Project Management is a dynamic process with sudden changes and amendments. Hence, the division of a project into phases or stages can help to keep up the level of the project.
It involves applying techniques, tools, and knowledge to avail the most out of the project. The different phases or stages of project management depict the project life cycle.
Working on a project can deplete a large number of resources. With smooth and better project management, chances of wastage can be omitted easily. The stages or phases of project management include the ideation, roadmap to the execution, and the guide for achieving the goals. These stages help in overcoming the wastage and other possible hindrances and help in extracting the maximum out of a project.
The First 3 Phases Of Project Management
Project Management includes five phases out of which the first three are Project Initiation, Project Planning, and Project Execution. All these three phases help in converting an idea of a project into a real working project.
The first stage of Initiation requires the conversion of an idea into a real goal. A project charter is an important document with details including the overall timeline, deadlines, goals, etc. In this phase, the project charter is created and it helps in establishing a clear goal along with all those who will be a part of it.
Project Planning is the second stage of the project life cycle. It includes a detailed plan with a schedule made for the goals and an ideal map for effective communication. This phase sets SMART and CLEAR goals.
- SMART GOALS are Specific, Measurable, Attainable, Realistic, and Timely.
- CLEAR GOALS are Collaborative, Limited, Emotional, Appreciable, and Refinable.
The third stage is the Project Execution. This is when teammates perform the actual tasks. To ensure a smooth and less chaotic movement in the project, the project manager splits team members evenly on similar platforms. Many project management tools such as Asana assist in this phase of the project life cycle.
Monitoring And Controlling A Project
The fourth, and one of the most important phases of project management, is Project Monitoring and Controlling. It includes monitoring of the team involved in the project, by the project manager.
CSF stands for critical success factors and KPI stands for key performance indicators. Both CSF and KPI evaluate if the teammates are working along the lines of the original plan or not.
This phase undergoes an evaluation of budgeting and efforts by each contributing team member.
Closing A Project
The fifth and final stage of the project life cycle is Project Closing. This last delivery marks project closure. It includes a final meeting to evaluate the success, failure, and loopholes in the process. Final reports are created with the data to be used later.
The phases of monitoring, controlling, and closing a project help wind down a successful job.
These five phases of project management provide a better framework to work upon. They help with better project execution by limiting and dividing the tasks into various strategic and sequential stages.
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