Project management overview
A project is an undertaking with a characterized starting and closures embraced to meet one of a kind objectives and targets, commonly to realize helpful change or included esteem. Project management is the discipline of planning, organizing, motivating, and controlling resources to achieve specific project goals. It is also defined as the use of various methods, skills, knowledge, and expertise required to achieve the objective of a project.
5 phases of project management
When starting a project, the amount of planning and work required could be overwhelming. Dozens of tasks will need to be completed at the right time and in the right sequence. Project managers know and understand that it is easier to handle the details of a project and take steps in the right order when you break a project into phases. The following 5 phases will help give your activities a structure and simplify them into a series of logical and manageable steps.
- Project initiation. This is the first phase of the project lifecycle and is where the project’s value and feasibility are measured. Two evaluation tools are used by project managers at this phase to decide whether or not to pursue the project. The first tool is a business case document that justifies the need for the project and includes an estimate of potential financial benefits. The second tool is the feasibility study that is an evaluation of the project’s goals, timeline, and costs to determine whether the project will be executed. A feasibility study balances the project requirements with available resources to see if pursuing the project makes sense.
- Project planning. This phase is key to successful project management and focuses on developing a roadmap that everyone will follow. This phase typically begins with setting goals. During this phase, the scope of the project is defined and a project management plan is developed. It involves identifying the cost, quality, available resources, and a realistic timetable. The project plans also include establishing baselines or performance measures. These are generated using the scope, schedule, and cost of a project. A baseline is essential to determine if a project is on track. At this phase also, roles and responsibilities are clearly defined, so everyone involved knows what they are accountable for.
- Project execution. This phase is all about building deliverables that will satisfy the customer. The team leaders in this phase allocate resources and keep the team members focused on their tasks.
- Project performance and monitoring. This phase is all about measuring the project’s progress and performance and ensuring that everything aligns with the project management plan. To do this, project managers utilize key performance indicators (KPIs) and track variations from allotted cost and time.
- Project closure. This is the last phase that occurs once the team delivers a finished project to the customers. It is a very important stage in a project life cycle as it allows the team to evaluate and document the project and move on to the next one using previous project mistakes and successes to build stronger processes and more successful teams.For more information on project management, the following book will help you with everything you need to know. , A Guide to the Project Management Book of Knowledge (PMBOK® Guide).
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