Project Life Cycle has four phases:
- Execution; and
The Project Initiation is the 1st phase in the Project Management Life Cycle.
The most common tools or methodologies used in the initiation stage are Project Review, Plan, Overview and Schedule Reviews.
You can start a new by defining its objectives, scope, purpose and list of deliverable to be produced. Professionals and skilled project team also being selected in this stage by the appointed Manager.
The Project Planning is the 2nd part in the Project Management Life Cycle. The 2nd phase should include a detailed identification and assignment of each task until the end of the assignment. It should also include a Risk Analysis and a definition of criteria for the successful completion of each deliverable according to the Schedule prepared by the Planning Engineer.
It involves creating of a set of plans to help guide your team through the execution and closure of the business assignment.
The plans created during this section will help you to manage time, cost, quality, change orders/variation, risk factors and other issues. They will also help you to manage key personal and external vendors/suppliers, to ensure that you deliver the project on time and within schedule.
The Project Execution is the 3rd phase in the Project Management Life Cycle. The Project Execution is usually the longest phase in the project life cycle and it typically consumes the most energy and the most resources. You will build the physical deliverable and present them to your client for approval.
The most important issue in this part is to ensure activities are properly executed and controlled. You will need to implement a range of management processes during this section. These processes help you to manage time, cost, quality, change orders/variation, risks factors and issues. They also help you to manage procurement, client approvals and communications.
The most common tools or methodologies used in the execution phase are an update of Risk Analysis Review, in addition to Project/Business Plan. The planned solution is implemented/incorporated to solve the problem specified in the business requirements.
The Project Closure is the 4th and last phase in the Project Management Life Cycle. In this last stage, the Project Manager must ensure that the Business Assignment is brought to its proper completion (according to contract).
The closure section is characterized by a written formal project review report contains of overall level of success to your sponsor in the phase. Project Closure involves handing over the deliverable to your client/customer, passing the documentation to the client/business development, demobilizing/releasing staff and equipment, and informing stakeholders of the closure of the business assignment.
Between one and three months after the project has been closed and the business has begun to experience the benefits provided by the project, you also need to complete a Post Implementation Review.
This review allows the business to identify the level of success of the project and list any lessons learned for future projects.
“Nobody plan to fail, but they fail to plan”…