The project management life cycle is the process of planning, executing, and closing a project. It’s a framework that helps project managers understand the different stages of a project and which tasks they need to complete at each stage.
While numerous models outline the project management life cycle, specific steps and phases differ depending on project type and methodology. Nonetheless, most models incorporate common elements.
Here is an overview of the project management life cycle:
- Initiation: The initiation phase is the first stage of the project management life cycle. During this phase, the project is defined and the project team is assembled. The goal of this period is to determine the feasibility of the project and to create a high-level plan.
- Planning: In the planning phase, the project team develops a detailed plan that outlines the tasks that need to be completed and the resources required to complete them. This phase also includes identifying risks and developing strategies to mitigate them.
- Execution: The execution phase is when the project team begins to implement the plan developed in the planning phase. This includes completing the tasks outlined in the plan, as well as monitoring and controlling the project to ensure that it stays on track.
- Monitoring and control: The monitoring and control phase focuses on tracking the project’s progress and making any necessary adjustments to keep the project on track. This phase also includes managing risks and issues that arise during the project.
- Closing: The closing phase is the final stage of the project management life cycle. During this phase, the project team completes any outstanding tasks and documents the results of the project. This phase also includes obtaining final approval and acceptance of the project deliverables.
Conclusion
In conclusion, the project management life cycle offers a framework that empowers project managers to understand each stage of a project and the tasks it entails. Although specific steps and phases differ based on project type and methodology, most models incorporate core elements. By adhering to the project management life cycle, project managers enhance project planning and execution, significantly improving the odds of success.
