The project management life cycle is a structured process for initiating, planning, executing, monitoring & control, and closing a project to meet the intended objectives of the stakeholders funding the project . The project life cycle is divided into 5 phases: project initiation, planning, execution, monitoring & control, and closure. Although these phases are described sequentially, in practice many of these phases may overlap or be applied concurrently during the lifetime of a project .
Here’s a brief overview of each phase:
1. Project Initiation: In this phase, the project is defined, and the project goals, scope, and resources are sorted out. The project charter is released, which includes the authority of a project manager to utilize resources to get optimum productivity .
2. Planning: In this phase, the project manager makes an extensive plan to get the job done. If required, the project manager will hire a planner and other team players to make it more understandable. A plan should cover all the scope without any creep or gold plating.
3. Execution: In this phase, the project manager utilizes resources to get the job done, as planned .
4. Monitoring & Controlling: Each deliverable produced in the execution should validate the as per scope and set quality standards. Work done in execution must comply with the plan .
5. Closure: In the closing phase of the project management lifecycle, youll conclude project activities, turn the finished product or service over to its new owners, and assess the things that went well and didnt go so well. Itll also be a time to celebrate your hard work .