Stages of Project Management Life Cycle

By:  Aishwarya Soundalgekar on 27-10-2021 10:01 AM
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Initiating - This process helps in the visualization of what is to be accomplished. This is where the project is formally approved by the sponsor/client, the initial scope defined, and stakeholders identified. This process is performed so that projects and programs are not only approved by a sponsoring body but also so that projects are aligned with the strategic objectives of the organization. Where this is not performed, projects may be started and carried out haphazardly, with no real stated goal or objective. Planning - This is a crucial process in project management. The planning process is at the heart of the project activity cycle and gives guidance to stakeholders on where and how to undertake the project. The planning stage is where the project plans are documented, the project deliverables and requirements are defined, and the project schedule is created. It involves creating a set of plans to help guide your team through the implementation and closure phases of the project. The plans created during this phase will help the project team manage time, cost, quality, changes, risk and related issues. Executing - This process is also known as the implementation phase, in which the plan designed in the previous phase of the project activity cycle is put into action. The intent of the execution phase of the project activity cycle is to bring about the project’s expected results. Normally, this is the longest phase of the project management life cycle, where most resources are applied. During the project execution, the execution team utilizes all the schedules, procedures, and templates that were prepared and anticipated during prior phases. Unexpected events and situations will inevitably be encountered, and the project manager and the project team will have to deal with them as they arise. Monitoring and control - This process oversees all the tasks and metrics needed to guarantee that the agreed and approved project that is undertaken is within scope, on time and within budget so that the project proceeds with minimum risk. This process involves comparing actual performance with planned performance and taking corrective action to yield the desired outcome when significant differences exist. Closing - This is considered to be the last process of the project activity cycle. In this stage, the project is formally closed and then a report is produced to the project sponsor/client on the overall level of success of the completed project. The closing process involves handing over the deliverables to the sponsor/client, handing over documentation to the owners, canceling supplier contracts, releasing staff and equipment, and informing stakeholders of the closure of the project. Source: https://www.futurelearn.com/info/courses/importance-of-project-management-in-global-construction/0/steps/46418