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project life cycle phases

A feasibility study is conducted to investigate whether each option addresses the project objective and a final recommended solution is determined. During project implementation, people are carrying out the tasks, and progress information is being reported through regular team meetings. In any project, a project manager spends most of the time in this step. This is where many people might get confused. Their numbers, needs, and the degree of control applied depend on the complexity, size, and potential impact of the project. This is also a good time to identify all project stakeholders and establish a communication plan describing the information needed and the delivery method to be used to keep the stakeholders informed. In risk management, “high-threat” potential problems are identified along with the action that is to be taken on each high-threat potential problem, either to reduce the probability that the problem will occur or to reduce the impact on the project if it does occur. Through this type of analysis, the wisdom of experience is transferred back to the project organization, which will help future project teams. At this phase, the project scope is defined and the project management plan is created. Phase 3: The Implementation (Execution) Phase. The 5 process groups of project management Typically, project management life cycle phases create a roadmap to organize and manage any type of project successfully. These phases are generally one after the other. This is where the project’s value and feasibility are measured. This chapter of Project Management is a derivative the following texts: Project Management by Adrienne Watt is licensed under a Creative Commons Attribution 4.0 International License, except where otherwise noted. One was in Chile, where large mining construction project infrastructure existed. The key outcome of the Initiating phase is our "Project Charter"! These stages make up the track that takes your project from the start to the end. Image courtesy of SIS International Research During the initiation stage, the project manager (PM) would determine an… Successful project management identifies these components, and tracks and monitors progress, so as to stay within time and budget frames already outlined at the commencement of the project. The project manager creates several project management documents including but not limited to the following; – Project Scope Statement [caption id=”” align="aligncenter” width="600”] Project Management Life Cycle [/caption] Every project management life cycle contains five steps: Initiation, … The five main phases of the project life cycle … Life cycle phases are mainly divided into two broad categories: 1. A set of formal processes should be completed before prior to the closure. – Updating Project Schedule and Project Plan if needed. Traditionally, there are 5 stages of project management. Realization. In general, Project Management Cycle consists of four major phases. The project manager prepares the risk management plan to identify the risks and estimate their impacts on the successful completion of the project. A project life cycle includes different phases. The planning phase defines the key milestones, project scope, WBS (Work Breakdown Structure) and other related important project management documents. The budget is used to monitor and control cost expenditures during project implementation. A punch list of a few remaining construction items was developed and those items completed. A kick-off meeting can be considered as a start milestone of the implementation phase. Exact methods were suggested to identify the most informative monitoring points along the project life-cycle regarding its progress and expected duration. Product Life Cycle and Project Life Cycle, Scope Creep and Gold Plating in Project Management, Project Charter (Project Definition Document), Project Selection Methods for Decision Making, Difference Between Project Proposal and Project Charter. The main purpose of a successful project management team is to complete the project on time and budget with meeting the customer’s requirements and the project’s objectives. The life cycle of any project can get confusing. 2. The major deliverables and the participating work groups are identified, and the project team begins to take shape. These 5 stages create what is known as a project life cycle. An appropriate response to the need is documented in a business case with recommended solution options. The project design team built on the conceptual design and developed detailed drawings for use by the procurement team. Knowledge and planning for the five project management steps will help you plan and organize your projects so that it goes off without any hitches. An appropriate response to the need is documented in a business case with recommended solution options. It is simpler for a project manager to han… There are lots of processes and frameworks out there. Once all of the deliverables have been produced and the customer has accepted the final solution, the project is ready for closure. Identification: The identification phase there needs to be the completion of the fiche, or financing proposal, after a delegation makes an initial assessment. Production Phase . Whether the project is software development or new product launch or even movie, its management will progress through five life cycle phases. Project Charter Template – How to Create ? The next phase, the planning phase, is where the project solution is further developed in as much detail as possible and the steps necessary to meet the project’s objective are planned. And if you monitor each, you can systematize them and understand where there’s room for improvement. The certification names are the trademarks of their respective owners. The project life cycle for a constructed facility may be represented schematically in Figure 1. It’s easy to edit and share with your team. To clarify, we first need to expl… Life cycle phases consist of various separated modules with defined functionalities. The issue comes in part in how the Process Groups (PG’s) are structured and named – Initiate, Plan, Execute, Monitor & Control, and Close. A feasibility study report may be created to understand whether the project is feasible or not. Although planning is a never-ending process on a project, the planning phase focused on developing sufficient details to allow various parts of the project team to coordinate their work and allow the project management team to make priority decisions. There are a lot of activities going on at different phases of a project. Appendix 1: Project Management PowerPoints, The project manager and project team have one shared goal: to carry out the work of the project for the purpose of meeting the project’s objectives. Approval is then sought by the project manager to move onto the detailed planning phase. Project Life Cycle Phases in Project Management. Throughout this step, project sponsors and other key stakeholders should be kept informed of the project’s status according to the agreed-on frequency and format of communication. The initiation stage of the project life cyclecan also be referred to as the ideation or conceptualization stage. Finally, you will want to document a quality plan, providing quality targets, assurance, and control measures, along with an acceptance plan, listing the criteria to be met to gain customer acceptance. (adsbygoogle = window.adsbygoogle || []).push({}); During the planning phase, stakeholders are analyzed, identified and classified according to their power, influence, and effects on the project. A project management life cycle is a five-step framework planned to assist project managers in completing projects successfully. Framework for Project Management, Creative Commons Attribution 4.0 International License. It is directly related to the success of the project. Programming: The programming phase asks what the developmental priorities are and comes to an agreement of a strategy paper and indicative program. Here are the five life cycle phases of project management: Initiation; Planning; Execution; Monitoring and Controlling; Closure Taken together, these phases represent the path a project takes from the beginning to its end and are generally referred to as the project “life cycle.”. Many experts... Do you know the definition of Statement of Work? Project managers typically use two evaluation tools to decide whether or not to pursue a project: Business Case Document – This document justifies the need for the project, and it includes an estimate of potential financial benefits. Project Management From Simple to Complex, Next: 4. The project management life cycle is an important concept in project management. Equipment and materials were delivered to the work site, labour was hired and trained, a construction site was built, and all the construction activities, from the arrival of the first dozer to the installation of the final light switch, were accomplished. If the objective of the project was to establish a marketable product, then product life cycle phases of market introduction, growth, maturity and a part of deterioration can be included in this phase. There was no existing infrastructure for either the mining industry or large construction projects in this part of South America. – Creating OBS (Organization Breakdown Structure). This is also referred to as “scope management.” A project plan is created outlining the activities, tasks, dependencies, and timeframes. Primavera P6 Activity Relationships Explained, project life cycle phases in project management. – Risk Management Plan. The product or the project is described, it’s objectives and requirements are specified during the initiation phase. All the materials, subcontractors, manpower and various resources are organized to perform the activities. A project meets the market demands or requirement on a timely basis. – Baseline Budget The answer to all your project disputes, concerns, and doubts are covered in the Project Charter. The aim of creating a feasibility report is to analyze the project objective, specify the solutions, highlight the opportunities and promote decision-making processes. The first course of action should always be to bring the project back on course (i.e., to return it to the original plan). Project deliverables, financial benefits, and the incomes are decided by the important stakeholders in this phase. In the same way the baseline budget is compared with the actual budget and cost variances are calculated. Beyond these, communication plans, quality plans, quality assurance plans, integration management plans, change management plans can be created during the planning phase. A project life cycle is a process that makes up every single project. A project management life cycle represents the phases a project goes through from beginning to end. A project stands out for its life cycle, which is usually presented as consisting of phases. A formal agreement is required between the contractor and the customer. Plus, those phases tend to overlap. The controlling phase includes performance measurement and project control processes and the closing phase includes all the processes and formal agreement required to close up the project. The other two were in Argentina. During the third phase, the implementation phase, the project plan is put into motion and the work of the project is performed. Baseline budget and baseline schedule are created at this step. Execution phase includes to perform all the tasks and build the deliverables required to complete the project and satisfy the customer. They are considered elements of the project life cycle due to their high-level nature. It includes all of the operations, tasks and steps that a specific project must undergo. It is important to realize that the project life cycle for each project may differ, in both the number of phases it may have and the detail within each of these phases. The implementation phase involves all tasks required to build the product. If that cannot happen, the team should record variations from the original plan and record and publish modifications to the plan. As creative professionals include colleagues, supervisors, or investors, projects become more formalized and start to follow the traditional phases of a project cycle. If the project idea is adopted by the important stakeholders, the project manager creates the project charter. Some methodologies also include a fifth phase, controlling or monitoring. During the first of these phases, the initiation phase, the project objective or need is identified; this can be a business problem or opportunity. During the planning phase, the project team developed an integrated project schedule that coordinated the activities of the design, procurement, and construction teams. The implementation phase comes into action after the planning phase. Typically, every project has a beginning, an execution and a closing phase and all the phases involve several processes and tasks such as defining the scope, … The implementation phase is the fourth phase of project life cycle in which the products or services of the project are integrated into the existing organization. However, below phases can be recommended for project management. For our purposes, this phase is covered under the execution and closure phases.To help you visualize the project management lifecycle, use this free customizable template. The primary competency of a project manager is to gain a thorough understanding of project management stages. Project Management Processes Phases of the Project Life Cycle. After that baseline schedule is prepared to create a roadmap for the project’s objectives. A feasibility study is conducted to investigate whether each option addresses the project objective and a final recommended solution is determined. These are explained as following below. 1. – WBS (Work Breakdown Structure) Ideas that start in the back of the mind start to bubble up into potential projects. The office in Catamarca was closed, the office in Buenos Aries archived all the project documents, and the Chilean office was already working on the next project. The Initiation phase is the first phase of the project management life cycle. Initiation Phase. Initiation is first phase of project management life cycle where the feasibility and the business value of the project are determined. After defining the project scope and key milestones clearly, WBS (Work Breakdown Structure) is created to divide and manage the project’s scope into meaningful sections. Project life cycle phases may vary from one project to another depending on the requirements. During the implementation phase, the project team accomplished the work defined in the plan and made adjustments when the project factors changed. Baseline Budget, Risk Management Plan and other supporting documents, plans and procedures are created based on the targets emphasized in the scope statement. Therefore these phases are essential for all the project managers who aim to complete the project effectively. Business Blueprint. (adsbygoogle = window.adsbygoogle || []).push({}); Project Life Cycle and Product Life Cycle, Project Management Processes and Knowledge Areas. The project’s tasks and resource requirements are identified, along with the strategy for producing them. Engineering Phase:  Project life cycle is a series of phases of a project from initiation to completion. (adsbygoogle = window.adsbygoogle || []).push({}); Engineering Phase 2. During the initiation phase of the project, the project manager focused on defining and finding a project leadership team with the knowledge, skills, and experience to manage a large complex project in a remote area of the globe. In this step, the team identifies all of the work to be done.  A project life cycle typically has 4 major phases: − Initiation Phase − Planning Phase − … Various models can be used to classify stakeholders according to the project’s requirements. In this stage, management or other authority figures have determined a business need that will require the work of a project manager. However, some methodology also uses the fifth phase, known as monitoring. During the final closure, or completion phase, the emphasis is on releasing the final deliverables to the customer, handing over project documentation to the business, terminating supplier contracts, releasing project resources, and communicating the closure of the project to all stakeholders. The last remaining step is to conduct lessons-learned studies to examine what went well and what didn’t.  Phases in a project life cycle encompasses sequential and overlapping phases. A project manager organizes the various tasks involved in starting, executing and completing a project. The project life cycle consists of 3 to 5 phases. The procurement team used the drawings to begin ordering equipment and materials for the construction team; develop labour projections; refine the construction schedule; and set up the construction site. No matter what project it is that you’re preparing for, the 5 phases of a project life cycle can assist you and your team in narrowing the project’s focus, keeping it’s objectives in order and finishing the project on time, on budget and with a minimum of headaches. Though it would appear that the four phases should be handled one after another in a linear fashion, the reality of project work is seldom that tidy. Life cycle phases describe the various phases of project management. In a ‘House Construction’ project, the project life cycle starts with awarding a contract to a builder/contractor for building the house. The project itself could improve business processes, create revenue, or otherwise fill a need in the organization. There are 4 project life cycle phases: initiation, planning, execution, and closure. Phases of Project Management Life cycle. or Who creates the project charter? Most projects enter the first phase of the project cycle with little or no structure. These phases are varied depending upon the industry involved but all follow the same basic steps. ; Defining and planning process – builds on the definition, establishes the scope, and produces the project management plan for approval. Status reports should always emphasize the anticipated end point in terms of cost, schedule, and quality of deliverables. The plan should be updated and published on a regular basis. There is a 5 th phase that included in the new version, but here, that phase … However projects life cycle phases may vary from project to project, industry to industry. “Project life cycle” represents the path a project takes from the beginning to its end and it’s usually the four phases taken together. The project life cycle ends when the house is handed over by the builder to the owner of the house. So why do you think this is such an important document? If... How to Create a Work Breakdown Structure? Taken together, these phases represent the path a project takes from concept to closure. On the surface this looks like a generic Project Life-Cycle (PLC) – First you start (Initiate), then you Plan, then you Execute the plan, etc. The project manager coordinates the preparation of a project budget by providing cost estimates for the labour, equipment, and materials costs. Each project deliverable produced should be reviewed for quality and measured against the acceptance criteria. In this article, we will review the five project life cycle phases. The team is created, team responsibilities are specified, resources are allocated, status meetings are assembled and the project schedule is updated as the work performed at this step. Once the recommended solution is approved, a project is initiated to deliver the approved solution and a project manager is appointed. At this point, the project would have been planned in detail and is ready to be executed. Project closing process is completed after completion of all the scope of work and the project management processes. During the first of these phases, the initiation phase, the project objective or need is identified; this can be a business problem or opportunity. Scope Creep and Gold Plating in Project Management Every project has a budget, an expected finish date, deliverables, and... Project Charter (Project Definition Document) How to write a project charter ? The project team set up three offices. a variety of possibilities may be taken into consideration in the conceptual planning stage. It is important to maintain control and communicate as needed during implementation. In this article, we reviewed the Project Life Cycle Phases. – Milestones The completion of these activities usually creates a deliverable.  The life cycle gives a practical approach to problem solving applied to all aspects of a project. They all mean the same thing. Feasibility Study – This is an evaluation of The implementation phase represents the work done to meet the requirements of the scope of work and fulfill the charter. This is an excellent time to identify and try to deal with anything that might pose a threat to the successful completion of the project. A phase is a set of activities in a project that are logically grouped together. These four phases consist of conception/start, planning, execution/ implementation, … Work performance reports are created in order to determine the cost and schedule variance. Once the project team has identified the work, prepared the schedule, and estimated the costs, the three fundamental components of the planning process are complete. The project preparation phase, amongst other things, aims to identify this team. Basically, the initiation phase describes the project and specifies it’s objectives. The project controls team also developed a detailed budget that enabled the project team to track project expenditures against the expected expenses. The project management life cycle is usually broken down into four phases: initiation, planning, execution, and closure—these make up the path that takes your project from the beginning to the end. A standard project typically has the following four major phases (each with its own agenda of tasks and issues): initiation, planning, implementation, and closure. Every project has a beginning, a middle period during which activities move the project toward completion, and an ending (either successful or unsuccessful). What is a project charter and why is it important? (adsbygoogle = window.adsbygoogle || []).push({}); The Planning phase is one of the most important phase of the project lifecycle. During the implementation phase, project management activities are performed including but not limited to the following. One was in Buenos Aries to establish relationships and Argentinian expertise, and the second was in Catamarca—the largest town close to the mine site. During the first of these phases, the initiation phase, the objective or need of the project is explored. They are outlined below: 1. Phases of the project life cycle The project life cycle consists of four crucial phases that play a lead role in helping the project manager and his team achieve goals that are set in the project. The accounting books were reconciled and closed, final reports written and distributed, and the project manager started on a new project. or Have you ever heard the term; Statement of Work... Why does a project manager need to understand both project lifecycle and product life cycle? Here, we have included this fifth phase … This is called risk management. The concept, Work Breakdown Structure is widely used by professionals to represent... Project Selection Methods for Decision Making The success of organizations is dependent on the profitability of projects that they... Project Proposal vs Project Charter Project Proposal and Project Charter are two different documents and their purposes are different... © 2018-2020 – ProjectCubicle Media. A U.S. construction company won a contract to design and build the first copper mine in northern Argentina. It is the bible of your Project! All Rights Reserved. The standard project life cycle model consists of four very distinct project phases that have deliberate start and end points. The project management life cycle is usually divided into four phases: initiation, planning, execution, and closure. Baseline schedule is compared with the updated schedule and the variances are reported. Different phases typically have a different effort or duration. Issues of feasibility (“can we do the project?”) and justification (“should we do the project?”) are addressed. In this article, we’ll define the project management process and cover each phase of project management. Typically, every project has a beginning, an execution and a closing phase and all the phases involve several processes and tasks such as defining the scope, creating the baseline schedule, measuring project’s performance, etc. A business blueprint includes what modules of a SAP product would be used and the mapping of the existing business processes to the processes provided by SAP. Project performance is measured and controlled at this step. – Baseline Schedule The project manager uses this information to maintain control over the direction of the project by comparing the progress reports with the project plan to measure the performance of the project activities and take corrective action as needed. As common logic says – before we undertake any endeavor we perform certain background checks, initial research, execution feasibility, a… What is a project life cycle? With offices in place, the project start-up team began developing procedures for getting work done, acquiring the appropriate permits, and developing relationships with Chilean and Argentine partners. Project Life Cycle Definition: Project life cycle is a workflow of activities defined in the systematic ways to gain maximum benefits from business project. Therefore it will be useful to know Five project life cycle phases for successful project management. What is included in a project charter? The main purpose of a successful project management team is to complete the project on time and budget with meeting the customer’s requirements and the project’s objectives. In some projects and industries, these phases may be combined considering the project’s requirements. Each phase requires a certain level of effort and recourses, and each is integral to successful project management. (adsbygoogle = window.adsbygoogle || []).push({}); For project managers seeking to understand their process and work according to best practices, they are often guided by the PMI standards of practice which outlines the project management life cycle. Each stage in the project cycle management phase has its unique decision points, responsibilities and options. The specific phases within a project, however, are unique to each project and represent the project life cycle and may differ from one software development company to other. Progress is continuously monitored and appropriate adjustments are made and recorded as variances from the original plan. The four Project Management Processes are: Starting or initiation process – this establishes the outline definition and business case for the project, including the basic team design. The closeout phase included turning over the newly constructed plant to the operations team of the client. Especially if you review them separately, instead of just treating all the phases as one big project. Each framework attempts to logically divide the project into key phases that will give project managers more control, expedite their work, and improve their results. Initiation is the first phase of the project lifecycle. That is, once a project is completed, tools are archived, resources are sent to new projects, the job is closed out, and then the entire process starts over. Quality performance, risk status, and other related important forecasts and issues are controlled and reported at this step. Commons Attribution 4.0 International License reports are created at this step phases, project! Business processes, create revenue, or otherwise fill a need in the plan should completed. Books were reconciled and closed, final reports written and distributed, and potential impact of the project ’ easy... As needed during implementation items was developed and those items completed for use by the team! General, project life cycle is a set of activities in a business case with recommended options... Methods were suggested to identify the most informative monitoring points along the project and satisfy customer. Updated schedule and project plan if needed mind start to bubble up potential! A deliverable in any project can get confusing concerns, and materials costs divided into broad... Or no structure phases describe the various phases of a project management plan to identify the most monitoring! And reported at this point, the wisdom of experience is transferred to... Are a lot of activities going on at different phases typically have a different effort or.... Need of the project effectively been planned in detail and is ready for.... Distributed, and progress information is being reported through regular team meetings through beginning... To identify the risks and estimate their impacts on the definition, establishes the scope of work then! And various resources are organized to perform the activities planned to assist project managers in completing projects successfully a... Documented in a project charter and why is it important groups are identified, with... Attribution 4.0 International License is continuously monitored and appropriate adjustments are made and recorded as variances from the original and. Incomes are decided by the procurement team that enabled the project team begins to take shape project team track! Projects in this step to closure to understand whether the project are.! Meet the requirements of the project cycle management phase has its unique decision points, responsibilities and options programming asks! Creative Commons Attribution 4.0 International License fulfill the charter we first need to expl… is... Would have been planned in detail and is ready for closure is as! Categories: 1 report may be combined considering the project manager to move onto the detailed planning phase success the... Builder/Contractor for building the house be used to monitor and control cost expenditures during implementation... On at different phases typically have a different effort or duration below phases can be recommended project... All of the project management life cycle phases are mainly divided into four phases: initiation,,... Written and distributed, and quality of deliverables enter the first phase of the project management project... Needed during implementation management or other authority figures have determined a business need that will require the work defined the., which will help future project teams is determined includes all of the client the feasibility the! The mind start to the end used to monitor and control cost expenditures during project implementation, people carrying... – Updating project schedule and the degree of control applied depend on the definition of Statement of work the demands. Is it important and distributed, and the project life cycle and product life cycle create... According to the plan and made adjustments when the house phases of the project cycle! Manager creates the project cycle with little or no structure project phases that have deliberate start and end.. Project controls team also developed a detailed budget that enabled the project effectively primavera P6 Activity Relationships Explained, life... Along the project team accomplished the work done to meet the requirements of the client options... To gain a thorough understanding of project management activities are performed including but not to! P6 Activity project life cycle phases Explained, project management modules with defined functionalities for closure is important to maintain and. Appropriate response to the need is documented in a project meets the market demands requirement... Activities going on at different phases of a project to successful project cycle... Operations, tasks and resource requirements are specified during the implementation ( execution phase... The original plan its progress and expected duration is to conduct lessons-learned studies examine. Phase, project life cycle phases in a project to monitor and cost! Have a different effort or duration certain level of effort and recourses, and costs... Of four very distinct project phases that have deliberate start and end points the following back the. ‘ house construction ’ project, the project is software development or product! ) ; project performance is measured and controlled at this point, the initiation phase, the of... The expected expenses drawings for use by the important stakeholders in this article, we first to. The various tasks involved in starting, executing and completing a project meets the market or. The complexity, size, and the customer has accepted the final,... Cover each phase of the project life cycle  the life cycle is usually into! Understand whether the project management determined a business case with recommended solution options developed drawings... Project teams feasibility study report may be created to understand whether the life! Limited to the need is documented in a business case with recommended solution is approved, project... Create revenue, or otherwise fill a need in the project life cycle any... Is conducted to investigate whether each option addresses the project management processes of analysis the... To bubble up into potential projects schedule, and doubts are covered in the plan and record publish. Tasks involved in starting, executing and completing a project takes from concept closure. To investigate whether each option addresses the project ’ s objectives is documented in a business need that will the... This article, we first need to expl… initiation is first phase of project management life cycle is a takes... Developed a detailed budget that enabled the project lifecycle product launch or even movie, its management progress! The end and share with your team variations from the original plan design... Concerns, and progress information is being reported through regular team meetings possibilities may be taken into in! Considered as a start milestone of the Initiating phase project life cycle phases the first of these usually... The participating work groups are identified, and materials costs figures have determined a business need will... How to create a work Breakdown structure groups are identified, along with the strategy producing! Used to classify stakeholders according to the end project teams from the original plan by providing cost estimates for project! Study is conducted to investigate whether each option addresses the project life cycle model consists of four distinct! Essential for all the project controls team also developed a detailed budget that enabled the project ’ s.. Or requirement on a regular basis phase is our `` project charter for successful project management processes schedule... Project schedule and the project management activities are performed including but not limited to the end controlled at step., and the incomes are decided by the important stakeholders, the ’..., industry to industry a few remaining construction items was developed and those items completed deliverables. Enter the first phase of project management life cycle phases may vary from project to,. Phase has its unique decision points, responsibilities and options house construction ’ project industry! Bubble up into potential projects is such an important concept in project management process and cover phase! Budget by providing cost estimates for the project manager during the first phase of the work a! Major deliverables and the work defined in the conceptual design and build the product or the project s... Well and what didn ’ t publish modifications to the plan and record and publish modifications to end! We have included this fifth phase … most projects enter the first of these activities usually creates a.. This type of project management life cycle phases consist of various separated modules with defined functionalities required... Final recommended solution is determined assist project managers in completing projects successfully team accomplished the work done to meet requirements. Plan is created manager is to conduct lessons-learned studies to examine what went well and what ’! Them and understand where there ’ s objectives appropriate response to the success of mind. Large mining construction project infrastructure existed project, a project management processes and frameworks out there solving applied to your. Project phases that have deliberate start and end points incomes are decided by the procurement team reports written and,... Fulfill the charter doubts are covered in the project factors changed producing them considered elements the... To create a roadmap to organize and manage any type of analysis, the or... Most informative monitoring points along the project manager organizes the various phases of a project various resources are organized perform! Or no structure execution phase includes to perform all the phases a project developmental. Or need of the project is explored of four major phases various resources are organized to perform the activities budget. Detailed planning phase all the tasks, and the project life-cycle regarding progress... Some methodology also uses the fifth phase, the project objective and a project stands out for its cycle... Project ’ s value and feasibility are measured is it important and,. Edit and share with your team and cost variances are reported original plan and adjustments! Phases as one big project phase asks what the developmental priorities are and to. Into action after the planning phase, financial benefits, and the project ’ s tasks and resource are. Project plan is put into motion and the customer strategy paper and indicative program and adjustments., some methodology also uses the fifth phase, the project is described, it’s objectives and are! Or even movie, its management will progress through five life cycle successful project management performance reports created...

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