Each project has five phases. To deliver successful projects, you need to know all about them.
Have you ever wondered why certain projects fail and others succeed? What is the difference between a successful and a failing project? The efficiency with which a project has been managed is what matters. This is affected by the phases of project administration.
A well-run project will have five phases: initiation to completion, planning, execution, monitoring and closure. These are the stages that a project goes through, from start to finish. It is a proven method to ensure that a project is completed on time and within budget.
Each phase serves a purpose and must be completed in the order they are listed. Inadequate management of project phases can lead to missed deadlines, budget blows, and even project failure.
This blog is for project managers who want to manage projects effectively and avoid pitfalls. We will explain the various opportunities that each phase offers and the distinct objectives they each have. Let’s first understand the basic concepts of project management and their importance.
Why should you be focusing on project phases?
You can track progress and identify issues early by breaking down the project into smaller, more manageable pieces. This prevents costly mistakes and delays which could lead to a project falling behind its schedule and budget.
Project management phases can also improve communication between team members by clarifying roles, responsibilities, and tasks. Clearly defined tasks and objectives will make it easier to keep your project team on track and work together effectively.
Phase 1: Project Initiation
The first phase of a project is about getting started. The initiation phase is where you get a clear understanding about the project’s purpose and scope. This is the time to form a team and make decisions about how the work will be done.
The project initiation phase involves deciding on a project management method, creating a budget, as well as getting approvals from all stakeholders to move the project forward. The most important phase of a project is the initiation. It sets the tone for the entire project. This stage is crucial because it gives you a clear understanding about the project’s purpose and scope. A project charter is necessary to make this happen.
A project charter is a description of the scope, objectives, deliverables, participants, and other details. To answer questions such as “What is the project’s purpose?”, you will need to create one. Why should you undertake this project? Who will be involved in the project’s life cycle? The charter will give you a clear vision and align it with your business goals.
Here are some best practices to maximize the project initiation phase.
Phase 2: Project planning
The second phase is about planning your project. This is where you take all of the information from the initiation phase and create a plan of action to achieve your project’s goals. This phase involves assigning tasks, creating communication plans, and setting goals or deliverables.
Using the Specific, Measurable. Achievable. Relevant. and Timely (SMART), method, you can ensure your goals are reachable. This method will help you set tangible goals that are measurable and achievable, relevant to your company’s goals, and have a deadline.
CLEAR, which stands to Collaborative, Limited Emotional, Appreciable and Refineable, can also be used for goal setting. This method ensures that your goals are shared by the team, limited in scope, emotionally motivating, and can be refined as necessary.
Here are some best practices to get the most out the project planning phase.
Phase 3: Project execution
This phase focuses upon putting your project plan into practice and getting results.