Project Life Cycle

A project is a well-defined number of tasks within the defined time and costs to complete and achieve a specific outcome. Projects can range from simple to complex and can be managed by one person or a team.

Each project has a Project Life Cycle and well defines phases to achieve the outcome. The five stages of the project life cycle are:

Initiating

Planning

Executing

Monitoring/controlling

Closing

Project initiation is the first step in starting a new project. During the project initiation phase, we establish why we are doing the project and what business value it will deliver. We use that information to secure buy-in from key stakeholders also. The major outcome for this phase is the Project initiation document signed by the key stakeholders.

Project planning is a way to address how are we going to complete a project in a defined timeframe. This is the plan usually with defined stages and designated resources. In this phase, a detailed analysis is done based on the cost allocated, resource availability, and time management. The quality of the project is also planned here. There are various tools(One most popular is Microsoft Project Planning) where a Project plan is created with all dependencies and milestones. The major outcome of this phase is the Project Planning document.

Project execution is the stage of the project where everything the team has planned is put into action. The team starts working on the work packages defined for them in the project planning document and getting them delivered within time. The major outcome of the phase is the actual deliverables or work packages that can be shipped post-proper testing.

Project management monitoring and controlling means actively reviewing the status of the project as it proceeds, evaluating potential obstacles, and implementing necessary changes. The project team makes sure that all the risk, control, and compliance have been tracked and completed with the required changes to the deliverables. Some post-deployment activities like the production support team will also start working as per the agreement defined in the Project plan. We will have a deliverable as per the client's needs and maintain the way it is defined in the plan

Project Closing ensures that all the work has been completed, assurance that all agreed-upon project management processes have been executed, and Formal recognition of the completion of a project. The outcome for this phase is a Project closing document with an official and signed version for the stakeholders.