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Project Life Cycle

The project life cycle consists of 4 phases: initiation, planning, execution, and closure. In the initiation phase, goals and rules are set and feasibility is determined. In planning, the project is broken down into tasks, a plan is created, resources are gathered, and risks are anticipated. Execution is the longest phase where the work is done, progress is monitored, and issues are addressed. Closure includes analyzing performance, evaluating teams, documenting lessons learned, and finalizing resources.

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25 views3 pages

Project Life Cycle

The project life cycle consists of 4 phases: initiation, planning, execution, and closure. In the initiation phase, goals and rules are set and feasibility is determined. In planning, the project is broken down into tasks, a plan is created, resources are gathered, and risks are anticipated. Execution is the longest phase where the work is done, progress is monitored, and issues are addressed. Closure includes analyzing performance, evaluating teams, documenting lessons learned, and finalizing resources.

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revola28
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Project life cycle:

The project life cycle, also known as project management life cycle, refers to all the phases
and the list of actions necessary to successfully fulfil all of the project’s goals and demands.
There are 4 phases of project life cycle:
1. Project initiation
2. Planning
3. Execution and
4. Closure

1) Project initiation:

In the initiation phase, all the basic goals and rules are set. As a team, we are
supposed to be aware of the need for such a project in the first place. This need can
either be product, service, or a certain problem you need to tackle.

In the initiation phase, we will be coming up with different ways to fulfil these needs
and to set out rules on how to solve all the potential problems in meeting the
desired goals.

Steps you need to take during the project initiation phase:

 Undertaking a feasibility study: Zero in on the primary problem and check out
whether your project can solve it or not.
 Identifying scope: Determine project’s depth and breadth
 Identifying deliverables: Define what project deliverables you need to deliver
 Identifying project stakeholders: Identify stakeholders concerned about project
progress
 Developing a business case: Develop a business case to compare potential costs
and benefits if you move forward with the project
 Developing a statement of work: Jot down the project’s objectives, deliverables,
and scope that you need to accomplish during the development process

2) Planning phase:

During this phase of the project management life cycle, you dissect project into smaller and
smaller tasks until you know what each member of the team will be responsible for and
when they’ll need to meet their deadlines. You’ll also need to define the right structure and
hierarchy.

Steps you need to take during the project planning phase:


 Create a project plan: When the project is approved and initiated, it’s time for the
next phase, which involves all the planning. Here’s where you’re defining all the
steps and operations to your project executives.
 Create workflow diagrams: A well-defined workflow diagram is extremely
important, as every team member fully understands their role in this phase, and
you should also help them if they have any questions about it.
 Estimate budget to create a financial plan: This is where you’ll need to sort out
the budget and define all the potential costs. You must have a clear idea about
your funds to create an appropriate financial plan.
 Gathering resources: To make your project development journey awesome, you
must bring indispensable resources at your disposal so that each team member
can complete their tasks swiftly and aptly.
 Anticipate risks to wipe-out quality roadblocks: Strive to find out potential issues
in your project to mitigate them for timely deliverables.
 Conduct a kickoff meeting: Have a kickoff meeting with your team members and
discuss all the rules, explain prioritized tasks, and assign job responsibilities in the
most suitable manner.

3) Execution Phase:
This is the longest and most important phase where all the work will be done. In
addition, you need to keep in mind that everything before it must be defined in an
appropriate manner. It is significant as you wouldn’t like to deal with unnecessary
and tiring meetings when there is too much work to do.

Furthermore, check up on the current work progress to learn whether you are on the right
track or not.

You should also be there to notice that if anybody in your team is having a hard time while
fulfilling their tasks and also analyze whether you have distributed resources aptly or not.

In the execution phase, you should organize the workflow, create tasks that come along the
way, and give a brief to your team regarding the changes that might occur.

All these tasks and responsibilities should always be done within the budget. Things will
definitely happen along the way, and you’ll be there to notice any potential problems before
they get out of hand and jeopardize the entire project and its goals. There’ll be a lot of
tracking involved here, so you’ll definitely want to have the best project management
software at your disposal, like ProProfs Project.

Steps you need to take during the project execution phase:

 Create subtasks to maintain the workflow: Breakdown complex tasks into small
segments for uninterrupted workflow.
 Delegate tasks: There will be times when high-priority tasks want your undivided
attention, so delegate them to the right project executives for proper handling.
 Communicate to maintain transparency: Talk with your team members, clients,
and higher-ups to give regular updates for crystal-clear transparency.
 Run quality control process: Maintaining quality throughout the project
development process is extremely important, so run the quality control process
periodically to keep things in check.
 Manage budget: Keep a close eye on your expenses to stay away from the
consequences of budget overrun

4) Closing phase:
Once you’ve completed all the desired tasks, attained goals, and resolved problems
that occurred during the project development, it’s time for you to draw the line, sum
things up, and determine the success rate of your big project.

Steps you need to take during the project closure phase:

 Analyzing project performance: Analyze how well each task is done as your
project’s performance will determine the longevity of client relationships.
 Evaluate team performance: Scrutinize how well your project team has
performed by checking out met goals, quality of work, and timeliness.
 Document everything you’ve learned: Make a report that possesses all details
about steps and tasks involved during the life cycle of the project.
 Allocate remaining resources: Finalize financial reports by taking all additional
expenses into consideration. In case any resources are left, allocate them for the
completion of future projects.

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