This paper summarizes each phase of the project lifecycle and analyzes how each phase could support the organization’s business strategy
Project management is a crucial process that is required for the effective execution of a proposed project. At the start of a project, the necessary tasks that need to be carried out might seem overwhelming. However, by dividing the various steps into short and manageable phases, the project becomes easily achievable. Project managers usually utilize a well-defined project life cycle in order to give the project a refined structure, as well as to outline the requirements for each stage (Tennant, 2003). There are five important stages of a project life cycle.
The initiation phase is the first phase that marks the beginning of a project. The objective of the project is defined at this phase, and the project is approved if it meets the sets criteria. A document called a business case is produced to describe the project in detail, as well as to provide the justifications for the project. A feasibility study is also conducted to evaluate the goals of the project and the timeline in order to understand whether the costs are justified before executing the project.
Project planning involves the writing of a plan that guides the execution of the project. A plan helps to keep the project within the required timeline and budget. This step helps in defining the sourcing of the required resources, the management of the resources, as well as handling of risks. The plan gives the team the direction needed in the project. It is also a crucial tool for communication with stakeholders.
Project execution is the third stage of the project life cycle. It is at this phase that the execution of the entire project takes place. The necessary resources are allocated to the project to ensure its success (Orgut et al., 2020). The required deliverables are built in a manner that satisfies the needs of the customer. The various team members that are crucial in the execution of the project are allocated relevant tasks that are necessary for the realization of the objectives of the project. All these steps ensure that the project is successfully managed.
Project Monitoring and Control
Although this is a completely separate entity, it usually runs together with project execution. As such, it usually follows each step of project execution. This means that as soon as a given task is executed, proper monitoring and control is performed to ensure that the set guidelines and objectives are met. This stage is especially crucial in order to avoid scope creep in project execution. It also helps to monitor key performance indicators and variations from the expected progress line.
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This phase emphasizes the delivery of the executed project to the client. In this stage, the project documentation is handed over to the client. The contracts that had been entered between the customer and the contractor are terminated after each party has met its end of the bargain. The closure of the project is communicated to all the stakeholders.
In summary, a project life cycle has five important phases that should be followed to ensure the proper execution of a project. The first step is the initiation phase, followed by the planning phase. The planning phase is then followed by the execution phase, which runs side to side with the monitoring and control phase. The final stage is the project closure phase. A project that follows these stages has a high chance of being successful.