Project Management Strategy
November 5, 2012
Five Phases of Project Management
Life cycle management is a business management approach that can be used by all types of businesses (and other organizations) to improve their products and thus the sustainability, employing the principles of project life cycle – the five phases of project management, which consists of, initiation, planning, execution, monitoring, and closure. Iniation Phase
The first phase of a project is the initiation phase. During this phase, a business problem or opportunity is identified and a business case providing various solution options is defined. Once the recommended solution is approved, a project is initiated to deliver the approved solution. Terms of reference are completed outlining the objectives, scope and structure of the new project and a project manager is appointed. The project manager begins recruiting a project team and establishes a project office environment. Within the initiation phase, the business problem or opportunity is identified, a solution is defined, a project is formed and a project team is appointed to build and deliver the solution to the customer (Barkley, 2005). Planning Phase
Often the most time-consuming of the phases of project management, the Planning phase is where you lay your project groundwork and is critical for a successful implementation of the subsequent Execution phase (Reynolds, 2009). Additionally, in this phase Project Planning builds on the work done in Project Initiation, refining and augmenting Cost, Scope, Schedule and Quality (CSSQ) and Project Plan deliverables. Usually, additional members join the Project Team, and they assist the Project Manager in further elaborating the details of the Cost, Scope, Schedule and Quality (Macek, 2010). The planning phase produces a project plan, project charter and/or project scope outlining the work to be performed. During this phase, a team should prioritize the...