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Successful completion of a project is not an easy endeavor. It calls for a series of tasks to meet stakeholder and client requirements; a lot is involved in the process before the project reaches the completion phase. No matter what type of project you are working on, having comprehensive knowledge about the Project Management life cycle, project phases, or process groups is essential. It keeps your ongoing projects more organized and more viable to execute from ideation to completion. A Project Management life cycle is a five-step framework planned to assist project managers in completing projects successfully. The primary competency of a project manager is to gain a thorough understanding of project management stages. Knowledge and planning for the five Project Management steps will help you plan and organize your projects so that it goes off without any hitches. It is simpler for a project manager to handle all the current details of the project when the project is broken down into various phases. Each phase of the cycle is goal-oriented has its own set of characteristics and contains product deliverables, which are reviewed at the end of the Project Management steps. According to the Project Management Book of Knowledge (PMBOK), the Project Management life cycle should define the following aspects:
Phase-to-Phase RelationshipsIn cases where projects have two or more phases, the phases are considered part of a sequential process. However, in some situations, the project might benefit from overlapping or concurrent phases. The phase-to-phase relationships can be of two types:
Predictive Life CyclesIn predictive life cycles, also known as fully plan-driven the three major constraints of the project, the scope, time, and cost, are determined early in the project life cycle. These projects progress through a series of sequential or overlapping phases. Now the planning can be done for the entire project at a detailed level from the beginning of the project. Different work is usually performed in each phase. Therefore, the composition and skills required of the project team may vary from phase to phase. Adaptive Life CyclesThe adaptive life cycles, also known as change-driven or agile methods, are used in cases of high levels of change or application areas such as IT. Adaptive methods are also iterative and incremental, but the difference is that iterations are very rapid (typically with a duration of 2 to 4 weeks) and are fixed in time and cost. Sometimes the processes within the iterations can be going on in parallel. 5 Phases of Project Management Life Cycle1. Project InitiationProject initiation is the first Project Management life cycle phase, where the project starts. It provides an overview of the project, along with the strategies required to attain desired results. It is the phase where the feasibility and business value of the project are determined. The project manager kicks off a meeting to understand the client and stakeholders’ requirements, goals, and objectives. It is essential to go into minute details to have a better understanding of the project. Upon making a final decision to proceed, the project can move on to the next step: that is, assembling a project team. The Project Charter is considered to be the most important document of any project as it comprises:
1. Undertake a Feasibility StudyIn the initial stage, it is essential to understand the feasibility of the project. See if the project is viable from the economic, legal, operational, and technical aspects. Identifying problems will help you analyze whether you can solve issues with appropriate solutions. 2. Identify the Project ScopeIdentifying the project scope involves defining the length, breadth, and depth of the project. On the other hand, it’s equally essential to outline functions, deadlines, tasks, features, and services. 3. Identify the Project Deliverable |