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What are the 5 Phases of Project Management?

Project management is a practice of implementing processes and methods by applying skills, tools, knowledge and techniques to achieve specific project goals and meet specific success criteria within a constrained time according to project needs and goals.

The set of guidelines and best practices are followed to achieve the success rate of the project and ensure the project flow is smooth.

PMI’s A Guide to the Project Management Body of Knowledge (PMBOK® Guide) was introduced by Project Management Institute in 1996. The current edition of the PMBOK® Guide is - 6th edition.

It is the single most important publication by the PMI for Project Management Professional Certification aspirants to study and prepare for the PMP® Exam.

What is Project?

The Project Management Institute defines a “project” as

 “a temporary endeavor undertaken to create a unique product, service or result.”

Project is a set of operations or tasks with a definite start and end to reach the targeted goal. Projects can be simple or complex depending upon the time frame and the outcome expected.

Project is carried out by a set of people called “team”  with individual tasks assigned and expected to be completed within a constrained time.

Who are Project Managers?

Projects are managed by the project manager or more depending on the complexity of the project.

Role of the project manager is very important. Time-bound and cost-bound projects require a project manager to plan, track, monitor, evaluate and work out the roadmap for successful closure and handover.

Project Managers are the bridge between top management and project delivery team as they make sure the scope of the project is clear, monitors and reports regularly on the progress of the project that is in line with the defined cost, schedule, and quality.

The roles and responsibilities of the project manager are:

5 Phases of Project Management

It is very important to prepare a definite structure of the project to be executed. The process of initiation of the project to close the project with handover is called project lifecycle.

According to PMBOK- 6th edition, there are 5 phases of project management:

• Initiation
• Planning
• Execution
• Monitoring and Controlling
• Closing

The 5 phases of project management from start to finish which cover the following components:

• What work must be done
• What output must be generated and reviewed
• Who will be responsible
• How to control and approve each phase

Initiation

The first phase of the project life cycle is initiation. In this phase, the project’s value is measured whether the project is to be taken further or not. The project’s feasibility and value are measured using evaluation tools.

• Feasibility Study: The study evaluates the value of the project which includes the project goals, time frame and overall cost of the project to be executed.
• Business Case document:  The document which provides the detailed estimated benefit of the project and the need for the project.

The stakeholders are identified in this phase of project management. The important stakeholders of the company will decide if the project is to be taken or not. The project charter is prepared. The project charter generally includes the objective of the project, stakeholders, risks identified.

Planning

Once the project is approved, the planning is done. The project management plan is developed based on defined project scope, schedule, cost, resources, quality and respective stakeholders.

Planning will help to minimize the risk during the execution phase.

The cost and resources are planned effectively to achieve the business goals of the organization.

This phase will develop a roadmap which will be used until the end of the project.

The roles and responsibilities are defined and the following documents are created in the planning stage:

• Scope Statement
• Work Breakdown Schedule (WBS
• Milestones
• Gantt Chart
• Communication Plan
• Risk Management Plan

The goals are set based on two methods. S.M.A.R.T. and C.L.E.A.R.

Execution

Based on project activities and project management plan, the deliverables are developed and completed within a constrained time.

The projects are divided into individual tasks and accomplished. The following tasks take place during this phase:

• Develop team
• Assign resources
• Execute project management plans
• Procurement management
• Directing and managing project execution by the project manager
• Set up tracking systems
• Task assignments are executed
• Status meetings
• Update project schedule
• Modify project plans as needed

Monitoring and Controlling

During the execution phase, the tasks are monitored if the assigned task meet the project management plan. This phase ensures the project areas such as scope, schedule, cost, quality and resource are in control. The project managers track the work using key performance indicators (KPIs). The KPIs to determine the project performance are:

• Project Objectives
• Quality Deliverables
• Effort and Cost Tracking
• Project Performance

To keep the project on track, project managers usually adjust schedules and resources.

Closing

The finished project is handed over to the customer in this phase. The whole process is documented and resources are released to work on other projects. The meetings are held to prepare the final project report. The handing over documents are prepared and project managers close the project.

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