5 Project Management Steps

The project management process is a series of phases that represent the evolution of a product—from concept to delivery, maturity, and finally retirement. Traditionally, there are 5 stages of project management. These 5 stages create what is known as a project life cycle. The 5 phases of project management are:

1. Project initiation & conception: This is the most critical phase of the project management process. The objective is to identify the why behind the project and the project goals—usually the business case—and to do preliminary research on project feasibility. What happens here will set the tone and goals for what’s to come.
2. Project planning: In this phase, you’ll lay out every detail of the plan from beginning to end.
3. Project execution: This phase involves putting the plan into action and executing it.
4. Project monitoring & control: This phase involves tracking and monitoring progress against the plan, identifying variances, and taking corrective action when necessary.
5. Project closure: This phase involves closing out the project, including finalizing all activities across all phases of the project life cycle.

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