative (or neutral). If the initiation stage receives the green light, the project goes into the second phase, which is planning. 3. The steps involved in the planning phase include: As a project manager/leader, you must strive to achieve the project goals and objectives on time while ensuring the delivery of quality work. The Four Phases of Project Management. In this... 2. It is mandatory that you prioritize the area on which you want to spend more money. During the first of these phases, the initiation phase, the project objective or need is identified; this can be a business problem or opportunity. 5. The project management lifecycle is the predictable series of stages it … 5. Some of the steps involved in the initiation phase include: Once you have met these requirements, you’ll be able to create a project charter. You need to define objectives, marshal the necessary resources and stakeholders, develop a detailed timeline, and devise some form of assessment. There are many resources available right now so even if your budget is limited you’ll always be able to find a cheap or free version of a tool. Closure, By signing up, you're agreeing with the Paymo Terms of Service and The phases of project management provide a breakdown of the project life cycle. 7. However, your work doesn’t stop there. This should be done according to the agreed-upon plan on the frequency and format of communication. It’s often the project manager’s duty to maintain control of the entire project creation process and to fix eventual faults. A feasibility study is conducted to investigate whether each option addresses the project objective and a final recommended solution is determined. This will ensure that you no longer receive unnecessary supplies after the completion of your project. At the same time, project planning is your first contact with the final product and how you define your goals in the beginning will determine the outcome of the whole project management life cycle. All rights reserved. They can save you time when it comes to planning, scheduling, and monitoring. In addition, you can wait for your client to start using that product or services and ask for sincere feedback. Initiation in the Project Life Cycle. Think about using project management software, Gantt Charts, graphs, Kanban boards, milestone charts, photo editing software, and even tools to track HR duties such as salaries or vacation days. Take, Handling work throughout all 4 phases is just one of the many project manager responsibilities. It’s up to you how you showcase your project’s plan, but remember to make it as easy to understand as possible. Please try again. Before starting a new project, a lot of planning is required if the project is to be completed successfully. Planning the project: Planning phase of the project management is done based on organization done in the previous... 3. There are time trackers, video conferencing apps, and cloud services that make collaboration and communication smooth for geographically scattered teams. Project description, including conditions and risks. Project management is more than just organizing meetings, assigning a few tasks, and reminding the team about the deadline. In this stage, you meet with the clients and stakeholders to understand their objectives, goals, motivations, and expected outcomes of the project. Planning is where you define the project roadmap that you’ll follow to succeed. Posted on January 28, 2019 April 24, 2019. A standard document that includes all of the project’s details Steps to tak… Creating a visualization of the entire process. Find the people who have the skills to complete each task. The project manager produces regular status updates according to the requirements of the project management plan. Here’s a look at a checklist of project planning phases that you need to consider before moving on to execution and control: 1. Figure 3.2 Project Management Phases Depending on the complexity of a project there will be a need to spend more time in the initiating or planning phase, small projects may not require too much time planning. That said, project managers should review each project deliverable produced to measure for quality against the set guidelines. You should look at this phase both strategically and practically. An appropriate response to the need is documented in a business case with recommended solution options. It’s always best to follow the project management plan accordingly; however, if this is by no means possible, you can choose to go with variations of your original plan as long as they fulfill the necessary objectives and goals. phase are used as input for the next phase. Some methodologies also include a fifth phase, controlling or monitoring. If you’re a beginner in the field of project management and you’re looking for an easy way to structure your project management process, we’ve got the right project management life cycle guide to manage your projects from start to finish. However, program assessment is ongoing, rather than an evaluation at the end of a project. Building a team to undertake a project is not the only resource you need to consider. You'll also be tasked with terminating supplier contracts, releasing resources to other projects, and communicating the completion of the project to all stakeholders. You can look at this step as a result of the planning stage because it’s dependant on what you have chosen to do during that part of the project’s development. Additionally, you can set some goals related to the benefits of the project on your company’s development and future projects. All the resources and efforts are derived from project planning. Retrospective meeting. During the execution phase of the project management life cycle, your work as the project leader is to assign tasks to team members and allocate them the necessary resources. Quality assurance (QA). Issue or request invoices for each financial activity that you’re involved in. A project is completed only after the product has been delivered to the client and the latter has accepted it as being the final version. Here’s a checklist of two simple project management steps that you must have in order before moving on to the next life cycle: 1. Start a free Paymo trial and track your own projects through these 4 phases. The project management process is a series of phases that represent the evolution of a product—from concept to delivery, maturity, and finally retirement. These are: The first phase of the project life cycle is known as project initiation. Creating a closure document that outlines the project management steps you had to go through, the obstacles you encountered, and how you resolved issues. Discussing these pertinent issues will help you determine what can be improved on future projects. Define how the project planning process will be executed and how you will measure and control the results of each task. When tracking the performance of the team, you need a reliable solution like Traqq. Project Management Life Cycle. Holding regular team meetings to report the progress of the project. Create a general plan. Initiation Be prepared to answer your team’s questions and to address possible concerns they might have. A feasibility study enables you to compare the requirements of the project and the available resources. Use communication to let everybody know about the successful end of the project and even to prepare them for future collaboration. This step is sometimes regarded as a separate part of project management, but it is in fact conducted in parallel to execution and thus it is an essential part of the project implementation stage. In this stage, the project leader establishes a more formal set of plans, detailing what needs to be done and how the project will be performed. There are 3 main steps that you need to have in check before the project’s completion: 1. The project managers identify all the work to be done to meet the project’s objective. The four stages of the project management lifecycle are initiation, planning, execution, and termination. Any adjustments will be made as you go and in time for the next task to start. Discover what you can control and what is best to be avoided. It’s also the time for you to decide when a task is considered completed and when is the right time to move on to the next task or to more advanced projects. If you’d like to learn even more about project management, have a look at our lists of the best project management courses and training opportunities available right now or check out these project management terms. A typical project management plan will outline all of the activities and tasks that the team will undertake depending on a series of resources and timelines. Alternatively, you can also train to existing members to perform the tasks that are required for a certain project. He/she has to both supervise and step in whenever something is not working correctly. Clarifying the interest, involvement and sphere of influence of each stakeholder/ stakeholder group in the project. 1. Some of the questions that you need to address in the planning phase include: To achieve the project goals, you need to create smaller goals within the larger project. If the plan was incomplete or wrong in the first place, then it can mess the entire process. The total project budget. For larger projects that involve more people, you can also create a standard document that will include the details of the project. As a project manager, you must be prepared to adjust goals and roadmaps the deeper you get into the project. Each part is unique, and if not implemented correctly, it might disrupt the entire process and even lead to project failure. You first need to have an initial meeting with your client. In the project initiation phase, you’re setting the foundations for later... 2. 2. Get monthly tips on how to successfully run projects and remain sane at the same time. First, the project has to be formally created and the manager needs to be given the authority to lead the project. For this, you must think about your project’s main goal and how each part of the project will influence it. Product design and development. Take a closer look at risks. Appoint the project’s main team and distribute key roles and responsibilities. What you discuss with your client should always be written down. It is the real start of the project. In this phase the bulk of the project work takes place. The 5 phases of project management include initiation, planning, execution, monitoring, and project closure. However, there are project managers who do not like using the all-too-complicated program to organize their tasks. The project management process is made up of 5 essential steps: Project initiation & conception Time management. For example, let's say you are in the initial stage of the project. After the first discussions with your client, you can start making the exact plans. You can even record the time that is being spent on each task. Any error and confusion regarding the main strategy can slow down the project’s development. Use a Gantt Chart for scheduling or any other type of time tracking software that suits your project’s needs. Planning The entire process might seem overwhelming but if you take a few basic project management steps, you can complete all tasks in the right sequence and at the right time. Make sure that he/she can play well within a team since it is important for your members to be able to communicate effectively and to balance their skills. FOUR PHASES OF PROJECT MANAGEMENT 1. There are four stages or levels of competency in a project manager’s development. However, this time, you will certainly be able to handle them correctly and avoid unnecessary mistakes and errors in the project development life cycle. Performing a final project budget and accounting for used and unused resources. You can resort to the help of your experienced staff for more advice and tips on risk avoidance. Starting from fictional scenarios, find out ways to prevent risks and to fix the damage they make. In this phase, the idea for the project is explored and elaborated. That’s only achievable with good project planning. The manager creates a set of plans and resources and tasks are described. You need to review the success of the project and evaluate what worked and what didn’t. Now, due to lack of information, the project fails to take off the right way. Keep in mind that the execution phase heavily depends on the planning stage to be successful. If you found this guide to the four phases of project management useful, share it with your friends and teammates. 4. She mentioned that this phase “mostly deals with measuring the project performance and progression in accordance to the project plan. Think realistically to meet the requirements of your client and to maintain a healthy work environment with no unnecessary efforts or after hours for your employees. Don’t forget to consider the impact that any small change will have on the final product. Required equipment and resources capacity planning. Project Initiation Phase – a project is formally started, named, and defined at a broad level during this phase. As a project manager, during the execution process, you should focus mostly on monitoring and on communication. Learn more about the cookies in Our Privacy Policy. 6. Existing licenses can still be used for future operations. The initiation phase is when you need to find out the goals and requirements of your client, to determine the importance of a project for your company’s growth, and whether you have the necessary resources to successfully complete the project or not. Since you're tackling the project in phases, you can quickly identify a problem as soon as it arises and deal with it before it turns into an even bigger issue. It's in the planning phase that teams try to identify and deal with issues that might threaten the successful completion of the project. QA also lets you maintain full control over each activity. This initial phase is brief, but four major things occur during it. It is during this stage that you need to focus most of your attention and avoid making mistakes for a proper project development cycle. These need to be well-written so that your team will have no difficulty in completing their duties. This is where all projects begin. At this point, you’ve assembled your team, established the project charter, and created a plan. This tool is designed to help team leaders manage the team efficiently, monitor each member’s activity levels, and communicate effectively. Project Status Updates. The ultimate time tracking app that will end your search is here! During your last meeting with the team, you can discuss what went well, what failed repeatedly, and what can be improved for the next projects. To do this, the project is guided through the definition, planning, execution and delivery stages. Remember that any previous project is a lesson for your future business endeavors. Every project has a beginning, a middle, and an end. The goal of this phase is to examine the feasibility of the project. We are fortunate to live at a time when project management tools can effectively enable remote work. This is a document that describes the scope, objectives, and resources of the project, as well as the roles and responsibilities of participants. Creating a financial plan outlining budget estimates. Before the project is approved or rejected, these two documents are created to sell the work to stakeholders or sponsors: 1. Business Case: Here is where you justify the need of the project, which includes analyzing return on investment. Your main goals for this phase will be to prepare deliverables, to motivate your team to complete their assigned activities in time for the final project delivery, and to control each aspect of the project’s progress. However, effective managers know to divide the entire project into phases to simplify the process and make it more achievable. The Project Life Cycle refers to the four-step process that is followed by nearly all project managers when moving through stages of project completion.. Decide upon the tools and the number of other resources that you’ll need to complete each task. The first part of a project consists of finding and drafting a list of the client’s necessities. To see more, check out, how you can identify a series of risks in project management, how you can choose the best project management software, A comprehensive list of the requirements of your client, A standard document that includes all of the project’s details, Hold a kickoff meeting to create a general project plan, Find a team with defined roles and responsibilities, Opt for a specific method of communication, Working on following the project’s plan to design and develop the client’s product, Monitoring and controlling tasks, risks, changes, updates, revisions, and adjustments, Testing intensively and reviewing the entire project development life cycle, Help in overseeing the project development life cycle, Saving time by having all the information in one place, Staying connected with was is going on with your project, Managing your team, clients, risks, resources, and budget, Sharing documents and files in a single place, without fragmenting team communication.