Scribd
Upload
11 views4 pages

The Project Life Cycle

Uploaded by

Tanishk Prakash Jaiswal
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
11 views4 pages

The Project Life Cycle

Uploaded by

Tanishk Prakash Jaiswal
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
You are on page 1/ 4

The project life cycle

The project life cycle is a series of phases that a project goes through
from start to finish: initiation, planning, execution, monitoring and control,
and closure.
Project Initiation Phase
This is the start of the project for the project manager, who is responsible
for defining the project at a high level. This usually begins with
a business case, feasibility study, cost-benefit analysis and other types
of research to determine whether the project is feasible and should or
shouldn’t be undertaken.
Steps for the project initiation phase may include the following:
Undertaking a feasibility study: Identify the primary problem your
project will solve and whether your project will deliver a solution to that
problem
Identifying scope: Define the depth and breadth of the project
Identifying deliverables: Define the product or service to provide
Identifying project stakeholders: Figure out whom the project affects
and what their needs may be
Developing a business case: Use the above criteria to compare the
potential costs and benefits for the project to determine if it moves
forward
Developing a statement of work: Document the project’s objectives,
scope, and deliverables that you have identified previously as a working
agreement between the project owner and those working on the project
Project Planning Phase
This is where the project plan is created, and all involved in the project
will follow it. This phase begins by setting SMART (specific,
measurable, attainable, realistic, timely) goals. The scope of the
project is defined and a project management plan is created, identifying
cost, quality, resources and a timetable. Some features of this phase are
scope statement, setting of milestones, communication, risk
management plans and a work breakdown structure.
Steps for the project planning phase may include the following:
Creating a project plan: Identify the project timeline, including the
phases of the project, the tasks to be performed, and possible
constraints
Creating workflow diagrams: Visualize your processes
using swimlanes to make sure team members clearly understand their
role in a project
Estimating budget and creating a financial plan: Use cost estimates
to determine how much to spend on the project to get the maximum
return on investment
Gathering resources: Build your functional team from internal and
external talent pools while making sure everyone has the necessary
tools (software, hardware, etc.) to complete their tasks
Anticipating risks and potential quality roadblocks: Identify issues
that may cause your project to stall while planning to mitigate those risks
and maintain the project’s quality and timeline
Holding a project kickoff meeting: Bring your team on board and
outline the project so they can quickly get to work

Project Executing Phase


Project executing phase consists executing the tasks, deliverables and
milestones is also defined as the project scope. Some tasks that make
up this phase include developing the team and assigning resources
using key performance indicators, executing the project plan,
procurement management and tracking and monitoring progress,
meetings and revise the schedule and plan.
Steps for the project execution phase may include the following:
Creating tasks and organizing workflows: Assign granular aspects of
the projects to the appropriate team members, making sure team
members are not overworked
Briefing team members on tasks: Explain tasks to team members,
providing necessary guidance on how they should be completed, and
organizing process-related training if necessary
Communicating with team members, clients, and upper
management: Provide updates to project stakeholders at all levels
Monitoring quality of work: Ensure that team members are meeting
their time and quality goals for tasks
Managing budget: Monitor spending and keeping the project on track in
terms of assets and resources
Project Monitoring and Controlling Phase
The project monitoring and controlling phase consists of setting up
controls and key performance metrics to measure the effectiveness of
the project execution with the help of different charts and measurable
tools, expense analysis etc.
Project Closing Phase
The project manager must now disassemble the apparatus created to
fulfill the project. That means closing out work with contractors, making
sure everyone has been paid and ensuring that all project documents
are signed off on and archived to help with planning future projects.
Steps for the project closure phase may include the following:
Analyzing project performance: Determine whether the project's goals
were met (tasks completed, on time and on budget) and the initial
problem solved using a prepared checklist.
Analyzing team performance: Evaluate how team members
performed, including whether they met their goals along with timeliness
and quality of work
Documenting project closure: Make sure that all aspects of the project
are completed with no loose ends remaining and providing reports to key
stakeholders
Conducting post-implementation reviews: Conduct a final analysis of
the project, taking into account lessons learned for similar projects in the
future
Accounting for used and unused budget: Allocate remaining
resources for future projects
feasibility study
To determine this, start by answering the who, what, when, when, and
how of your project. Conduct an analysis to determine who needs to be
involved in the project, what needs to be done, when it needs to be
completed, and how everything will come together to make the project
successful. This process of evaluation is at the core of a feasibility study,

You might also like