Top 5 Project Management Phases
There are different schools of thought when considering a phased approach to project
management. Some may claim there are 3 phases to a project while others say it’s 5. All in all
it’s reasonable to adopt the most suitable approach depending on Industry type or project
scope. The management of a project is solely based on the basic idea that a project goes
through a number a phases characterized by a distinct set of activities or tasks that take
the project from conception to conclusion. Projects may be big or small, constrained by cost
and time often complex and therefore it is important to take a structured and defined
approach to managing them through their entire lifecycle.
Let’s take a look at the 5 phases
Project Initiation – A project is formally started, named and defined at a broad level
during this phase. Project sponsors and other important stakeholders perform their due
diligence on whether or not to undertake a project, or choose to undertake one project
over another. Depending on the nature of the project, feasibility studies are conducted
or as it may require, in an IT project – requirement gathering and analysis are
performed in this phase.
Project Planning – It is during this phase that a project management plan is
developed all comprehensive of individual plans for – cost, scope, time, quality,
communication, risk and resources. Some of the important activities that mark this
phase are -making WBS, development of schedule, milestone charts, GANTT charts,
estimating and reserving resources, planning dates and modes of communication with
stakeholders based on milestones, deadlines and important deliveries. Projects have
identified and unidentified risks that may affect aspects of projects in later stages,
hence a plan for managing these risks should they happen is determined. Risk
management planning includes risk identification and analysis, risk mitigation
approaches and risk response planning.
Project Execution – In the execution phase the project deliverable is developed and
completed, adhering to the plan as developed in the previous phase. The project
execution and project monitoring and Control are the 2 phases that mostly occur
simultaneously. A lot of project management tasks during this phase capture project
metrics through tasks like status meetings and project development updates, status
reports, human resource development and performance reports.
Project Monitoring and Control – this phase mostly deals with measuring the
project performance and progression with respect to the project management plan.
Scope verification and control to check and monitor for scope creep, change control to
track and manage changes to project requirement, calculating key performance
indicators for cost and time are to measure the degree of variation if any and in which
case corrective measures are determined and suggested to keep project on track.
Project Closure – A project is formally closed in this phase. It includes a series of
important tasks such as making the delivery, relieving resources, reward and
recognition to the team members and formal termination of contractors in case they
were employed on the project.
5 Basic Phases of Project Management
Project Management Institute, Inc. (PMI) defines project management as "the application of
knowledge, skills, tools and techniques to a broad range of activities in order to meet the
requirements of a particular project." The process of directing and controlling a project from
start to finish may be further divided into 5 basic phases:
1. Project conception and initiation
An idea for a project will be carefully examined to determine whether or not it benefits the
organization. During this phase, a decision making team will identify if the project can
realistically be completed.
2. Project definition and planning
A project plan, project charter and/or project scope may be put in writing, outlining the work
to be performed. During this phase, a team should prioritize the project, calculate a budget
and schedule, and determine what resources are needed.
3. Project launch or execution
Resources' tasks are distributed and teams are informed of responsibilities. This is a good
time to bring up important project related information.
4. Project performance and control
Project managers will compare project status and progress to the actual plan, as resources
perform the scheduled work. During this phase, project managers may need to adjust
schedules or do what is necessary to keep the project on track.
5. Project close
After project tasks are completed and the client has approved the outcome, an evaluation is
necessary to highlight project success and/or learn from project history.
Projects and project management processes vary from industry to industry; however, these
are more traditional elements of a project. The overarching goal is typically to offer a
product, change a process or to solve a problem in order to benefit the organization.
