Project management and its 5 stages
To understand what project management is, it’s best to first define what a project is. According to the Association for Project Management, a project is a “unique, transient endeavour, undertaken to achieve planned objectives, which could be defined in terms of outputs, outcomes or benefits”. This set of operations ensures that the output fulfils the project requirements, as defined at the outset of the project.
Whether it’s the development of business software that improves processes, expanding sales into a new market, constructing a high-rise building or coordinating a fun run, projects must be expertly managed to deliver the desired results on time and within budget. This is where project management comes in.
Project management is the application of knowledge, skills, techniques and processes to project activities in order to achieve the project objectives. Unlike traditional management, which is an ongoing process, project management is task-specific, with defined deliverables and a finite duration.
Why do we need project management?
Effective project management has three major benefits. First, it increases the likelihood of achieving the desired project outcome. Second, logical structuring of the initiation, planning and control of project-related tasks will ensure the efficient use of resources. Finally, effective project management will guarantee that the differing and possibly divergent needs of a project’s stakeholders are satisfied.
To complete a project, individuals must come together to carry out various discrete tasks in the correct sequence. This requires not only teamwork from the individuals performing the tasks, but also capability on the part of the project manager to handle a multitude of personalities and processes simultaneously.
Any seasoned project manager knows that it’s easier to ensure that tasks are completed in the correct order and timeframe when the project is broken down into a logical series of manageable steps. The project management process has five distinct phases. These phases simplify a project and give it structure.
The 5 phases of project management
1. Initiation
Before starting to plan or execute a project, it’s necessary to determine whether there is a need for it to be executed. The initiation phase begins with defining the business case for a project, which outlines its purpose and requirements. The project manager must also conduct a feasibility study to determine whether there will be a return on investment (ROI) for the business.
2. Planning
Once the scope of the scope and purpose have been defined and the project approved, the project manager must develop a roadmap that will guide the project to completion. Typically, the planning phase will begin with setting goals for the project. These goals will determine the scope of the project, its timeline as well as the resources and tools that are necessary to see it efficiently executed.
3. Execution
With a project plan in place, the project manager will now move on to the third phase: execution. This is when the project deliverables are developed and completed – which is why it’s the phase that comes to mind when most people think of project management. The team will rely on the information put together in the planning phase, working to complete their tasks within the allocated time frame. At this stage, project managers must ensure that resources are allocated correctly and team members remain focused to keep the project on track.
4. Monitoring and control
Monitoring and control, and execution often take place simultaneously. Tracking the project’s progress and performance helps to ensure that it remains on track and meets the goals set in the planning phase. The project manager will use key performance indicators (KPIs) and track variations from allocated time and cost. This aid in preventing scope creep and ensure that the project outcomes are in line with the original objectives.
5. Closure
The project is closed when the end product is delivered and formally approved by the client. This stage usually includes a final review, which is held to evaluate the project’s successes and failures. Project managers will use the information gathered during these ‘post mortem’ sessions to understand which elements can be repeated in similar future projects, and which should be avoided or improved. Evaluation helps to build stronger processes and teams.
Starting a new project can be overwhelming at first, but by using a logical approach and breaking the task down into the five phases of project management, even the most complex projects are easy to complete on time and on budget.
