The Five Stages of Project Management

 

Managing a project is challenging, regardless of the scale and scope. From everyday planning to overseeing the ever-changing demands of stakeholders and clients, many variables can pop up at a moment’s notice. One strategy to maintain the order and flow of a project is to break it down into smaller, manageable stages. Each stage (or milestone) may have its own goals, timelines, and deliverables. This compartmentalization makes it easier to control the project and ensure the quality of work. In the next section, we’ll take a closer look at each of the five project management lifecycle stages.

1. Initiation

The initiation stage is the first phase of the project life cycle. It involves defining the project’s purpose, objectives, and scope, as well as identifying the clients and stakeholders and their needs. During this stage, the project manager must determine whether the project is viable and worth pursuing by asking certain questions.

• What is the objective of this project?
• What are the potential roadblocks?
• Who are the essential stakeholders?

A charter, contract, or statement of work (SOW) is also developed during this stage. This is a formal document that outlines a project’s goals, objectives, and scope, as well as the roles and responsibilities of each project team member. The initiation stage sets the foundation for the entire project. It ensures everyone is aligned and on a clear path to accomplish the project’s goals and objectives.

2. Planning

During the planning stage, the project manager and team define the strategy and purpose behind the project scope, objectives, and deliverables. Next, the required resources are identified to estimate the necessary timeline and budget appropriately.

The next step is to create a project plan, which is a detailed breakdown and forecast of each team member’s roles, responsibilities, and deadlines. The planning stage involves a great deal of collaboration and communication among stakeholders and project team members to ensure that everyone is on the same page and understands the project’s overarching goals and expectations.

A well-planned project is more likely to be successful, as it helps to minimize risks, avoid delays, and ensure that the project is completed within budget and on time.

3. Execution

The execution stage is where the actual work of the project takes place. Project team members are assigned their tasks and responsibilities and begin working on specific project deliverables defined in the initiation stage. The project manager is responsible for monitoring the progress and deadlines of a project and ensuring that it stays on track.

It is vital to manage these workflows, pinpointing any issues or risks, then adjusting the project plan, as needed. In addition, project managers are responsible for keeping all teams in the loop as the project progresses, especially if given milestones create dependencies that impact the work of team members.

4. Monitoring and Control

The monitoring and control stage ensures a project is on track and meets its objectives. During this stage, project managers use various tools and techniques to monitor project progress against the original project plan. Additionally, the progress is often held to specific key performance indicators (KPIs). If roadblocks occur, the project manager must identify potential issues and take corrective actions to keep the project on track. Effective monitoring and control help project managers to identify and address issues before they become major problems.

5. Closure

The closure stage is the final phase of a project, where the teams complete all the remaining tasks and activities to bring a project to a successful conclusion. This stage often involves a series of duties, such as finalizing project deliverables, conducting a final project review, obtaining final client approval, and closing out (or renewing) contracts.

Overall, the project manager is responsible for ensuring that all project objectives have been met (and met with quality), all stakeholders are happy with the completed work, and all project documentation is complete.

The closing stage is critical as it provides an opportunity to evaluate the project’s success, identify lessons learned, and apply them to future projects. It also allows the project team to celebrate their achievements and recognize their contributions to the project’s success.