Project management is a discipline that follows a set of methods for achieving goals and objectives set by the organization. Organizations use projects for various purposes, some use it for designing and developing a new product, some use it for addressing existing issues within the production process, and few organizations use projects to change the existing process. Organizations divide a project into different phases so that it is easier for them to control and monitor project progress and ensure that the project team is heading into the right direction. A project may be of different sizes, some projects can be small and some may be huge, complex and time-consuming, so it is important that organizations devise a structured and well-defined approach for successful project completion.
Different management schools teach different phases in project management, some institutions claim that there are three approaches and few schools claim that there are five phases in project management. But the bottom line is that all institutions and schools teach about the phases and methods that are useful for successful project completion. Some well-known project management institutions defined project management as a set of techniques, skills, knowledge and a collection of activities using various tools for achieving goals and objectives of the project as well as the organization.
In many organizations, project managers and their team members work on a project in five phases to accomplish project goals. In this article, we will be focusing on five different phases of project management employed by the organizations for the successful completion of the project.
Phase 1: Initiation
This phase focuses on activities that are necessary for starting a project. The initiation phase starts by assigning a project to the project manager and closes with the selection of members who will be part of the project team. The initiation phase also ensures that the team members have sufficient information, and also the project delivery dates, so that they can prepare a schedule to meet the deadline. The other activities, initiation phase covers are kickoff meeting, designing and development of project plan, and obtaining required project management infrastructure such as space and desktops. In this phase, project sponsors and stakeholders participate actively.
Phase 2: Planning
In the planning phase, the emphasis is laid on designing and developing detailed project schedules and budget. This phase also concentrates on other issues such as control plans, staffing, and procurement methods. In general, planning completely focuses on how the project will be executed and what are the requirements of the project for a smooth execution. Most of the planning is done during this phase, but project managers and top tier officials often make changes to the project plan during the production process, as there are situations where new demands or challenges crop up. This phase also covers other factors such as risk management planning, that includes risk identification, analysis, and risk mitigation process.
Phase 3: Execution
In this phase, organizations focus on carrying out important activities that are necessary for the accomplishment of project work. The project managers ensure that team members are following the guidelines developed during the planning phase.
Phase 4: Monitoring and Control
In this phase, project managers employ project monitoring and control mechanisms to have a better understanding of the project. Project managers also conduct status meetings with their team members to get an update on the latest developments about the project and also the performance of their team members.
Phase 5: Closure
This is the final phase of the project. In this phase, project team members are transferred from the project, all the required documents are archived. After completing all the formalities, the project client takes over the product that has been built by the project development team.
Listed above are the five phases of project management, employed by most of the organizations across the globe for a successful project completion. By implementing these phases, the organizations get a complete understanding about the budget and resources spent in each phase. This informative report will be useful for the organization for their future projects. The resources and budget may change according to the requirements and complexities involved in the project. These analysis reports will help the organizations to plan in an optimum manner and ensure that their goal and objectives are achieved.