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Whether you’re working on a small initiative with fundamental business goals or a detailed project, an understanding of the project management life cycle is crucial. The project management life cycle is a high-level process for the successful completion of the project. For every 1 billion USD invested in different projects by US companies, around 120 million USD was wasted due to a lack of organized project plans.
Wastage money and other resources can be very well countered by smart project management. Around 60% of projects fail to deliver promising results and meet deadlines due to the communication barrier.
The project management life cycle helps in setting goals and planning for their execution to drive it towards successful completion.
The project management life cycle is usually broken down into four phases
These phases create the path with minimum hurdles to vector your project from the beginning to the end.
First, it is crucial to analyze business needs and problems and brainstorm solutions that the project team can manage to deliver. During this phase, an objective for the project is established, making sure whether the project is fruitful.
Maintaining a work statement: List the project’s objectives, scope, and outcomes that were decided earlier during a working agreement between the project owner and those working on it.
Once the project is approved based on your business case and initial documentation, it enters into the planning phase.
During this phase of the project management life cycle, the whole project segments into smaller pieces of work with respect to task differentiation. Team building and scheduling for the completion of independent or dependent tasks are decided in this phase. Smaller goals with broad scope within the lengthy project are essential for feasibility. Making sure a goal is conquerable within the schedule.
It is a practical implementation phase and the most lengthy among all. This phase turns your theory into practice. The project manager’s job in this phase is to make sure a project is on track, organize team, manage time, and make sure the work is moving towards completion in accordance with the schedule and plan.
Depending on your methodology one follows, there is a variety of visual tools that can help in smartly portraying which tasks have been completed to ensure that your project vectors in the right direction.
Once work is done for the project, a closure phase comes up. In the closure phase, the delivery of the final product, releasing project resources, and determination of the fruitfulness is carried out. Just because the major part of the project is completed, it doesn’t mean the project manager’s job is over, there are still many things to do, like running a check for what did and did not work with the project.
Once the project is completed, you will be ready to observe everything you’ve learned and then implement it for the mirror projects in the future.
Project managers hold the responsibility for the intelligent planning and successful execution of a project. The project is everything that needs to be completed in a budget and has defined starting and defined ending points. Demand for Project managers around the globe is undeniable. To achieve notable success in this field, Project Management Professional certification or PMP certification training is a globally recognized certification for project management. PMP certification training consists of the education, skill, and experience required to lead and manage projects. This certification training can be useful in all sorts of fields including construction, banking, computer science, engineering, and other industrial or corporate job roles.
Some methodologies also include a fifth phase, that is, controlling or monitoring, but for general purposes, these processes are covered under the execution and closure phases instead of a separate phase.