The 5 Stages of Project Management
Sofia and her team are determined to improve employee onboarding. Luckily, they have the time to begin the project life cycle from the initiation phase. Here’s a closer view of each phase. Initiation is the first of five phases that must be completed in order to complete the project. The next two phases are execution and planning. Execution and closure are equally important, even though planning is the most important.
Phase of project initiation
The first step to ensuring a successful project is initiating it. It is crucial for establishing the purpose and value of a project, securing the support of key stakeholders, as well as laying the foundation for future project management. We’ll be describing the four main steps of the initiation stage in this article. After a successful project launch, it’s time to move on to the detailed planning phase.
The selection of the team members who will be working on the project is the first step in project initiation. A project manager can be a great help in creating a high-performing team. However, a cohesive team is crucial to a successful project. Project management teams may be grouped by function and assigned specific tasks. The business owner, managers of departments, and other leaders of the company are all stakeholders. The project charter defines the scope and authority of the project.
Phase 2: Project planning
The stakeholder identification phase of project planning begins with stakeholder identification. You establish the project charter, assign roles and determine communication methods. You also describe the expertise and collaborative style of the project team. Next, you will create the individual components of your project plan. This first draft should include the overall process and project deliverables, as well as the budget, timeframes, and signoffs. You may also need to discuss your team’s feedback on the project plan.
The planning phase begins once the project has been formally approved, funded, and the Project Charter has been approved. This phase involves the analysis and study, which results in a Project Management Plan. It may also include system design activities. Before the actual project can begin, the project charter or PMP must be approved by its approving authority. A project charter can have many versions. The most recent version of a project charter is often the most accurate.
Project execution phase
Project execution is the final stage of a project, and it’s crucial for delivering value to stakeholders and meeting business objectives. Successful project execution involves catching mistakes early and monitoring the project closely throughout. Projects that are completed according to plan meet the budget and schedule goals, deliver the desired quality, build reputation, and help build an organization’s reputation. Execution also involves a range of ongoing people and process management activities, including collaboration, flexible scheduling, and communication.
This is the phase where collaboration and teamwork take place. Using project management software is an excellent way to keep track of your team’s performance, whether it’s billable or non-billable hours. It can be used to track milestones and the time spent working on each task. Collaboration is key to project success. Therefore, it’s crucial to create regular status reports and check-ins. To ensure that everyone is working together effectively and in sync, project management tools are essential.
Phase of project closure
“Project closure” is the final phase of project management. This stage involves the handover to the business of project documentation, the termination of supplier agreements, and the release of project resource. The closing phase also involves lessons learned studies, which examine the project’s performance and transfer that knowledge to future projects. This is the time to review and communicate the final results. Throughout this stage, the team must continually monitor the project’s progress and learn from mistakes and successes.
The team will close a project by finalizing its work, debriefing stakeholders and transferring lessons learned to a repository. This will be useful for future projects. To learn more about closing a project, refer to the chapter of the PMBOK Guide. The project closure phase is a rewarding part of project management. It provides a unique opportunity to recognize team members and celebrate the project’s achievements.