If you’re new to project management, then you might want to consider learning more about it especially if you want to advance your career. Project management, in simple terms, is the application of skills and expertise to achieve project goals. This discipline is a vital part of any organization or corporation. Being skilled in project management is important most especially if you want to be an expert or a leader in your industry.
In order to get a better idea of what project management PMI is, we need to become familiar with its five distinct phases, namely: initiation, planning, execution, monitoring, and control. These five phrases are well-integrated and are designed to make a project run smoothly. In this article, we will look further into each of these phases.
A project lifecycle begins with initiation. This is the stage where a particular project is evaluated and a project charter is created. Initiation is the phase that involves implementation of feasibility studies and other tools that will help determine a project’s value. Once these processes yield favorable results and the project turns out to be feasible, then it is time to move forward to project planning.
The next phase in project management is planning. This is the phase where a project plan or project blueprint is created. Also, this is a very crucial phase because it is where the scope of the project is defined. The project plan is an important tool in directing the team in managing risks, understanding costs, achieving results, and communicating with the stakeholders. This will also guide and help the team to follow their budget and timeline. In addition to that, a good project blueprint will lay the framework for financing and procurement.
The third phase is project execution. This phase is heavily dependent on project planning. It is the stage where the ideas laid out in the second phase are implemented. Project execution involves delegation and allocation of tasks and resources.
Monitoring and control
Project monitoring begins once the project has been executed in the third phase. This stage is all about performance tracking. Were the expected results delivered? In order to ensure that the stakeholders are satisfied with the deliverables, the project team needs to monitor their performance, keep track of their progress, and assess their key performance indicators or KPIs.
The final phase, project closure, marks the completion of the project. The stakeholders are satisfied and they have approved of the project’s results. However, this doesn’t mean that you simply move on to the next projects. There are still some tasks to be done. Evaluate the project. Identify the strengths and weaknesses of the project as well as key learnings. The lessons that you learn in each project will help the team in the next project.
Project management is a broad topic and its concepts can be overwhelming especially if you’re new to this discipline. If you’re looking for more resources on project management, check out The Career Mastery’s website and get a more in-depth understanding on project management and more. If you have more time, I want to encourage you to read my previous article here. Good luck.