Project Management Life Cycle
Introduction:
A Project Management Life Cycle gives a description of the tasks that must be completed in order to produce a product or service. Each project lifecycle is different for specific products and services. However, it generally defines how to manage a project. It assists a team in narrowing down the focus of the project, organizing the objectives and finishing the project on time and within the specific proposed budget.
A typical Project Management Life Cycle contains five steps – Initiation, Planning, Execution, Monitoring/Control and Closure.
Project Initiation:
It is the most crucial phase in the Project Management Life Cycle, since it defines the scope of the project and hires the project team. The success of the project can only be ensured with a clearly defined scope and a suitably skilled team. Determining the nature and scope of the project constitutes the initial process. If this stage is messed up, it is highly unlikely for the success of the project to be promoted in meeting the business requirements. It is highly important that one has a proper understanding of the business environment, which thereby ensures that all necessary controls are incorporated into the project. Deficiencies if any, must be reported without delaying, following which an appropriate recommendation has to fixed.
A proper plan needs to be devised addressing the following areas:
- The business requirements need to be analysed in quantifiable goals
- The current operations need to be reviewed
- The budget needs to be specifically defined in terms of costs and benefits
- Analysis of stakeholders, users and required resources for the project
- Designing a project charter, which included costs, tasks, deliverables, and schedule
Project Plan and design:
The next step of the project is to plan and design to an appropriate level of detail. This involves planning the time period, cost and resources adequately in order to estimate the work. A set of plans are created to help guide the project team through the execution and closure phases of the project. The plans created in this phase will help manage time, cost, quality, change, risk and issues, besides the ability to manage staff and external suppliers, to ensure that the project is delivered on time and within budget. A counter plan may also be devised for effective risk management during project execution, thereby reducing the risks of failure of the project.
It is the most challenging phase for a Project Manager, since he needs to speculate and propose the staff, resources and equipment needed to complete the project. It also involves planning your communications and procurement activities. In short, a comprehensive suite of project plans are created in this phase which chalk out a clear project roadmap ahead.
It includes the following steps –
- A scope statement is to be developed
- Planning team selection
- Identification of deliverables and creation of a work breakdown structure
- Identification of activities that are required for the completion of deliverables and alignment of respective activities in a logical sequence
- Requirements for resources need to be estimated, including estimation of time and cost for the activities
- A specific schedule and budget is to be developed
- Risk planning
- A formal approval has to be gained to begin work
Execution of the Project Plan:
This step involves ensuring whether the processes used to complete the defined work in the project plan are accomplishing the requirements of the project. It provides a clear definition of the project and proposes a collection of detailed project plans which can be readily implemented. The processes performed as defined in the project management plan then produce deliverables. The deliverables are physically built in this phase and presented to the customer for acceptance. While constructing each deliverable, a suite of project management life cycle processes are carried out in order to monitor and control the deliverables being output by the project. Some of these processes include managing time, cost, quality, change, risks, issues, suppliers, customers and communication. It also includes coordinating people and resources in the right manner, as well as integrating and performing the activities of the project in harmony with the project management plan.
Monitoring and controlling:
This step involves supervising the processes performed during project execution to identify potential problems in a timely manner so that required action can be taken, whenever necessary, to control the execution of the project. By observing the project performance, it provides a chance to identify variances from the project management plan.
It is an overarching process which lasts for the entire project. Before monitoring or controlling anything on a project, it is important that to ensure that the scope of the project is captured, requirements derived, a schedule is developed, costs components derived, team dynamics understood, reporting requirements and inventory resources are decided upon. It is also important to be watchful for potential risks, and above all, be accountable for contract deliverables. The viability of the project needs to re-assessed as well.
It includes the following steps –
- The on-going project activities are to be measured
- The project variables such as cost, effort, scope, etc. need to be monitored against the project management plan and the project performance baseline
- Corrective actions to address issues and risks are to be duly identified and addressed
- In multi-phase projects, the monitoring and control process also provides feedback between project phases, in order to implement corrective or preventive actions to bring the project into compliance with the project management plan
Closing:
This step includes the formal acceptance of the project and its ending. It also includes administrative activities such as file archiving and documentation of the lessons learned. It involves releasing the final deliverables to the customer, wherein the project documentation is handed over to the business, thereby terminating supplier contracts, releasing project resources and communicating project closure to all stakeholders. The last remaining step is to undertake a Post Implementation Review, where the level of project success is identified and any lessons learned are noted for future projects.