5 Phases of Project Management Process

Managing a project, regardless of its scope or size, is a difficult task. There's a lot that can go wrong, from planning the smallest details to dealing with clients' ever-changing requests to delivering deliverables on time. It's easier to control the project and the quality of the output when you break it down into manageable stages, each with its own set of goals and deliverables.

A project management life cycle, according to the Project Management Institute's (PMI) PMBOK Guide (Project Management Body of Knowledge), consists of five distinct phases that combine to turn a project idea into a workable product: initiation, planning, execution, monitoring, and closing. The project management process is divided into five basic phases:

1. Start-up of the project
2. Planning a project
3. Implementation of the project
4. Monitoring and Controlling the Project
5. Project Completion

Image Source:- https://kissflow.com/wp-content/uploads/2019/12/phases-of-project-1.png

The 5 Phases of Project Management Process

Phase 1: Project initiation

The project start phase is the initial step in transforming a vague notion into a concrete goal. You must construct a business case and characterise the project on a general level at this stage. To accomplish so, you should first determine the project's need and then create a project charter.

The project charter is an important document that contains information such as project limits,aims, the project manager's appointment, budget, and estimated timeline. Identify important project stakeholders – the people who will be involved in the project – once you have the project aim and scope. Create a stakeholder list that includes responsibilities, roles, communication requirements, and power. While this phase establishes the project's clear goal, it doesn’t include any technical details that occur during the planning step.

Consider the case - a car company tasked with developing an electric vehicle. The vehicle's capacity, design, and battery power will not be decided at the beginning phase. Only one thing is certain - an electric car will be created within the budget and period allotted.

Phase 2: Project planning

Because it lays out the project's road map, the project planning step demands close attention. Unless you're utilising a current project management methodology like agile project management, the second phase of project management is likely to consume about half of the project's total time.

Identifying technical requirements, building a thorough project timeline, designing a communication plan, and setting up goals/deliverables are the crucial responsibilities in this phase. There are various approaches for establishing project goals, but the most prominent is S.M.A.R.T. and C.L.E.A.R.

S.M.A.R.T. Objectives:

The S.M.A.R.T. criteria ensure that the objectives you specify for your project are evaluated critically. It's a tried-and-true strategy for reducing risk and allowing managers to set clear achievable targets. The abbreviation SMART stands for Specific, Measurable, Attainable, Realistic and Timely

C.L.E.A.R. Goals: 

The C.L.E.A.R technique of goal-setting is meant to accommodate the fast-paced environment of today's business. C.L.E.A.R. can assist you in meeting the demands of today's fast-paced organisations, which include flexibility and instant outcomes. C.L.E.A.R. is an acronym that stands for Collaboration, Limited, Emotional, Appreciable and Refinable

The project's scope is defined during the planning phase. The scope of the project can be changed if it is necessary, but the project manager should approve the change. Project managers also create a Work Breakdown Structure (WBS), which breaks down the entire project into manageable portions for the team. Another crucial aspect of the planning stage is a precise project timeline that includes each delivery. Project managers can use that timetable to create a communication plan and schedule with the appropriate stakeholders.

Another key objective of project management that is included in the planning stage is risk minimization. Conclude historical data to identify potential hazards and developing a strategy to mitigate them is the project manager's responsibility. A good change management strategy is a key factor that many professionals ignore. To avoid bottlenecks and project delays, as a project manager, you should be willing to make a few changes to the project. Scope creep occurs when there isn't a working change management plan in place, and it causes major challenges or issues for the project team later on. As a result, it's best to minimise the risk of unanticipated changes as much as feasible.

Phase 3: Project execution

The actual work is done by the team during the project execution phase. Your role as a project manager is to set up effective procedures and keep a close eye on your team's development and betterment.

Keeping excellent collaboration amidst project stakeholders is another job of the project manager during this stage. This keeps everyone on the same pace and ensures that the project goes off without a hitch.

You can use collaborative software that is now available on the market to help you. They will not only make your life easier, but they will also improve your team's efficiency and productivity.

According to the project plan, the team works on and completes the project deliverable. The project manager and other stakeholders collect metrics during this phase through status meetings, project status updates, workload reports, and performance reports. This important phase gives the project team and everyone else involved a better idea of whether the project will succeed or fail.

Phase 4: Project monitoring and controlling

The third and fourth phases of the project management process are not consecutive. The project monitoring and control stage occurs concurrently with project execution, ensuring that project objectives and deliveries are met. By creating Critical Success Factors (CSF) & Key Performance Indicators (KPI) as a project manager, you should ensure that no one deviates from the original plan.

The monitoring and control phase of a project occurs concurrently with the execution phase. This phase focuses on tracking project progress and performance against the project plan. Change of control is used to track and manage changes to project requirements, while scope verification and control is used to assess and monitor for scope creep. The project manager calculates key performance indicators for cost and time to evaluate the degree of variance if any, and the team decides on corrective measures and next steps to keep the project on track. Consider why projects fail and how to avoid failure in order to avoid project failure?

During the project management monitoring stage, the manager is also in-charge of keeping a quantitative track of the effort and expense. This tracking is important not just for ensuring that the project stays on budget, but also for future initiatives.

Phase 5: Project closing

The project management process has reached its conclusion now. The project closure phase occurs after the final delivery and marks the end of the project. External talent is especially hired on a contract basis just for the project. The project manager is also in-charge of terminating these contracts and submitting the relevant paperwork.

The project team and stakeholders formally close the project during the closure phase. This phase entails completing a number of critical activities, including delivering the product, freeing up resources, rewarding team members, and formally terminating contractor employment or services. The project manager convenes a post-mortem meeting to assess what went well and what did not in terms of lessons learned. The project team can also go over a punch list to ensure that all deliverables, no matter how little, are completed. The PM creates the final budget report and project report at this time. All project documentation will be finalised, organised, and stored by the entire project team.

After the project is completed, most teams attend a reflection meeting to discuss their achievements and mistakes. This is a better way to ensure that the company is always improving in order to boost the team's total productivity in the future.

Managing project phases with Project Management tools

As crucial as assessing a project lifecycle is, properly managing a project entails putting in place a comprehensive solution. Project management software aids teams in successfully initiating, planning, and executing projects through a set of clearly defined expectations and goals. This allows teams to gain access to every stage of the project and allows the project manager to monitor and offer controls during execution. This comprehensive solution aids in the reduction of information silos and the promotion of workplace efficiency. The greatest project management softwares are listed below to assist organisations inappropriately phasing and completing projects:

• Wrike
• Mavenlink
• Jira
• Buildertrend
• Procore

Conclusion

As discussed above, The Project Management Institute (PMI), which publishes the Project Management Body of Knowledge (PMBOK), notes that project phases make up a project lifecycle and that the phases should be tailored to the demands of the project. Identifying the components of a project lifecycle will aid in the completion of a project. The PMI created 5 phases of project management that can provide a high-level picture of a project and act as a roadmap for completing it.

A project, according to project management concepts, passes through various stages, each of which is defined by a separate collection of activities or tasks that carry the project from conception to completion. There are enormous projects and little initiatives, but they all have a budget, time, and resource limits. The 5 phases of the project management process will surely help the employees in future for the betterment of the organization.

The company conducts both Instructor-led Classroom training workshops and Instructor-led Live Online Training sessions for learners from across the United States and around the world.

We also provide Corporate Training for enterprise workforce development.

Professional Certification Training:

- PMP Certification Training

- CAPM Certification Training

Quality Management Training:

- Lean Six Sigma Yellow Belt (LSSYB) Certification Training Courses

- Lean Six Sigma Green Belt (LSSGB) Certification Training Courses

- Lean Six Sigma Black Belt (LSSBB) Certification Training Courses

Scrum Training:

- CSM (Certified ScrumMaster) Certification Training Courses

Agile Training:

- PMI-ACP (Agile Certified Professional) Certification Training Courses

DevOps Training:

- DevOps Certification Training Courses

Business Analysis Training by iCert Global:

- ECBA (Entry Certificate in Business Analysis) Certification Training Courses

- CCBA (Certificate of Capability in Business Analysis) Certification Training Courses

- CBAP (Certified Business Analysis Professional) Certification Training Courses

Connect with us:

- Follow us on Linkedin

- Like us on Facebook

- Follow us on Instagram 

- Follow us on Twitter  

- Follow us on Pinterest

- Subscribe to our YouTube Channel

Visit us at https://www.icertglobal.com/ for more information about our professional certification training courses or Call Now! on +1-713-287-1187 / +1-713-287-1214 or e-mail us at info {at} icertglobal {dot} com.

Please Contact Us for more information about our professional certification training courses to accelerate your career. Let us know your thoughts in the 'Comments' section below.