oA Project management becomes crucial for these firms as it immediately impacts costs, resources, and overall revenues. Every organisation, in one way or another, deals with projects. Nevertheless, just 2.5% of businesses complete all of their tasks. Poor project management is to blame.
Projects are intricate and multifaceted and require rigorous planning, coordination, and monitoring. They consist of many approaches and stages. So project managers must choose the appropriate project management strategy and best practices to ensure the project’s success.
Project management tasks have been divided into five process categories or phases by the Project Management Institute (PMI). As follows:
- Initiation
- Planning
- Initiation Execution
- Monitoring and Control
- Closure
This blog will guide you through all these steps and tell you how to carry them out more conveniently.
The 5 Phases of Project Management
Initiation
The project’s beginning is the initiation phase. Project managers identify the stakeholders, establish the project’s scope, and analyse its requirements. The project team creates a project charter that lists the project’s goals, deliverables, initial stakeholders, preliminary time and resource estimates, and other relevant details. The team then submits the project charter to clients and sponsors for approval. The project managers also specify the approval procedures and line of communication.
At this stage, project managers must:
- Business case and feasibility study documentation
- Put together a project team
- Organise a work plan
Planning
During the planning stage, the project team determines how to carry out the project through to completion. Project managers address queries such as what needs to be done, how it will be done, and what risks are involved at this stage.
Each minor job that makes up the larger project has an expected completion date. The project manager assigns duties and chooses the project’s resources. Expectations and success measures for the project are established. There are recognised bottlenecks and potential dangers. The team should adhere to the best practices established by the project management. The project’s required technology and tools are listed.
On a Gantt chart, the project tasks are shown. So the order of task completion and task dependencies are depicted in this diagram. This acts as the project completion road plan. Communication frequency (daily, monthly, yearly) is established, and communication (reports, emails) is decided.
At this stage, project managers must:
- Make a to-do list.
- Set up a budget.
- Develop a risk management strategy.
- Create a communication strategy.
- Establish a project schedule.
- Task-sharing with team members
Execution
Project managers enlist the necessary resources and outline the project’s methodology. To complete the work in accordance with the approved project management plan, the project team members cooperate with one another and adhere to the communication plan.
Project managers manage risks, deal with problems, and incorporate any modifications while keeping an eye on the budget, timeline, and quality performance.
This phase also addresses efficiently distributing and administrating other project resources, including money and materials. The end result of the execution phase is the project deliverables.
The team may now carry out the plan since it is ready. To ensure that the project continues on track in terms of budget, schedule, and quality performance, the project manager will monitor and control the work along the way.
Also, project managers will focus on identifying and reducing risks, resolving issues, and incorporating any modifications. This stage is where a project manager does most of their work.
During this phase, project managers have to take care of the following:
- Task management
- Time management
- Cost management
- Quality management
- Change management
- Procurement management
- Resource management
- Collaboration
Monitoring and Control
Project managers monitor how the project is developing in relation to the plan during the execution phase of the project management cycle. Managers take the appropriate steps to correct the situation if a project is sliding off track, perhaps in terms of budget or schedule. The managers are kept up to date on the project’s daily status using various tools, procedures, and skills. Also a few typical project controls include project strategy, methodology, risk management, quality, and resources.
During this phase, project managers have to:
- Manage resources
- Monitor project performance
- Risk management
- Perform status meetings and reports
- Update project schedule
- Modify project plans
Closure
It’s a time for introspection, material organising, and wrapping up. Stakeholders receive the deliverables from project management. So the accounts department is informed that an invoice will be generated for the remaining billing amount. Review of the team’s performance and appreciation of its efforts. Analysing project problems and noting areas for improvement.
During this phase, project managers have to:
- Confirm completion
- Transfer deliverables
- Initiate billing and revenue workflows
- Review documentation
- Release resources
- Do a post-mortem
Recommended Read: Navigating Cambridge Undergraduate Fees: Cost of Studying | Cloud management
Choosing Project Management Methodology
A project management methodology offers a road map with all the steps to effectively complete a project, including a clear governance structure, procedure rules, test activities, processes, and deliverables. Also It offers managers a thorough approach they can use again and time again to guarantee peak performance.
The various project management approaches and when to employ them are listed below:
Waterfall
The waterfall approach completes activities in a linear, sequential order. The project is completed before moving on to the next phase. This method works best for initiatives with a specific end aim that won’t alter. At every level of the project, stakeholders are clear about what they desire.
Agile
A project is finished using the agile technique in manageable chunks with regular testing, re-evaluation, and adaption. Projects frequently change, and stakeholders often lack complete information about the ultimate product’s design. Clients or other stakeholders prefer quick progress to perfect outcomes and want to be involved at every stage.
Critical Path Method
To determine the project completion path with the least amount of slack, all key tasks and their dependencies must be identified, scheduled, and completed. This route, known as the “critical path,” uses milestones to indicate the end of a significant phase. Also the process begins with a list of all activities, or a work breakdown structure, together with information on the duration of each task, any dependencies, and milestones and deliverables that need to be mapped.
This approach works best for small and medium-sized projects.
Scrum
To determine the project completion path with the least amount of slack, all key tasks and their dependencies must be identified, scheduled, and completed. This route, known as the “critical path,” uses milestones to indicate the end of a significant phase. Also the process begins with a list of all activities, or a work breakdown structure, together with information on the duration of each task, any dependencies, and milestones and deliverables that need to be mapped.
This approach works best for small and medium-sized projects.
Other methodologies include Lean, Kanaban, Six Sigma, and PRINCE2. Of course, these methodologies are used less as per the need and convenience.
Wrapping it up
Making a project a success is no matter joke. But with proper planning, the execution can be made easier. If it seems too much to handle, then use the online tools available for the same.
About the author
Jason Paul is an educator himself and is associated with MyAssignmenthelp.com offering students subject project management assignment help . He is also providing career guidance or, say, career counselling to aspiring candidates through his live sessions on social media.