From Initiation to Closure: 5 Key Phases of Project Management

From Initiation to Closure: 5 Key Phases of Project Management

A recent study highlights that businesses that undervalue the importance of project management experience a failure rate of 67% across all their projects.

So, if you’re among these business owners whose every effort seems doomed, it’s time to pay a little more attention to the project management process.

Keep reading for the basics about the five major phases of project management to get started.

1. Conception and Initiation Project Management Phases

This is where an abstract idea starts to take shape in a manageable form. Some of the main things you’ll set up at this time include choosing a team to carry out all the other elements of project management.

It’s also the phase where you’ll set a timeline for your project, define its goals and scope, and agree on a budget for it. At this stage, you must also get approval from the person who initiated the project.

If you’re planning to use Asana, Basecamp, or Microsoft Project download it at this stage to keep everyone on track and in touch.

2. Planning 

The planning phase is a lengthy one in which you lay out every aspect of the project in detail. It covers aspects, like: 

  • Identifying technical requirements
  • Compiling a detailed project schedule
  • Creating a communication plan
  • Laying out goals and deliverables

It’s important to set SMART goals, which are specific, measurable, attainable, realistic, and timely. 

Project managers develop a work breakdown structure that breaks the entire project clearly into different sections for the team’s management. The project manager must be able to change the project as necessary to avoid delays and bottlenecks.

3. Execution 

This is where most of the work takes place. During the execution phase of project management, the project manager must establish efficient workflows and monitor the team’s progress carefully.

They must also ensure there’s effective collaboration between team members and stakeholders to avoid confusion and double work.

The best project management software plays a huge role at this stage, by improving productivity and efficiency.

4. Monitoring and Controlling Phases of Project Management

These elements of project management run simultaneously with stage three. They make sure that the team meets their objectives and project deliverables.

KPIs and CSFs are effective management tools to ensure everybody sticks to the original plan and meets the project objectives on schedule. Project managers need to keep track of costs and effort during the execution phase.

This information is vital for planning future projects.

5. Project Closing

This is the final phase of the project life cycle and involves wrapping up all the loose ends after delivering the outcome. Some of the things involved at this stage include terminating any contracts with hired personnel and finalizing the related paperwork.

Many teams conduct an autopsy of the project at this stage. This is useful for contemplating their successes and failures throughout the project and helps guide their future efforts.

Finally, the project manager should compile a detailed report covering every aspect and store this data in a secure place.

Managing for Success

Skimping on any of the phases of project management can lead to disaster when you’re planning a large project. So, keep these steps in mind when you conceive your next big idea and ensure your team implements them to ensure success.

Would you like some more ideas to grow your business? Browse our blog for the latest business news as well as articles on a wide range of topics.