The Project Management Lifecycle: The 4 Phases
It might seem to be a simple project to an outsider. It takes just a few conversations, a few meetings, and a few phone calls to manage a project. It takes more than that. It takes more than just knowing a project manager.
A project’s life cycle, which can be described as the sequence of phases a project goes through from start to finish, is a way to better define it. The project’s execution organisation and its members determine the number of cycles and their order. The size and needs of the organization, the nature of the project, and the area where it is being applied all influence the number of cycles and their order. Each phase is also time-constrained. The main objectives, deliverables, and activities for each phase can vary. The project life cycle can be either plan-driven or change-driven. It can also be predictive or adaptive. A predictive approach defines the exact deliverables and details at the beginning of the project. Any changes to the scope of work are carefully evaluated. The product is developed over multiple iterations in an adaptive life cycle. Each iteration has its own scope of work.
The project manager and the project management team share the same goal: to achieve the project’s objectives. Each project is unique, and the structure of each one is different depending on industry and demand. Their basic framework is however largely the same. It consists of the following phases: The Initiation Phase: Understanding the goals, priorities and risks of the project
The Planning Phase: Outlining the tasks and timelines of the project
The Execution Phase: Taking action on the plans and monitoring project performance
The Termination Phase: Handing over the project, analysing the results, and summarizing key learnings
Let’s take a closer look at each phase. Phase I – Initiation
The initiation phase is where the project management team determines the purpose or need for the project. This phase is about creating a project charter. It contains the following information: The mission, vision, and purpose of this project
Measurable goals and key performance indicators
Well-explained descriptions of project conditions, risks and conditions
Name and authority of project sponsor
All stakeholders and their roles
Once the need for the project has been identified, a suitable response is documented with suggested solutions.