Successful completion of a project is not an easy endeavor. It calls for a series of tasks to meet stakeholder and client requirements; a lot is involved in the process before the project reaches the completion phase. No matter what type of project you are working on, having comprehensive knowledge about the Project Management life cycle, project phases, or process groups is essential. It keeps your ongoing projects more organized and more viable to execute from ideation to completion.
You are watching: The majority of time on a project is usually spent on _____, as is most of the project’s budget.
What is Project Management Life Cycle?
A Project Management life cycle is a five-step framework planned to assist project managers in completing projects successfully.
The primary competency of a project manager is to gain a thorough understanding of project management stages. Knowledge and planning for the five Project Management steps will help you plan and organize your projects so that it goes off without any hitches.
It is simpler for a project manager to handle all the current details of the project when the project is broken down into various phases. Each phases of the cycle is goal-oriented having its own set of characteristics and contains product deliverables, which are reviewed at the end of the Project Management steps.
According to the Project Management Book of Knowledge (PMBOK), the Project Management life cycle should define the following aspects:What work needs to be achieved?Who will be involved in the team?What are the project deliverables?How to monitor the performance of each phase?
In cases where projects have two or more phases, the phases are considered part of a sequential process. However, in some situations, the project might benefit from overlapping or concurrent phases. The phase-to-phase relationships can be of two types:
Sequential Relationship: In a sequential relationship, a new phase starts only when the preceding phase is complete. In the figure given below, you can see an example of a project with three entirely sequential phases. The step-by-step nature of this approach decreases uncertainty, but may also remove options for reducing the overall schedule.
Overlapping Relationship: In an overlapping relationship, as the name suggests, the next phase starts before the completion of the previous one. Overlapping phases sometimes need additional resources because work has to be done in parallel. It may increase risk or could lead to rework if a succeeding phase progresses before correct information is gathered from the previous phase.
Predictive Life Cycles
In predictive life cycles, also known as fully plan-driven the three major constraints of the project, the scope, time, and cost, are determined early in the project life cycle. These projects progress through a series of sequential or overlapping phases. Now the planning can be done for the entire project at a detailed level from the beginning of the project. Different work is usually performed in each phase. Therefore, the composition and skills required of the project team may vary from phase to phase.
Adaptive Life Cycles
The adaptive life cycles, also known as change-driven or agile methods, are used in cases of high levels of change or application areas such as IT. Adaptive methods are also iterative and incremental, but the difference is that iterations are very rapid (typically with a duration of 2 to 4 weeks) and are fixed in time and cost. Sometimes the processes within the iterations can be going on in parallel.
5 Phases of Project Management Life Cycle
1. Project Initiation
Project initiation is the first Project Management life cycle phase, where the project starts. It provides an overview of the project, along with the strategies required to attain desired results. It is the phase where the feasibility and business value of the project are determined.
The project manager kicks off a meeting to understand the client and stakeholders’ requirements, goals, and objectives. It is essential to go into minute details to have a better understanding of the project. Upon making a final decision to proceed, the project can move on to the next step: that is, assembling a project team.
The Project Charter is considered to be the most important document of any project as it comprises:Business vision and missionProject goals and benefitsList of stakeholdersScope of the ProjectProject deliverablesRisks associated with the projectProject budget and resources
In the initial stage, it is essential to understand the feasibility of the project. See if the project is viable from the economic, legal, operational, and technical aspects. Identifying problems will help you analyze whether you can solve issues with appropriate solutions.Identify the Project Scope
Identifying the project scope involves defining the length, breadth, and depth of the project. On the other hand, it’s equally essential to outline functions, deadlines, tasks, features, and services.Identify the Project Deliverable
Upon identifying the project scope, the very next step is to outline the project deliverables. The project deliverables include defining the product or services needed.Identification of Project Stakeholders
A thorough identification of project stakeholders is essential. It is better to have meetings with team members and experts to identify project stakeholders. Documentation of relevant information on stakeholders and impact on them on successful completion of the project is required.Develop a Business Case
Before developing a business case, check whether the essential pillars of the project such as feasibility, scope, and identification of stakeholders are in place. The very next step is to come up with a full-fledged business case.
Creation of a statement of work (SoW) and the formation of a team wrap up the project initiation phase.
2. Project Planning
A lot of planning related to the project takes place during this phase. On defining project objectives, it is time to develop a project plan for everyone to follow.
The planning phase frames a set of plans which help to guide your team through the implementation phase and closing phase. The program created at this point will surely help you to manage cost, quality, risk, changes, and time.
The project plan developed should include all the essential details related to the project goals and objectives and should also detail how to achieve it. It is the most complex phase in which project managers take care of operational requirements, design limitations, and functional requirements.
The project planning phase includes the following components:
A project plan is a blueprint of the entire project. A well-designed project plan should determine the list of activities, the time frame, dependencies, constraints involved, and potential risks. It assists the project manager to streamline operations to meet the end objective and track progress by taking appropriate decisions at the right time.Creating a Resource Plan
The resource plan provides information about various resource levels required to accomplish a project. A well-documented plan specifies the labor and materials to complete a project. Resources used should have relevant Project Management expertise. Experience in the concerned domain is a priority.Budget Estimation
Framing a financial plan helps you to set the budget and deliver project deliverables without exceeding it. The final budget plan lists expenses on material, labor, and equipment. Creating a budget plan will help the team and the project managers to monitor and control the costs throughout the Project Management life cycle.Gathering Resources
Gathering resources is an essential part of project planning as it helps to monitor the quality level of the project. It is not enough to assemble a well-balanced team from internal and external resources. Resources like equipment, money, software solutions, and the workplace should be given to complete the assigned tasks.
See more: Super Bowl 2016 Location And Date, Date And Time Super Bowl 50
The risk plan will help you identify risks and mitigate them. It will comprise all the potential risks, the order of severity, and preventive actions to track it. Once threats are under control, it is possible to deliver the project on time adhering to quality.