Project Life Cycle 5 Phases
The project life cycle is the framework that all successful projects follow. It is a well-defined set of steps that ensure efficient and effective project execution from start to finish. The project life cycle consists of five distinct phases: initiation, planning, execution, monitoring and closing. In this blog post, we will explore each of these phases in detail so that you can better understand how to manage your own projects effectively.
The initiation phase of a project is when the project manager develops the project charter and obtains approval from the sponsor. This is also when the project team is formed and the project schedule is created. The objectives of this phase are to identify the problem or opportunity that the project will address, determine the goals of the project, and create a high-level plan for how the project will be executed.
The first phase of the project life cycle is the planning phase. In this phase, the project manager develops a detailed project plan that outlines the tasks and activities necessary to complete the project. The project plan also includes a schedule and budget for the project. This phase also includes risk assessment and identification of any potential risks that could impact the success of the project.
The execution phase is when the project team carries out the project plan. This includes doing the work, which may involve building or manufacturing something, developing software, conducting research, or providing a service. The project manager and team work together to make sure that the work is done according to the plan and meets the quality standards set for the project. They also track progress against the schedule and report any issues or problems that come up.
The control phase is when the project manager establishes a baseline for performance, monitoring and comparing actual progress against it. They will also create escalation procedures to deal with any issues that arise. The control phase is important for ensuring that the project stays on track and is completed within the desired timeframe.
The final phase of the project life cycle is the closing phase. This is when the project is formally completed and all deliverables are handed over to the customer. The project team will conduct a lessons learned exercise to document any lessons that can be applied to future projects. The project manager will then prepare a final report which will summarise the overall performance of the project.