5 Key Phases of Project Management

Project management is the application of knowledge, skills, tools, and techniques to a broad range of activities in order to meet the requirements of a particular project. Project management has final deliverables that are constrained to a finite timescale and budget. Furthermore, these are several key phases of project management namely:

Project Initiation

This is the start of the project, and the goal of this phase is to define the project at a broad level. This phase usually begins with a business case. This is when you will research whether the project is feasible and if it should be undertaken. If feasibility testing needs to be done, this is the stage of the project in which that will be completed.

Project Planning

This phase is when the project plans are documented, the project deliverables and requirements are defined, and the project schedule is created. It involves creating a set of plans to help guide your team through the implementation and closure phases of the project. The plans created during this phase will help you manage time, cost, quality, changes, risk, and other related issues.

Project Execution

This is the phase where deliverables are developed and completed. This often feels like the meat of the project since a lot is happening during this time, like status reports and meetings, development updates, and performance reports. A “kick-off” meeting usually marks the start of the Project Execution phase where the teams involved are informed of their responsibilities.

Project Monitoring and Controlling

In this phase, the project manager monitors project by performing calculations of key performance indicators (KPI) for cost and time to measure the degree of variation, if any, and in which case the team determines the corrective measures and course of action to keep the project on track. To prevent project failure, consider why projects are likely to fail and the ways to prevent failure.

Project Closure

In this phase, the project team and stakeholders formally close the project. It includes performing several tasks namely delivering the product, freeing up resources, rewarding team members, and formally ending the employment or services of contractors. The project manager calls a meeting to evaluate what went well in the project and what did not for lessons learned.

Conclusion

To sum up, by knowing and understanding the key phases of project management above, it will be beneficial in order to manage project to be successful, in which could lead to the organizational advancement and success.

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REFERENCE

Eby, K. (2018). Demystifying the 5 Phases of Project Management. Washington, USA: Smartsheet Inc.

Editorial Team. (2021). 5 Phases of Project Management — A Complete Breakdown. Philadelphia, USA: Kissflow Inc.