What is Project Management?

Project Management is the set of practices involving the application of knowledge, skills, processes, methods, and tools to achieve specific project requirements according to the project acceptance criteria within the agreed budget and timeframe. Project Management contains various policies and principles to lead a project from the initial stage until its completion. It involves processes to identify the conditions, create a plan to specify clear & achievable objectives, and then implement that plan until the project goals are reached.

Project Management Life Cycle 

The project management life cycle represents high-level processes for delivering a successful project. Effective project management can prevent wasted money and resources. In the project management life cycle phases, you develop the idea for a project, define its goals, plan its execution, and guide it to completion.

Phases of the project management life cycle

The project management life cycle is usually broken into four phases: initiation, planning, execution, and closure. These phases drive the way that brings your project from the beginning to the end.

Initiation

 Identify a business need, problem, or opportunity and brainstorm ways your team can meet this need, decode this problem, or grab this opportunity. During this step, figure out an objective for your project, decide whether the project is feasible, and identify the major deliverables for the project.

 Initiation phase steps 

Steps for the project initiation phase contain the following:

• Recognize the prior problem your project will solve and whether your project will deliver a solution to that problem.
• Explain the depth and scope of the project.
• Define the product or service to deliver. 
• Figure out whom the project affects and what their needs are.
• Compare the potential costs and benefits of the project to determine if it moves forward.
• Document the project's objectives, scope, and deliverables that you have identified as a working agreement between the project owner and the team. 

Planning

Once the project is approved to move forward based on your business case, statement of work, or project initiation document, move into the planning phase. During this phase of the project management life cycle, break down the larger project into smaller tasks, build your team, and prepare a schedule to complete assignments. Create smaller goals within the larger project, assuring each is possible within the time frame. Smaller goals have a high possibility for victory.

 Planning phase steps 

Steps for the project planning phase may contain the following:

• Identify the project timeline, containing the stages of the project, the tasks to be performed, and possible limitations.
• Visualize your processes using swimlanes to ensure team members understand their role in a project.
• Use cost calculations to decide how much to spend on the project to get the highest return on investment.
• Build your operating team from internal and external talent pools while making sure everyone has the required tools to achieve their tasks
• Recognize problems that may cause your project to stall while preparing to mitigate those risks and maintain the project's quality and timeline.
• Get your team on board and trace the project to get to work quickly.

Execution

The execution phase turns your plan into action. In this phase of the project management life cycle, the project manager's job is to keep work on the track, organize team members, manage timelines, and ensure the work is done according to the original plan.

 Execution phase steps 

Steps for the project execution phase may contain the following:

• Assign tasks to the appropriate team members, ensuring team members are not overworked.
• Explain tasks to team members, giving essential guidance on how they should be completed, and organize process-related training if required
• Communicate with team members, clients, and upper management. Deliver updates to project stakeholders at all levels.
• Guarantee that team members are meeting their time and quality goals for tasks
• Observe spending and keep the project on track in terms of assets and resources

Executing the project will be easier if you have a properly documented process. Depending on the project management methodology you follow, there are many tools that you can use to see which deliverables have been completed to ensure that your project remains on track. 

Closure

Once your team has finished work on a project, you enter the closure phase. In the closure phase, you deliver final deliverables, release project resources, and choose the project's success. Just because the major project work is over, that doesn't mean the project manager's job is done—there are still important things to do, including assessing what did and did not work with the project.

Closure phase steps 

Steps for the project closure phase may contain the following:

• Determine whether the project's goals were met and the primary problem solved utilizing a prepared checklist.
•  Assess how team members performed, including whether they met their goals, timeliness, and quality of work.
•  Assure that all aspects of the project are completed with no loose ends remaining and deliver reports to key stakeholders.
•  Allocate remaining resources for future projects

By remaining on task even though the project's work is completed, you will be prepared to take everything you've learned and implement it for your next project.

Conclusion

Candidates can learn Project Management skills through Edtis's various PMP certification, which has Live instructor-led classes, self-paced courses, and during and after course assistance to help you with your questions and queries. Learn from professional industry experts with live instances and hands-on experience.