Project management life cycle
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The project life cycle consists of four phases: initiation, planning, execution, and closure. The initiation phase involves establishing the business need, feasibility, terms of reference, project team, and office. The planning phase includes creating detailed plans for the project, resources, finances, quality, risks, acceptance, communications, and procurement. In the execution phase, deliverables are built while being monitored and controlled. Various management processes also occur. Finally, the closure phase involves performing project closure and reviewing project completion.
Project management life cycle
- 1. Project Management Life Cycle Andrei Crăciun an IV CTI
- 2. The project life cycle consists of four phases:
- 3. The initiation phase It can be divided into six steps: Establish the Develop a Undertake a Terms of Business Case Feasibility Study Reference Appoint the Set up a Perform Project Team Project Office Phase Review
- 4. Develop a business case: A business case is created to define a business problem or opportunity in detail and identify a preferred solution for implementation. Undertake feasibility study: The purpose of a feasibility study is to assess the likelihood of each alternative solution option achieving the benefits outlined in the business case. Establish the terms of reference: After the previous steps, a new project is formed and at this point terms of reference are created. They define the vision, objectives, scope and deliverables. Appoint the project team: a project manager is generally appointed before this stage and with his help, the team is formed. Set up a project office: defining the physical environment – the place, the equipment, communication infrastructure, tools, etc. Perform a phase review: This is a checkpoint to ensure that the project has achieved its objectives. (at the initiation’s phase end)
- 5. The planning phase Create a Create a Create a Project Plan Resource Plan Financial Plan Create a Create a Create an Quality Plan Risk Plan Acceptance Plan Create a Create a Contract the Communication Plan Procurement Plan Suppliers Perform Phase Review
- 6. Create a project plan: A 'work breakdown structure' (WBS) is identified which includes a hierarchical set of phases, activities and tasks to be undertaken to complete the project, then . This project plan is the key tool used by the project manager to assess the progress of the project throughout the project life cycle. Create a resource plan: After the project plan is formed, the level of resource required to undertake each of the activities and tasks listed within the project plan will need to be allocated. A schedule is assembled for each type of resource so that the project manager can review the resource allocation at each stage in the project. Create a financial plan: is made to identify the total quantity of money required to undertake each phase in the project (in other words, the budget).
- 7. Create a quality plan: This is made to ensure the quality expectations of the customer. It defines the term quality, some precise targets, a quality assurance plan, and it identifies the techniques that control the actual quality level of each deliverable. Create a risk plan: The next step is to document all foreseeable project risks within a risk plan, and also define the actions that will prevent each risk from occurring or reduce it’s impact. Create a acceptance plan: we need the customer’s acceptance that the deliverables produced by the project meet or exceed requirements. This plan has to clarify the completion criteria for each deliverable and provide a schedule of acceptance reviews. Create a communications plan: Prior to the execution phase, it is required to identify how each of the stakeholders will be kept in touch. (means of communication, frequency, and responsibilities)
- 8. Create a procurement plan: The procurement plan provides a detailed description of the products (that is, goods and services) to be acquired from suppliers, the justification for acquiring each product externally as opposed to from within the business, and the schedule for product delivery. Contract the suppliers: Although external suppliers may be appointed at any stage of the project, it is usual to appoint suppliers after the project plans have been documented but prior to the execution phase of the project. Perform a phase review: At the end of the planning phase, a phase review is performed. This is a checkpoint to ensure that the project has achieved its objectives as planned.
- 9. Project Execution Build Deliverables Perform Phase Review Monitor & Control Perform Perform Perform Perform Time Cost Quality Change Management Management Management Management Perform Communications Management Perform Perform Perform Perform Risk Issue Procurement Time Management Management Management Management
- 10. Build the deliverables:This phase involves physically constructing each deliverable for acceptance by the customer. The activities undertaken to construct each deliverable will vary depending on the type of project being undertaken. Monitor and control: While the project team are physically producing each deliverable, the project manager implements a series of management processes to monitor and control the activities being undertaken by the project team. Time management: Time management is the process of recording and controlling time spent by staff on the project. As time is a scarce resource within projects, each team member should record time spent undertaking project activities on a timesheet form. Cost management: Cost management is the process by which costs/expenses incurred on the project are formally identified, approved and paid.
- 11. Quality management: Quality management is the process by which quality is assured and controlled for the project, using quality assurance and quality control techniques. Change management: Change management is the process by which changes to the project scope, deliverables, timescales or resources are formally requested, evaluated and approved prior to implementation. Risk management: is the process by which risks to the project are formally identified, quantified and managed. Issue management: the method by which issues currently affecting the ability of the project to produce the required deliverable are formally managed. Procurement management: the process of sourcing products from an external supplier.
- 12. Acceptance management: is the process of gaining customer acceptance for deliverables produced by the project. Communications management: Communications management is the process by which formal communications messages are identified, created, reviewed and communicated within a project. Perform a phase review: At the end of the planning phase, a phase review is performed. This is a checkpoint to ensure that the project has achieved its objectives as planned. Project closure Perform Review Project Project Closure Completion
- 13. Perform project closure: involves winding up the project. This includes: • Determining whether all of the project completion criteria have been met; • Identifying any outstanding project activities, risks or issues; • Handing over all project deliverables and documentation to the customer; • Cancelling supplier contracts and releasing project resources to the business; • Communicating the closure of the project to all stakeholders and interested parties.
- 14. Review project completion: The final activity within a project is the review of its success by an independent party. Success is determined by how well it performed against the defined objectives and conformed to the management processes outlined in the planning phase. To determine how well it performed, the following types of questions are answered: • Did it result in the benefits defined in the business case? • Did it achieve the objectives outlined in the terms of reference? • Did it operate within the scope of the terms of reference? 0 Did the deliverables meet the criteria defined in the quality plan? • Was it delivered within the schedule outlined in the project plan? • Was it delivered within the budget outlined in the financial plan?