Whether you’re working on a small project with modest commercial aims or a large, multi-departmental undertaking with broad corporate implications, you must have a solid understanding of the project management life cycle.
There must be a lot of hustle in order to complete a task successfully. There are “n” tasks that need to be finished before a project can be said to be finished.
Each project has a lifespan, during which it goes through a number of stages collectively known as the project life cycle. The project life cycle for each project you are working on must be thoroughly understood.
The project manager and project team share a single goal: finishing the project’s work to meet its objectives. Throughout the project life cycle, these objectives are subsequently carried out in phases.
A series of activities known as a project life cycle are intended to maximise the benefits of a business project. The project is unique since it has a longer lifespan than others, which is normally shown as a progression of phases.
A project life cycle is a four-step process created to make it easier for project management to successfully carry out its obligations. The project plan may change as a result of the project’s complexity, funding, and scale.
The Different Phases of a Project Life Cycle
As it establishes the project’s objectives, business concepts, goals, and scope, the start stage is crucial.
In order to understand the requirements, goals, and objectives of the client and other stakeholders, the project manager calls a meeting. It is vital to examine every little element in order to gain a greater understanding of the project.
The next step for the project is to establish a project team if it has been decided to move forward. We may successfully go on to the cycle’s next stage, the planning phase, if the project team has been chosen and engaged.
A defined strategy is necessary for every project in order to be carried out and to guide the project team. The planning stage covers all of the duties, the schedule, the finances, the resources, and the risks. Time, money, and resources are the three main considerations throughout the planning stage.
The project manager plans the development of a project budget by supplying any necessary cost estimates for labour, machinery, and materials. The budget is used to keep track of and control the expenses incurred throughout the course of the project.
The main steps in the planning process are finished once the project manager has determined the task, developed a strategy, and evaluated performance and expenses.
In the execution phase, the project is carried out, the planning is translated into actions, and deliverables are produced in response to client or customer demand. It is crucial to keep control during execution and communicate as necessary.
Given that he is performing the tasks during this phase and that team meetings are frequent, the project manager spends the most of his time there.
The primary strategy should always be to set the project back on the course specified in the project plan for the previous phase. If this is not feasible, both the modified plan and the modifications to the original plan must be documented.
The project life cycle’s final and finishing phase is known as the closing phase. At this step, the consumer or client is provided with the good or service for review.
The analysis of lessons learnt to identify what worked and what didn’t is the final stage. Future project teams will gain from this type of analysis since it returns the knowledge gained from experience to the project organisation.
Whether a project is successful or not, it is handed over to the project owner when it is complete. In actuality, it is crucial to carry out a project in accordance with the original project strategy in addition to properly finishing it.
The globe has been evolving better management techniques due to limited time and increased demands on individuals. To learn how management might be enhanced in both an individual’s life and an organisation, extensive research has been done.
For efficient project management and superior project outcomes, the project life cycle is crucial. The life cycle has been often used for project planning and completion due to its immense relevance. A variety of software tools are available for monitoring project performance.