Project Management Life Cycle in Its Entirety

When we talk about project management in our PMP Course online, we’re talking about fully comprehending the scope of the project, starting with the purpose, aim, and initiative, as well as the appropriate ramifications. To achieve all of this, the most important component is to comprehend what the Project Management Life Cycle is all about and what it entails.

Let’s take a look at the project management life cycle.

The project management life cycle is a high-faulting way of depicting a project’s life. It’s how projects are organized; how the phases of a project guide a group from start to finish. Each project has a beginning, middle, and end process: conception, development, and, finally, “death” when the project lifespan is complete.

We’ll go over what these project management life cycles entail, the critical project management phases, and how they may help you produce a well-managed and successful project in this blog.

The following are the five stages of the project management cycle:

· Project Initiation- This is the first step in the project.

· Project Planning- This is where you plan what you’re going to do and how you’re going to do it.

· Project Execution- Getting the job done

· Project Monitoring and Control- Staying on track with the project

· Project Closure — The project is coming to an end.

Each stage of the Project Management Cycle is described in depth below, along with what happens in each of the five phases.

1. Project Initiation

This is the project’s first stage, and its major goal is to present the project in the best possible light. The majority of the time, this stage begins with a business case. This is where you will determine whether or not the project is feasible and should be pursued. If any possibility testing is required, this is the phase of the project in which it will be completed.

As learned in the PMP Course online, partners will do due diligence to assist in determining whether the assignment is a “go.” If the project is given the green light, you should draft a venture contract or a project commencement archive (PID) that describes the project’s requirements and goals. Partners, company needs, and the business case should all be included.

2. Project Planning

You enter the planning phase after the project has been approved to move forward based on your project initiation document, business case, and state of work.

In this phase of the project management life cycle, you break down projects into smaller tasks, form a team, and set a deadline for the task’s completion

3. Project Execution

This is the stage in which expectations are set and then met. Because there is so much work going on during this time, such as status reports and meetings, improvement updates, and execution reports, it feels like the heart of the project. A “Set-up” meeting, for the most part, denotes the start of the Project Execution phase, during which the various groups are directed as to their roles.

4. Project Monitoring and Control

This phase is concerned with understanding the project’s progress and execution, as well as approving that everything corresponds to the project management plan. Project managers will use key performance indicators (KPIs) to determine whether the project is on track.

5. Project Closure

This stage focuses on the project’s completion. A few PMs even organize small work events for project participants as a way of showing their appreciation for their efforts. When a project is completed, a PM will frequently conduct a meeting to evaluate what went well and to identify project shortcomings. This is very beneficial for understanding exercises so that improvements may be made for future projects.

Want to learn more about Project Management Life Cycle? Enroll in project management courses online today!