We have talked about various facets of project management in the previous blog posts. Did you know about the founding element of project management? And the main part of project management that called the life cycle of the project management i.e. its phases. We know you might not aware of all of these concepts. That is why we being an assignment helper for students we have brought you complete information about the project management template and its phases. Let’s understand these points in detail in this blog write-up.
Completing a project successfully is a difficult task. It demands a sequence of tasks in order to meet stakeholder and client needs; there is a lot that goes into the process before the project is completed. It is crucial to have a thorough understanding of the Project Management template, life cycle, project stages, and process groups, regardless of the type of project. It helps to keep track of the ongoing projects and makes them more feasible to complete from start to finish. Thus, keeping this in mind we have created this guide especially for the students pursuing project management from Australian universities.
So, without wasting much time, let’s start the blog!
What is Project Management?
The discipline of utilizing information, skills, tools, and strategies to execute a project according to precise requirements is known as project management. It all comes down to identifying the issue, developing a strategy to address it, and then carrying out that strategy until the issue is resolved. That may appear to be a simple task, but there is a lot that goes into it at each stage.
Project management differs from business activity management in that it entails the creation of new work packages to meet agreed-upon ends or goals. However, in modern times the requirement to deliver changes quickly and new technologies enter the marketplace. This has made a drastic impact on the project management area.
Key Components of Project Management
The field project management comprises various essential components that plays important role in planning and executing a project proficiently. We have listed all of them below.
- Time – the length of time that the project is expected to last.
- Cost – the amount of money set aside for the project.
- Scope – what innovations or modifications will the initiative bring?
- Quality – refers to the project’s final product’s standard.
However, all these are interconnected with each other. Any change in one of these components will have an impact on the others.
Now, let’s move forward and discuss the phases of project management that are also called the life cycle of a project.
Phases of Project Management
What do you understand by the term project? In layman’s terms, the project can be defined as a proposal. In terms of project management theory, we define the project as “A temporary endeavor undertaken to create a unique product, service, or result which has a specific & desired outcome has a target date and a budget that limits resources.”
On the other hand Project Management is a broader concept that included different phases. All these phases play a major role in the completion of a project.
Thus, We can divide project management into five phases :
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1) Initiation Phase
As the name suggests this is the project initiation phase. We have to be very careful at the beginning of the project as it includes all the requirement analysis of the project and scope, nature of the project. We create a project charter under this project initiation phase. The project initiation phase deals with the finance requirement analysis and various stakeholders associated with the project.
In this phase of project management, it is necessary to go into minute detail to gain a deeper knowledge of the project. After deciding to proceed, the project can move on to the following step, which is putting together a project team.
2) Planning Phase
Once we are done with the project charter and finance requirement analysis, we come to the planning phase of the project. This phase includes creating timetables to make the process efficient, setting up the target dates, calculation of the involved risk, time and cost estimation, budgeting, and scheduling.
The project planning step demands close attention to detail because it lays out the project’s road map. Unless you’re utilizing a current project management methodology like agile project management, the second phase of project management is likely to consume about half of the project’s total time. If you ever asked to write an assignment on this phase and you are unable to write it on your own, just ask us to write my assignment online and get rid of all troubles.
3) Execution phase
Just like a normal activity, we initiate the projects, plan them, and finally, we execute them to deliver a concrete and tangible product. The execution phase takes care of the process implementation within the project guidelines to deliver a product.
The planning phase is crucial to execution. The project plan determines the team’s work and efforts during the execution phase. The project team will begin developing project deliverables and working to meet the project’s goals and objectives as specified in the project plan. This stage determines whether or not your project will be successful.
4) Control and Monitoring phase
In the project life cycle, it rarely happens that everything ends up smoothly. We always face challenges in terms of time, scope, and cost. This phase of the Project Life cycle identifies the potential problems that can come into the picture. Also, propose the corrective measures for the identified problems.
This phase’s major purpose is to ensure that everything is in accordance with the Project Management plan, particularly in terms of budgetary parameters and timetables. Moreover, Following the project execution phase, the project manager will be able to monitor project progress and take remedial action needed.
Also read: Risk Management Plan | Why you need it ?
5) Closure phase
As we have covered most of the phases of the project, we are heading towards the project closure phase. This phase is a little relaxed as compared to the previous phases. We conduct various sessions on the hurdles faced in the project completion. Appreciation is given to the individuals involved in the project life cycle. This is the final stage in which we take sign-offs from all the stakeholders involved in the project.
Additionally, During project completion and timely delivery to clients, the project manager’s responsibility is to highlight strengths, list project takeaways, identify ambiguities, and recommend strategies to resolve them in future projects.
So, these are the fundamental yet crucial phases of a project management life cycle. In case you get confused with any phase and looking for guidance, then All Assignment Help is always there for you to assist you in every possible manner.
Why The Phases Are Important In Project Management?
The project management phases have been explored in order to ensure that each project can be structured, monitored, managed, and completed successfully in order to save time, money, and limited resources.
Moreover, the five phases hold certain importance in completing a project successfully. These are:
- Establishes a framework for project delivery
The project phases establish a systematic method to project delivery. This allows everyone involved in the project to see how things are going and whether there are any issues with specific deliveries.
- Allows for the project’s development over time
The phases of the project lifecycle help you understand how the project is progressing. Also, helps identify areas that require more attention at different periods, such as risk management.
- Allows team members to communicate more effectively
It provides a framework for the project that is visible and understood by all project members. It also aids communication and helps define roles within the project organization.
- Allows for organized evaluations to help with governance
The Project Evaluation Review and Gate Reviews will be scheduled according to the project phases, allowing the project manager to arrange the completion of reports in advance of the reviews. This also helps in brand management as well.
The project phases are useful for successful project management and improved project outcomes. Because of its huge importance, the life cycle has been frequently employed for project planning and completion.
How does Project Management template looks like
Below is a standard project management template that can come in handy when you are working on a project. Take content from the template attached and dump it here with headings and subheadings.
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Thanks for reading. All the best!
Frequently Asked Questions
|Q: What is Project Lifecycle Management?|
A: The management of a project or a portfolio of projects as they go through the stages of the project lifecycle is referred to as project lifecycle management. 1) the start; 2) the planning, and 3) the implementation 4) the final step.
|Q: What is the most crucial aspect of a project management strategy?|
A: One of the most important aspects of a project plan is the project scope declaration. It lays the groundwork for the rest of the project’s strategy.