Project management life cycle is a process through
which a project is initiated, planned, controlled, and closed to accomplish its
objectives.
Project initiation
Initiation is the first phase of the project management lifecycle. In this phase, a project manager is assigned through the ‘project charter’ to plan the project so that the project can be completed within the stipulated time.
The key purpose of this phase is to study the feasibility of the project. In addition, decisions are also made regarding the persons going to be associated with the project. In this phase, the existing or prospective project leader drafts a proposal containing the project objectives, scope,
deliverables, etc. which is further assessed by the prospective sponsors. On the basis of approval of this proposal, the prospective sponsors of the project provide the required funds.
Project planning
A project enters the planning phase after its scope has been defined in the initiation phase. By now, the project costs and benefits are documented, the objectives and scope are defined, a project team and a formal project office environment are in place. So the next logical step is to undertake detailed
planning. It ensures that the activities performed during the execution phase of the project are properly sequenced, resourced, executed, and controlled.
Project design
After developing an effective project plan, the project manager should create a project design. Project design is a logical first step during the design phase.
Project testing
This phase includes observing, assessing and reporting the progress of the project. Therefore, inspecting and testing phase is very important for the progress and success of the project. In addition to risk analysis and quality control, time management is also taken care of during this stage so that,
after monitoring all the loopholes, a project manager can ensure that the project is able to get closed on time. As already discussed about the risks and quality of a project, the project manager is required to assess if the project is ready to use. For example, while manufacturing a car and computer, manufacturers go through multiple testing so that the final output is free from any defects.
Project development
In this phase of project management lifecycle, the progress of the project is monitored and controlled. This phase also provides a measure to ensure that the project deliverables meet the expectations of customers or clients.
This phase is considered complete after the testing and approval of the project. The main purpose of this phase is to verify whether the project is adhering to the plan and if there are any deviations, to determine the extent of deviation.
Project closure
When you fulfil your commitment to complete the project in terms of its desired quality, time line, cost, approval, and returns, the project is closed.
Project closure is the final phase of the project management lifecycle.