5 Phases of Project Management

Project Management is not an easy task regardless of the scope and scale. There are numerous things that can go wrong in handling a project from the preparation of the minutia to treating the different demands of the customers to delivering the work before deadline. When a project manager divides the task into different stages then it is much easier for the manager to administer the project as well as upholding the quality of the project. There are 5 different stages of Project Management that are planning, conception, performance and monitoring, execution and project close.

The Project Management institute (PMI) explains Project management as “the application of knowledge, skills, tools, and techniques to a broad range of activities in order to meet the requirements of a particular project”. The five phases helps the company to achieve what the customer desires in h/her project and are kind of a roadmap to accomplish success.

Phase 1: Project Initiation

The first phase determines the project at a broader level and tries to come up with a concept for the project. This stage includes extensive research about the project if it is possible and if it should be commenced. For the testing of the feasibility this phase should be completed.

The significant stakeholders in the company will assist in deciding if the project is a “go” by going over all the research documented by the researchers to move forward with the project. Once they are satisfied then the company is required to make a charter or a project initiation document (PID) which clearly plans the requirement and purpose of the project. This should also entail business wants, case and stakeholders.

Note: During the creation of PID, do not get too bog down in practical necessities. Those needs will be clearly explained in Phase 2.

Phase 2: Project Planning

This stage is important to an effective project management and emphases on evolving a roadmap that the company can easily follow. This stage generally starts with the setting of the objectives. To set the objectives the company utilizes SMART and CLEAR goals:

S.M.A.R.T. Goals – This technique aids to guarantee that the objectives have been extensively scrutinized. This also offers the means to visibly comprehend the objective implication setting procedure.

• Specific – It calls for setting specific goals and answering the following questions: what, who, where, which, why and when.
• Measurable – It calls for creating the criteria that can be used to measure the goal success.
• Attainable – It refers identifying the most significant goals, also what it will take to attain them.
• Realistic – It directs to be willing and able to work toward a particular goal.
• Timely – It calls for creating a timeframe to achieve the goal.

C.L.E.A.R. Goals – It is a newer approach for goals setting which takes into environment of today’s fast-paced businesses consideration.

• Collaborative – Here the goal revolves around encouraging employees to work together.
• Limited – There should be time to keep it manageable and should be limited in scope.
• Emotional – This allows optimizing work quality. Goals should tap into the employees’ passion and be something which they can form an emotional connection to.
• Appreciable – It break large goals into smaller tasks which is easy and quick to achieve.
• Refinable – With rising of new situations arise, refine goals and be flexible as needed.

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Throughout this stage, the scope of the task is explained and a project management idea is evolved. This entails in detecting the quality, cost, time and available resources. The planning of the project also comprises of creating starting point or performance actions. These all are produced through the schedule, cost of a project and scope. A baseline is vital to regulate if a project is on the right path.

At this time of the plan, responsibilities are clearly explained so everybody working on the project has an idea what are their roles. The following are some documents that a project manager will create throughout this stage to guarantee the project is functioning and on the right track:

• Scope Statement– This document clearly explains the business wants, profits of the project, goals, deliverables, and vital indicators. This statement might alter throughout the project, but it shouldn’t be changed without the consent of the sponsor and the project manager.

• Work Breakdown Schedule (WBS) – This schedule breaks down the scope of the task into handy stages for the team.
• Milestones – Detect high-level goals that are important to be met during the project and involves them in the Gantt chart.
• Gantt Chart– A graphic timeline that the project manager can utilize to plan out responsibilities and imagine the project timeline.
• Communication Plan – This is of specific significance if your plan includes external stakeholders. Progress the appropriate messaging around the venture and generate a timetable of when to connect with team members on the bases of  milestones and deliverables.
• Risk Management Plan – Recognize all predictable dangers. Mutual risks comprise impractical time and cost estimations, client appraisal cycle, economical cuts, altering necessities, and lack of dedicated resources.

Notes: When generating a WBS, work parcels shouldn’t be extensive than 10 days. Be certain to ask the input and viewpoint from team members about their exact duties.

Phase 3: Project Execution

This is the stage where deliverables are evolved and finished. This sometimes feels like the meat of the task as many things are taking place during this phase such as performance reports, status reports, and development updates. A “kick-off” conference typically symbolizes the start of the Project Execution stage where the teams engrossed are well-versed of their duties.

Responsibilities finished throughout the Execution Phase comprise:

• Developing a team
• Allocating resources
• Executing project management plans
• Procurement management if required
• Manages project execution
• Setting up tracking systems
• Task assignments are implemented
• Updating project schedule
• Status meetings
• Modifying project plans as required

 Though the project monitoring phase has a diverse set of necessities, these two stages frequently transpire concurrently.

Note: Contemplate utilizing cloud-based project management software so team members can keep the task status informed.

Phase 4: Project Performance/Monitoring

This stage is about the measurement of project development and performance and guaranteeing that every little thing is aligning with the plan of project management. Project managers will utilize key performance indicators (KPIs) to control if the plan is on the right track. A project manager will naturally select two to five of these KPIs to measure performance of task:

• Project Objectives: this measure if a project is on time and budget is a sign if the plan will encounter stakeholder purposes.
• Quality Deliverables: It regulates if precise task deliverables are being encountered.
• Effort and Cost Tracking: Project Managers will reason for the effort and cost of different resources to check if the budget is on the right track. This kind of tracking notifies if a project will encounter its end date on the bases of current performance.
• Project Performance: This observes variations in the project. It takes into deliberation the quantity and kinds of problems that ascend and how rapidly they are given attention. These can happen from unexpected hindrances and scope alterations.

Throughout this stage, Project managers might need to regulate timetables and resources to guarantee the plan is on track

Note: Evaluate the business case at the end of each stage and make changes to the project plan as required.

Phase 5: Project Closure

This phase is about the finished projects. Freelancers are hired to work explicitly on this task are now terminated. Important colleagues are perceived. Few of the project managers also make up small work functions for people who have taken an interest in the task to express their gratitude for their efforts. When the project is finished, a project manager usually holds a meeting – sometimes referred to as “post mortem” – to assess what worked well in the project and to distinguish the project’s letdowns. This is particularly useful to understand the exercises carried out so that improvements can be made for future businesses.

When the project has finished, project managers have a couple of tasks to finish. They should make a list of things that have not been cultivated during the project and work with colleagues to finish them. Prepare a financial plan for the last task and prepare a last project report. Lastly, they would need to gather all the files and deliverables and keep them in a single location.

Note: Using a cloud-based software solution is an easy means to accumulate and store all the project files in one place for the duration of the task.