The Project Management Body of Knowledge (PMBOK) organizes project phases according to its life cycle, starting with Project Initiation till Project Closure.
In other words, the project life cycle is how you organize doing the work of the project, and the project management process is how you organize managing that work.
Please note: This article shares very high-level information on what these project management life cycles shall do at a glance and what actions are taken!
What Are the 5 Phases of Project Management?
The Process Groups interact within each phase of a project life cycle. It is possible that all of these processes could occur within a single phase. Processes may be iterated within a phase or life cycle. The number of iterations and interactions between processes varies based on the needs of the project.
Here are the 5 phases of project management:
- Initiating
- Planning
- Executing
- Monitoring & Controlling
- Closing
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Project Initiation Phase
Those processes performed to define a new project or a new phase of an existing project by obtaining authorization to start the project or phase
- New Project or Business Need
- Begin a new phase of the project
- Project has too many problems that you reevaluate the business need
During this phase the project manager is selected, determines the company culture and existing systems, collects the historical information, creates measurable objectives and success criteria, Project Charter and Develop Stakeholder Register
Project Planning Phase
Those processes required to establish the scope of the project, refine the objectives, and define the course of action required to attain the objectives that the project was undertaken to achieve.
- Project Initiating is completed
- Project executing necessitates ongoing planning
- Project Monitoring & Controlling necessitates additional planning
During this phase determines the life cycle, prioritize requirements, Creation of Project Scope statement, WBS/WBS dictionary, Activity list, network diagram, Estimation of resources, cost, Develop budget etc. More importantly get formal approval of the plan and kick off.
Project Executing Phase
Those processes performed to complete the work defined in the project management plan to satisfy the project requirements
- Project planning is completed
- Integrated change control results in a changed project management plan
During this phase execute work according to the plan, gather the work performance data, perform quality audits as per standards, manage people and recognize them, execute contingency plans and update project management plan.
Project Monitoring & Controlling Phase
Those processes required to track, review, and regulate the progress and performance of the project; identify any areas in which changes to the plan are required; and initiate the corresponding changes
- Requested changes, including recommended corrective and preventive actions and defect repair
- Work performance data
- Deliverables
- Project initiating to review the project charter
- Project planning to elaborate plans as new information is learned
- Project execution to repair defects
- Project closing if the project is completed or terminated
During this phase take action to monitor and control, measure performance/metrics against baseline, analyze and evaluate data and performance, monitor stakeholders’ engagement, manage reserves and evaluation
Project Closing Phase
Those processes performed to formally complete or close a project, phase, or contract
- Project phase is complete
- Project is complete
- Project is terminated
During this phase confirm the work is done as per the requirements, final acceptance of product, financial closure, hand off completed product, Index and archive records, document lessons learned.
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Conclusion
Irrespective of the project size it goes through the 5 different project phases.
By dividing your projects into phases will help you manage your team’s allocation of resources, budget more importantly focus on the customers’ requirements.