Demystifying the 5 Phases of Project Management

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As per the description given by the PMI, project management is a wide range of knowledge, talents, equipment, and methods to a broad range of events to meet the needs of a particular project. There are basically five phases of project management, and if the life period gives a high-level view of the project, the phases become the basic guidelines as well as a map to achieve the same

The 5 phases can be summarized as follows:

* Project Starting

This is the beginning of the project, and the motive of this phase is to explain the project at a wider level. This phase usually starts with a business option. This is when you will think again and again whether the project is suitable and if it should be taken care of. If productivity testing requires to be done, this is the realm of the project in which that will be concluded.

* Project formulating

This phase is very vital for perfect project management as well as aims at making a job map that everyone will follow. This phase critically begins with making certain listed goals. Two of the more preferred methods for setting goals are called SMART and the other as CLEAR.

During this circle of work, the outcome of the project is explained, and a project management format is built. It introduces identifying the cost, type, available utilities, and a moderate timetable. The project plans also include the certain establishment of some baselines or performance steps.

* Project implementation

This is the phase where items are built, as well as concluded. This often gives a feeling like the meat of the project since a huge number of events are happening during this time, like status files and meetings, enhancement updates, and performance documents. A “kick-off” discussion usually announces the start of the project implementation phase, where the groups involved are informed of their assigned duties.

Assignments which are concluded during the Implementation Phase are inclusive of:

  • Enhancing group
  • Assign tasks as well as the required utilities
  • Implement certain project management resources as well as plans
  • Procurement management if any such requirement arises
  • PM controls as well as handles various project execution
  • Set up proper server connections as well as systems
  • Task jobs are carried out
  • Status discussions
  • Update the various project time table
  • Make any such required modifications to the project plans as per the need

Project controlling

This is all about handling, formulating as well as successfully implementing project track and the task performance for ensuring that everything that is taking place aligns well with the project management plan. Project managers, as well as executives, will use the basic key attributes as well as performance indicators (also known as the KPIs) so as to determine if the project is kept on track. A PM will basically pick two to five of these KPIs in order to calculate as well as record the track of the project performance.

  • The project aims: Calculating if a project is on time and the prepared budget is a clear indication of the project will satisfy all the objectives of the shareholder.
  • Quality products: This analyzes if certain assigned task products are being completely satisfied.

Project ending

This phase is a perfect representation of the completed project. Contractors hired to carry out their assigned works, as well as tasks specifically on the project are mainly removed at this time. Valuable group members come into the limelight and are awarded either cash or kind. Some PMs even plan to organize small work activities for people who take part in the project in order to thank them for their roles as well as duties. They will be required to make a project list of things that did not get completed during the project and hence work with the assigned group members in order to conclude them. Do a final project estimation of cost as well as make a final project report analysis so as to verify all the marks that are to be recognized. Finally, they will require assembling, gathering, or collecting all the project files as well as folders, including some of the end products, and have to store them in a single place for better safety and safe completion of the assigned project.

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