4 Stages of Project Life Cycle | Phases of Project Management Life Cycle | Knowledgehut

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As you may be already aware, there are four stages of the Project Life Cycle namelyInitiation PlanningExecution ClosureAnd In this video, we will discuss these stages in detail, including what these stages areand what are the steps taken during these stages.

Let us begin with Initiation.

Business need, problem, or opportunity isidentified in this stage.

Ways to meet this end, solve this problemor seize this opportunity are brainstormed.

The objective of the project is figured out,feasibility is determined and major deliverables are identified.

Project Management steps for the initiationstage includes Identification of the problem which your projectwill solve and making it certain whether your project will be able to deliver a solutionto that problem.

Identification of the scope by defining thedepth and breadth of the project Identification of deliverables by definingthe product or service to provide.

Identification of the project stakeholdersby figuring out whom the project affects and what their needs may be.

AndDevelopment of a business case You’ll also develop a statement of workor project initiation document at the initiation stage.

The Statement of Work is the document thatcaptures and defines all aspects of your project.

You’ll note the activities, deliverablesand the timetable for the project.

It’s an extremely detailed document as itwill lay the groundwork for the project plan.

Next comes the planning Stage.

The planning stage comes when the projectis approved to move forward on the basis of the statement of work and the business case.

In the planning stage, teams are built, thelarge project is broken down into smaller tasks and a schedule is prepared for the completionof all the assignments.

Smaller goals are created within the largerproject so that each goal is achievable within the time frame.

Project Management steps for the planningstage includes Identification of the project timeline, thetasks which are to be performed and the possible constraints.

Creation of workflow documents to visualizethe project timeline.

Estimation of budgets and the creation offinancial plans with the help of cost estimates.

Gathering resources by building teams andmaking sure that everyone has the tools required to perform their tasks.

Risk anticipation by identifying potentialquality roadblock.

It is important to have everything outlinedand explained to the team and so that the team members can quickly get to the work inthe next stage.

After planning, we reach to the executionstage.

In the above two stages, we worked on receivingbusiness approval, developing a plan and building our team.

Now its time to start working.

In this phase, we will turn our plan intoaction.

The project manager makes sure that the workis on track, he/she organizes team members, manages timelines and makes sure that the work isdone according to the original plan.

Project Management steps for the executionstage includes Creating tasks and organizing workflows byassigning granular aspects of the projects to the right team members.

Explaining tasks to team members, providingnecessary guidance on how the tasks should be completed, and organizing process-relatedtraining if necessary.

Communicating with team members, clients,and upper management and providing updates to the stakeholders at all the levels.

Monitoring quality of workAnd Managing budget And finally, we reach the closure stage.

This is the stage where we provide final deliverables,release project resources and determine the success of the project.

In this stage, the project manager also evaluateswhat did and what did not work with the project.

Project Management steps for the closure stageincludes Determining whether the goals of the projectwere met and whether the initial problem was solved.

Evaluation of the team’s performance includingwhether they were able to meet the goals along with maintaining the timeliness and qualityof the work.

Making sure that all aspects of the projectare completed with no loose ends remaining and providing reports to key stakeholders.

Conducting a final analysis of the project,taking into account lessons learned for similar projects in the future.

So these were the four stages in the ProjectLifecycle and the different steps taken at each stage.

We hope that this video was helpful to you.

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Source: Youtube