14 May 5 Interesting Phases of Project Management
Project management isn’t confined to the art of accomplishing a project but is inclusive of the art of managing people to achieve the required goal.
Management is the only process in the world that works with the collaboration of art and science. Where you have to think creatively and implement with facts.
Management is a process of planning, decision making, and organizing the human, financial, and other resources to meet the desired goals.
Management is divided into several types such as Strategic Management, PR Management, Sales Management, Procurement Management, Operations Management, etc. But Project Management is the most challenging yet very opportunistic form of management.
Let’s understand what is project management:
A project is defined as a value-adding task, activity, or goal that has to be achieved in a given time constraint. But, it demands answers to these questions-
• How is it achieved?
• Who will achieve it?
• What types of techniques, tools, and methodologies should be applied to execute it?
• How can it be completed in a given time frame and budget?
It is the art of leading a workforce with the application of technology (optionally), knowledge, skills, tools, and techniques.
The entire project is broken down into small activities or stages to make them achievable. Every project goes through these 5 Phases of Project Management.
5 Phases of Project Management
1. Project Initiation – A Guide to Commence a Project
Those who initiate hold the power to bring revolutions.
The very first phase of project management is Initiation. It includes addressing the project’s feasibility, and possible challenges and give it a positive start.
Two metrics are followed to determine the expectations of a project― Business Case and Feasibility Study.
The process of Project Initiation is:
- Business Case – ascertain the necessity of the project and how it will succeed
- Feasibility Study – determining the success rate of the project
- Project Charter – structuring the project and its execution
- Team – finding people with the right skills and expertise
- Project Office – locating the Project Manager and their staff to carry out the project
- Review – the previous steps.
2. Project Planning
How to achieve the final goal is all about planning. We first project everything in our minds with the help of available information and resources to get desired results.
In this phase, a project manager:
• Assigns roles and responsibilities to its workforce.
• Identifies the optimum solutions for each challenge.
• Forecasts opportunities and risks.
• Ensures deadlines.
• Vets SMART and CLEAR Goals.
Project plans are documented, deliverables are defined, and a project schedule is created. Additionally, a risk management plan is also created to accommodate unforeseen circumstances in the process.
3. Project Execution- Get, Set, Ready, GO!
It is the crucial phase of any project where finally deliverables are expected. Tasks that take place at this stage are-
• Assignment of resources
• Procurement management if required
• Actions on already created plans
• Setting up of tracking system
• Updating project schedule
• Addressing uncertainties if any
• Modify project plans if required
In this phase, the Project Manager manages people, follows processes, and communicates the status of the tasks to all the stakeholders, sponsors, and team members of the project.
4. Project Monitoring
Planning is wasteful if it isn’t watched in action.
The very key role of a project manager here is to monitor if activities are going as planned. Else accomplishment of the project is at risk. The efficiency, effectiveness, and quality of work done are checked in this phase. In short, standard and actual performance are measured and compared. Deviations are attended.
But the core objective of project monitoring is to identify the possible gaps and to address them.
Some project monitoring techniques and tools are status reports, real-time dashboards, scorecards, and Earned Value Management.
5. Project Closure- Climax
Voila! The project is completed.
Project closure is the final stage of Project Management where contracts are terminated. The goal is accomplished. All the deliverables are finalized and officially transferred. All the documentation is signed off, approved, and archived.
Certain leanings are drawn here by both parties to attend future projects better. The entire result of the activities is ascertained.
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