![]() ![]() Once the project is delivered and the defined objectives are attained, the project manager must highlight the strengths, the key takeaways, and other things. However, at times, a project may not even reach this stage due to challenges in between and the project may be shelved. All the aspects of the project must ideally be wrapped up at this stage. The closure phase of a project is important as it binds everything together. Project managers can also conduct meetings to review progress. They must also make sure that everything is on track, and if it’s not, take corrective actions where needed. ![]() This phase is to check whether everything is going as per the project management plan, especially with regard to financial parameters and timelines.Īs now we understand what project management is, there is also a need to know that the project manager is responsible, at this stage, to make any allowances in terms of resource allocation. This phase is for measuring project performance and tracking progress and falls between the execution and closure stage. It involves a few important things like regular meetings to report progress, managing challenges and others. Execution phase of a project management life cycle is crucial since this is the stage which decides the success or failure of any project. This is also the stage where deliverables ensure that the project, when completed, meets the requirements of end users.Įvery team, at this stage, creates deliverables in accordance with the project plan made in the beginning. Tasks are assigned to the respective teams and members, and resources are allocated to them. In this phase, all the planned processes are implemented. This is one of the most challenging phases of a project management life cycle for project managers. This plan would guide all the stakeholders involved and manage the cost, quality, risk, changes, and time.Ī detailed project plan would also have the details about how the team can achieve the goals they have set for themselves. Once the objectives are identified and the project is initiated, the next step is to make a project plan. The project manager creates the project charter, which includes:ī udget and resource allocation, the final stage of this phase involves making a statement of work and deciding on the team that would be working on the project at every stage. This is the stage where the project manager initiates a meeting to discuss the goals and objectives of a project and delve into the minutest details. Initiation means understanding the project from a bird’s eye view and determining its feasibility and business value. Continue reading to know about them in brief: As we mentioned before, there are four phases of project management life cycle – initiation, planning, execution, monitoring and controlling. 4 Phases of Efficient Project Management Life Cycleįor making any project a huge success, it is important to understand the different phases of project management life cycle and their importance. It is therefore important for all project managers to ensure that they understand every aspect of the project management life cycle. When every step is followed in a systematic way, the likelihood of achieving the goals increases manifold. In some instances, there could also be a fifth phase between execution and closure called monitoring and controlling. There are four phases in a project management life cycle – These steps help in guiding a project from the beginning till the end and provide a structured framework for managers to create, execute, and finish them. What is project management, Put in simple terms, project management life cycle is a step-by-step framework of best practices. This theoretical knowledge and some practical experience in the project management life cycle will help you keep the projects more organized and streamlined until they are completed, and the pre-defined objective is achieved. Irrespective of the type of the project, it is essential to understand what project management life cycle is and what the phases and the process groups are involved. Moreover, there is a need to ensure that the requirements of both the stakeholders and clients are met. There are many steps to the successful completion of any project as it involves proper planning, execution, efficient tracking and monitoring throughout its life. ![]()
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