The main purpose of a successfull project management team is to complete the project on time and budget with meeting the customer’s requirements. Every project has beginning, execution and closing phases and all the phases involve several processes. The PMBOK guide defines five project life cycle phases in order to meet the requirements of the project. These phases create a roadmap to organize and manage the projects successfully.
Five Project Life Cycle Phases
According to the PMBOK Guide, the process of project management has five phases.
1. Initiation Phase
The product or project is described, it’s objective and requirements are specified in the initiation phase. A feasibility study is conducted to understand whether the project is feasible or not. Project deliverables, financial benefits and the incomes are decided by the important stakeholders in this phase. If the project idea is adobted by the important stakeholders, the project manager creates the project charter.
2. Planning Phase
Planning phase is one of the most important phase of a project lifecyle. It is directly related with the success of the project. At this phase, project scope is defined and the project management plan is created. The project manager created below documents in the planning plase.
After defining the project scope and key milestones clearly, WBS is created to divide and manage the project’s scope into meaningful sections. Then baseline schedule is prepared to create a roadmap for the projects goals. Baseline budget and other supporting documents, plans are created based on the targets emphasized in the baseline schedule.
3. Implementation (Execution) Phase
Execution phase includes to perform all the tasks and build the deliverables required to complete the project and satisfy the customer. Team is developed, resources are allocated, status meetings are assembled and the project schedule is updated as the work performed at this step.
4. Controlling Phase
Project performance is measured and conrtrolled at this step. Work performance reports are created in order to determine the cost and schedule variances. Baseline schedule is compared with the updated schedule and the variances are reported. In the same way baseline budget is compared with the actual budget and cost variances are calculated. Quality performance, risk status, and other related important forecasts and issues are controlled and reported at this step.
5. Closing Phase
Project closing process is completed after completion of all the scope of work and the project management processes. A formal agreement is reqired between the contractor and the customer. A set of formal processes should be completed before prior to the closure.
Projects life cycle phases may vary from project to project, industry to industry. The project management life cycle is an important concept of project management. It will be usefull to know Five project life cycle phases for a successful project management.