Three Phases of the Project Management Lifecycle

In today’s competitive era, every brand should implement the right strategies to deliver excellent results. A systematic approach for every organization is a necessary step to be ahead of your competitors.

What is the first thought that comes into your mind when you read the word “Project Management”?

What is Project Management?

In easy words, a project is defined as a series of activities being done to achieve a business goal.

At the beginning of any project, there are a number of planning and works that need to be done in a short period of time and in the right sequence. Let’s dive into the phases of any project management lifecycle.

• Initiation: At first your need to know about the business needs, problems, or any opportunity coming in the way and the ways that your company and the team can meet these needs. You should know what exactly the company is planning to achieve. This is the most crucial phase of the project management lifecycle because if your fail to plan the goal, your end result will surely fail.

• Execute and complete tasks: After planning everything in the right way, you can come to the execution part. Execution means putting your plans into action and keeping an eye on each and every track. This usually includes tracking and measuring progress, managing quality, mitigating risk, managing the budget, and using data to inform your decisions.

• Closure: In the closure phase of the project management lifecycle, you need to find out the things which you have missed and fix them before giving them back to the new user.

Steps for the project closure phase may include the following:

• Analyzing project performance
• Analyzing team performance
• Documenting project closure
• Conducting post-implementation reviews
• Accounting for used and unused budget

After doing it, you should turn the finished product or service over to its new owners. It is a time to celebrate your good work now.

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