The project execution phase is where the rubber meets the road. The baseline contains the schedule, budget, and scope-the three components that need careful planning before you begin executing the actual work phases of the project. Defining a project baseline ensures you have enough information to successfully manage it. You also need to establish a baseline for your project. It's also important to schedule regular check-ins with your team members so that everyone feels heard and their needs are being met. If you are working with clients or stakeholders, take time to create an agenda for meetings so everyone understands what is being discussed and how long the meeting will last. This is the phase in which you will define what you are working on: what are key milestones, what are your deliverables, who is working on them, when will they be completed? What materials do you have available to you? How many team members do you need to complete the project?ĭuring the project planning phase, it's important to manage expectations. A project manager will design the components of the project and lay down roles and responsibilities. In the course of project planning, your focus is to scope out a project and build a project plan. Once the project is approved, the project planning phase can begin. Project managers might also need to double check their resource availability charts to secure the availability of people and skills needed for the project. Is there an existing solution you can use instead of developing something new?.What type of value will your organization gain from completing it?.What are the potential benefits of your project?.When you’re initiating a project, it’s important to consider several factors, such as: The point of this phase is to identify key project objectives and project goals, create a business case, and obtain approval from project stakeholders to move forward. It usually begins with a decision to invest in a new product or service. Project initiation is the first phase in the project management life cycle. That’s where the project initiation phase comes in. Phase 1: Project Initiationīefore you can move forward with a project, you need to know exactly what it is and why you’re doing it. Let's take a closer look at all project life cycle phases. Closing - Finally, the work is done! Now it's time to record the learnings from this project and approve its final delivery before the handover.Monitoring & Controlling - The monitoring and controlling process ensures that everything is progressing according to plan.This phase requires various teams to perform their respective tasks and stay on schedule according to the plan created in the previous stage. Executing - The executing process puts the plan into action and delivers whatever has been outlined in it.This phase heavily involves setting expectations with stakeholders, defining milestones and deliverables, creating a budget, and establishing a timeline. ![]() Planning - The planning phase in the project life cycle organizes how the work will be performed and what will be necessary in terms of tools and other resources.This phase includes identifying who will be on the project team, what resources are needed, and how the work will be executed. Initiating - The initiating process determines whether there is a need for a project and if so, why.The PMBOK Guide, written by the Project Management Institute defines these as: To deliver a successful project, project managers need to overcome five stages. Each phase is characterized by its own set of processes required to complete it successfully. What is a project management life cycle?Ī project management life cycle is the series of phases that a project passes through from its initiation to its closure. The main benefit of having a project life cycle is that it provides structure and organization to what would otherwise be a chaotic process.īut what is a project life cycle? What are project phases? This article will explain the concept and drill down into each phase and its processes. Without it, managing a project would be an ad hoc journey where you’d have to figure things out as you go. However, all projects go through a series of project management phases throughout their life cycle - what we call the Project Management Life Cycle. ![]() Projects vary in terms of size, complexity, and duration.
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