Project Management Life Cycle
Project Management Guide
The phases of a project management life cycle
Regardless of what kind of project you’re planning, they all go through the same stages. Although each project will require its own set of unique tasks, they all follow a similar framework. There’s always a beginning, a middle, and an end. This is called the project management life cycle.
Effective project management requires a thorough understanding of this life cycle. Each stage has individual challenges, deliverables, and stakeholders, and the project manager must be adept at navigating each one to ensure success.
In this article, we will explore the project life cycle in detail, discussing each stage’s purpose, key activities, and best practices.
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The initiation phase
The initiation phase is the first phase of the entire project management life cycle. The goal of this phase is to define the project, develop a business case for it, and get it approved. During this time, the project manager may do any of the following:
- Perform a feasibility study
- Create a project charter
- Identify key stakeholders
- Select project management tools
By the end of this phase, the project manager should have a high-level understanding of the project’s purpose, goals, requirements, and risks.
The planning phase
The planning phase is critical to creating a project roadmap the entire team can follow. This is where all of the details and goals are outlined in order to meet the requirements laid out by the organization.
During this phase, project managers will typically:
- Create a project plan
- Develop a resource plan
- Define goals and performance measures
- Communicate roles and responsibilities to team members
- Build out workflows
- Anticipate risks and create contingency plans
The next phase (execution) typically begins with a project kickoff meeting where the project manager outlines the project objectives to all stakeholders involved. Before that meeting happens, it is crucial for the project manager to do the following:
- Establish goals and deliverables
- Identify your team members and assign tasks
- Develop a draft project plan
- Define which metrics will be used to measure project success
- Identify and prepare for potential roadblocks
- Establish logistics and schedules for team communication
- Choose your preferred project management methodology
- Ensure your team has access and knowledge of the relevant tools
- Schedule the meeting
- Set the agenda and prepare the slides
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The execution phase
This stage is where the bulk of the project happens. Deliverables are built to make sure the project is meeting requirements. This is where most of the time, money, and people are pulled into the project.
As previously mentioned, a kickoff meeting is held to mark the official start of the execution phase. A kickoff meeting agenda might look something like this:
- Introductions: Who’s who?
- Project background: Why are you doing this project? What are the goals?
- Project scope: What kind of work is involved?
- Project plan: What does the roadmap look like?
- Roles: Who will be responsible for which elements of the project?
- Communication: What kind of communication channels will be used? What kind of meetings or status reports should your team expect?
- Tools: Which tools will be used to complete the project, and how will they be used?
- Next steps: What are the immediate action items that need to be completed?
- Q&A: Open the floor for any questions
The controlling and monitoring phase
This phase happens in tandem with the execution phase. As the project moves forward, the project manager must make sure all moving parts are seamlessly headed in the right direction. If adjustments to the project plan need to be made due to unforeseen circumstances or a change in direction, they may happen here.
During the controlling and monitoring phase, project managers may have to do any of the following:
- Manage resources
- Monitor project performance
- Risk management
- Perform status meetings and reports
- Update project schedule
- Modify project plans
At the end of this phase, all the agreed project deliverables should be completed and accepted by the customer.
The closing phase is a critical step in the project management life cycle. It signals the official end of the project and provides a period for reflection, wrap-up, and organization of materials.
Project managers can:
- Take inventory of all deliverables
- Tie up any loose ends
- Hand the project off to the client or the team that will be managing the project’s day-to-day operations
- Perform a post-mortem to discuss and document any learnings from the project
- Organize all project documents in a centralized location
- Communicate the success of the project to stakeholders and executives
- Celebrate project completion and acknowledge team members
Now that you understand each stage in the project management life cycle, choosing the right project management tool for you and your team is critical to project success. Read on for best practices when choosing a tool that fits your needs, and a guide to the features you should consider when assessing project management software.
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Understanding the project life cycle is essential for successful project management. By following the best practices and strategies outlined in this guide, project managers can approach each project stage with confidence, ensure on-time and on-budget delivery, and exceed stakeholder expectations.
Streamline the project life cycle with Wrike — you can use it to automate tasks, track progress, and facilitate collaboration. With an intuitive interface and powerful features, Wrike can help you stay organized and focused, resulting in a well-managed life cycle for your project.