What are Project Management Life Cycle Phases? What are the activities performed in each phases of Project Management?

PROJECT MANAGEMENT PHASES

A standard project typically has the following major phases:

•     Initiation Phase,
•     Planning Phase,
•     Execution Phase (monitoring and control)
•     Closure Phase.

INITIATION PHASE

• The project objective or need is identified; this can be a business problem or opportunity that must be solved.
• The Project Manager is assigned.
• The project purpose, objectives and high level requirements are identified and captured in a Project Charter.
• This includes identifying the project Stakeholders and understanding their role in the project.
• The Project Charter serves as the basis for the approval of the project to move into the Planning Phase.

PLANNING PHASE

• The project solution is further developed in as much detail as possible and the steps necessary to meet the project's objective are planned.
• The team identifies all of the work to be done.
• The project's activities and resource requirements are identified, along with the strategy for producing them. This is also referred to as "scope management.".
• A Project Plan is created outlining the activities, dependencies, and time frames.
• The Project Manager coordinates the preparation of a project budget by providing cost estimates for the labor, equipment, and materials costs. The budget is used to monitor and control cost expenditures during Project Execution.
• Once the project team has identified the work, prepared the schedule, and estimated the costs, the three fundamental components of the planning process are complete.
• This is an excellent time to identify and try to deal with anything that might pose a threat to the successful completion of the project. This is called risk management.
• In risk management, "high-threat" potential problems are identified along with the action that is to be taken on each high-threat potential problem, either to reduce the probability that the problem will occur or to reduce the impact on the project if it does occur.
• This is also the time to document all project Stakeholders and establish a Communication Plan describing the information needed and the delivery method to be used to keep the Stakeholders informed.
• You will want to document your Resource Plan to identify the materials, supplies, services, and personnel required to ensure a successful project.
• The Resource Plan includes a Team Plan that documents the availability of the team and how you will create a positive team environment.
• You will also want to include a Procurement Plan if you plan to procure services or materials.
• Finally, you will want to document a Quality Plan, providing quality targets, assurance, and control measures, along with an Acceptance Plan, listing the criteria to be met to gain customer acceptance.
• At this point, the project would have been planned in detail and is ready to be executed.

EXECUTION PHASE (MONITORING AND CONTROL)

• The project plan is put into motion and the work of the project is performed.
• It is important to maintain control and communicate as needed during Execution.
• Progress is continuously monitored and appropriate adjustments are made and recorded as variances from the original plan. In any project, a Project Manager spends most of the time in this phase.
• During project execution, people are carrying out the activities, and progress information is being reported through regular team meetings.
• The Project Manager uses this information to maintain control over the direction of the project by comparing the progress reports with the project plan to measure the performance of the project activities and take corrective action as needed.
• The first course of action should always be to bring the project back on course (i.e., to return it to the original plan). If that cannot happen, the team should record variations from the original plan, and record and publish modifications to the plan.
• Throughout this step, Project Sponsors and other key Stakeholders should be kept informed of the project's status according to the agreed-on frequency and format of communication.
• Status reports should always emphasize the anticipated end point in terms of cost, schedule, and quality of deliverables.
• Each project deliverable produced should be reviewed for quality and measured against the acceptance criteria.
• Once all of the deliverables have been produced and the customer has accepted the final solution, the project is ready for Closure.

CLOSING PHASE

• The emphasis is on releasing the final deliverables to the customer, handing over project documentation to the business, terminating supplier contracts, releasing and reassigning project resources to other work or projects, and communicating the closure of the project to all Stakeholders.
• The last remaining step is to conduct lessons-learned studies in a post project review to examine what went well and what didn't. Through this type of analysis, the wisdom of experience is transferred back to the project organization, which will help future project teams.

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