Home / The 7 Phases of the Project Management Life Cycle
In today’s highly competitive global business environment, the ability to deliver projects on time, on budget, and in alignment with corporate goals is critical. Project managers play a key role in this and have a complex job that requires a combination of organizational skills, analytical thinking, and excellent interpersonal skills.
Every project necessitates several processes to see it through, whether constructing a building, releasing an app, or launching a marketing campaign. Regardless of the industry or the type of delivery, these processes are quite uniform and consistent. So what are these project management processes, and what do they consist of?
In this article, we’ll walk you through the basics and processes of project management and what it means to be a project manager.
Is a temporary endeavor undertaken to produce a one-of-a-kind product, service, or outcome.This signifies that a project will be launched in order to achieve a specific aim that is often outside the scope of normal business operations. This means that the project team may comprise people who don’t normally collaborate and may demand resources that aren’t normally available in day-to-day operations.
The application of information, skills, tools, and strategies to execute a project according to precise requirements is known as project management. It all boils down to identifying the issue, devising a strategy to address it, and then executing on that strategy until the issue is resolved. While this may appear to be a simple task, there is a lot that goes into it at each stage of the process.
Ideating phase:
In the Ideation phase, design thinkers spark off ideas in the form of questions and solutions through creative and curious activities such as brainstorms and worst possible idea.
Ideation is the mode of the design process in which you concentrate on idea generation. Mentally it represents a process of “going wide” in terms of concepts and outcomes. Ideation provides both the fuel and also the source material for building prototypes and getting innovative solutions into the hands of your users.
Assessing phase:
During this phase, The feasibility is being studied. The feasibility analysis is used to determine the viability of an idea, such as ensuring a project is legally and technically feasible as well as economically justifiable. It tells us whether a project is worth the investment—in some cases, a project may not be doable. There can be many reasons for this, including requiring too many resources, which not only prevents those resources from performing other tasks but also may cost more than an organization would earn back by taking on a project that isn’t profitable.
A well-designed study should offer a historical background of the business or project, such as a description of the product or service, accounting statements, details of operations and management, marketing research and policies, financial data, legal requirements, and tax obligations. Generally, such studies precede technical development and project implementation.
Steps in a Feasibility analysis:
Conducting a feasibility study involves the following steps:
● Conduct preliminary analyses.
● Prepare a projected income statement. What are the possible revenues that the project can generate?
● Conduct a market survey. Does the project create a good or service that is in demand in the market? What price are consumers willing to pay for the good or service?
● Plan the organizational structure of the new project. What are the staffing requirements? How many workers are needed? What other resources are needed?
● Prepare an opening day balance of projected expenses and revenue.
● Review and analyze the points of vulnerability that are internal to the project and that can be controlled or eliminated.
● Decide whether to go on with the plan/project.
Initiating phase:
This phase includes the previous two phases, the Ideation phase and the assessing phase.
During this phase, the project is conceptualized, and feasibility is determined and document what you hope to accomplish.
Establishing the project goal, defining the project scope, identifying the project manager and key stakeholders, identifying potential risks, and providing an anticipated budget and timeline are some of the actions that should be completed throughout this phase.
Planning phase
The planning phase process group is where you build the project infrastructure that will enable you to achieve your goal within your predetermined time and budget constraints, starting with a project management plan, project scope, work breakdown structure and more, wrapping up with qualitative and quantitative risk analyses and risk responses. This is your detailed roadmap and your blueprint for success. When you reach the end of this phase of the life cycle, everyone on your team will not only understand the vision of the project, they’ll also understand precisely what they need to do to reach the finish line on time and within budget.
Executing phase
The executing phase is where most of the budget is allocated and most of the project deliverables are produced. You take your project plan and put it into action, whether that takes weeks, months, or even years.
Execution of the project objectives requires effective management of the team members while orchestrating timeline expectations and reaching benchmark goals. PMs are in charge of delegating and managing project work while maintaining positive relationships with all team members and keeping the project on track. As a result, the PM must be well-organized and an exceptional leader. Because they’ll need to handle team concerns and issues as they arise, they’ll need to communicate with all team members and stakeholders frequently and openly.
Closing phase
Is the final phase of the project life cycle.The closing process group occurs once the project deliverables have been produced and the stakeholders validate and approve them. The project manager will conclude contracts with suppliers, outside vendors, consultants, and other third-party providers during this phase. All documentation will be archived, and a final project report will be written. Further, the plan for troubleshooting and maintenance is also included in the project plan.
Realizing phase
The benefits realization phase may not follow directly from the project end. Instead, it can start after a short period, before the post-implementation review, which typically takes place three to six months after the project finishes.
The benefits realization management phase (BRM) is a project management methodology that measures how your projects and programs add value to the company and contribute to high-level business objectives. BRM maximizes the ROI from change
A generic BRM process is to:
● Identify the investment outcomes.
● Define benefit measures for each outcome.
● Collect current benefit measure data to have a quantitative basis for decision-making.
● Plan the new or changed capabilities necessary to realize the benefits.
Managing a project is no easy feat, no matter what the scale and scope are. From planning the minutia to handling the ever-changing demands of clients to shipping the deliverables on time, there’s a lot that can go wrong. When you divide the project into manageable stages, each with its own goals and deliverables, it’s easier to control the project and the quality of the output.
An openness to self-assessment and re-evaluation, according to the Project Management Institute, is also beneficial.
Managing a project, regardless of its size or scope, 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 simple 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.
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