The 5 Phases of Project Management for the Perfect Project
Every project has a life cycle, and managing that process from start to finish is essential for its success. Project management incorporates planning, monitoring and reporting activities to control the progress of a project from initiation to completion. Different organizations may use different terms when referring to the phases of project management. However, most project management processes follow a similar five-phase model: Initiation, Planning, Execution, Monitoring and Closeout. These phases are universal among most project management methodologies because they help organizations manage their projects more effectively by focusing efforts on key areas throughout the life cycle of a project. Let’s take a closer look at each phase in the project management process.
Initiation Phase
This phase occurs at the beginning of a project and is used to assess whether a project is necessary, and how it will be implemented. Organizations should carefully consider the project’s purpose, identify the stakeholders involved, and review any existing information related to the project. The initiation phase also allows teams to assess the resources needed for the project, as well as the potential risks that may arise during the project’s lifespan. During this phase, you’ll create a project charter and conduct a SWOT analysis. The project charter outlines the purpose of the project, who is involved, the project’s goals and the timeline for completion. The SWOT analysis assesses the Strengths, Weaknesses, Opportunities and Threats related to the project. The initiation phase concludes when the team has gathered all the necessary information to begin planning the project.
Planning Phase
At the beginning of the planning phase, a project manager and the project team begin to create a project plan. The project plan outlines the steps needed to complete the project and should help managers identify potential risks or issues that may arise during the project’s life cycle. Once the project plan is created, it should be reviewed and approved by stakeholders. During this phase, you should create a project budget and a timeline for completing the project. You’ll also create a master project schedule and identify the resources needed to complete the project. The project budget details the amount of money needed to complete the project. The timeline is a visual representation of the project plan and helps project managers stay on course. The master project schedule is a more detailed version of the project timeline and shows how individual tasks relate to one another. The project resources include both human and non-human resources that are needed for the project. Organizational charts and responsibility matrices are used to identify project roles. Risk management and issue tracking processes can be used to identify and manage risks or issues that may arise during the project. The planning phase concludes when the project plan is fully approved.
Execution Phase
The execution phase begins when the project is approved and ends when the project is completed. During this phase, the project team uses the approved project plan to complete the project. Project managers use monitoring and control processes to manage the project throughout the execution phase. The project team should be using the project management tools (e.g. task lists, Gantt charts) to track progress throughout the execution phase. Progress is reported to the project stakeholders on a regular basis. The project team should also be communicating with stakeholders when they experience any issues or roadblocks. Project managers track the progress of the project using earned value management and other monitoring processes. The earned value management (EVM) chart is used to determine whether the project is on track to meet its goals. The project managers should be tracking issues to help them identify potential risks. The project managers should also be updating the project plan as needed to address any issues that arise. The project managers should be reviewing the project budget and timeline regularly to determine if the project is on track to meet its goals. The project managers should be creating regular project status reports. The project managers should also be updating the project management plan as needed. The execution phase concludes when the project is completed.
Monitoring Phase
The monitoring phase occurs when the project is in progress and should identify potential issues, risks and areas for improvement. Project managers use monitoring and control processes to manage the project throughout the life cycle. The project managers should be tracking the progress of the project using earned value management and other monitoring processes. The earned value management (EVM) chart is used to determine whether the project is on track to meet its goals. The project managers should be tracking issues to help them identify potential risks. The project managers should also be updating the project plan as needed to address any issues that arise. The project managers should be reviewing the project budget and timeline regularly to determine if the project is on track to meet its goals. The project managers should be creating regular project status reports to communicate project progress to stakeholders. The project managers should also be updating the project management plan as needed. The monitoring phase concludes when the project managers have addressed any issues that arise.
Closeout Phase
The closeout phase occurs when the project is complete and should be used to determine the project’s overall success. The team should review project documentation throughout the entire life cycle. Project managers should be conducting a final project audit to identify areas for improvement and highlight lessons learned from the project. The project managers should also be reviewing the project budget and timeline to determine if the project was financially successful. All project stakeholders should be involved in this process. The project managers should also be reviewing project human resources to determine if the project was successful in terms of personnel. The project managers should be conducting a final risk analysis to determine if the project encountered any major risks. The project managers should also be reviewing the project communication strategy to determine if the project was successful in terms of communication. The project managers should be conducting a final issue analysis to identify areas for improvement and determine the overall success of the project. The project managers should also be documenting the project’s completion. The closeout phase concludes when the team has documented the project’s completion.