Project Management can be termed as the process of planning and executing projects. Organizations across many industries hire project management professionals (PMPs) to plan and execute projects to meet their customer’s requirements. The successful delivery of a project determines the productivity and ultimately the profits of a business organization. Thus, it becomes necessary to first and foremost understand the term ‘project’ and its importance in achieving an organization’s objectives.
What is a Project?
A project is a task or series of tasks that have a set objective and a defined time limit. It means that these tasks need to be completed within a time frame and have to meet the objective they were created for.
Each project is unique and has a definite ending. Once the product or services are created by the organization and delivered to their clients, the project ends there. Thus, projects have set goals, once they are achieved the process stops. Unlike other processes in an organization, projects do not continue forever.
Project management focuses on managing the project life cycle, which is the process from the initial discussion to the delivery of the project.
The 5 phases of the project life cycle are as follows:
· Project Initiation
This is the initial process where the feasibility of the project is discussed. It’s the start of the project. Organizations analyze the customer requirement and discuss with their stakeholders, the goals and objectives of the project. In the PMBOK (Project Management Body of Knowledge) Guide, it’s referred to as a project charter. Depending on the outcome, the project is then moved to the next phase, which is the planning stage.
· Project Planning
This phase focuses on creating a plan of action for the project. This includes establishing the duration of the project completion, allocation of resources- financial and human, and the scope of the project. This phase is the most crucial of all phases in the project life cycle as the project outcome is directly affected. Project planning dictates the next two phases in the project life cycle. Thus, PMPs need to have sufficient knowledge to set the goals clearly and delegate tasks to their team members efficiently.
· Project Execution
After assigning the tasks to the project management team, project managers need to ensure that the assigned tasks are executed in a timely manner. They need to allocate resources efficiently to make sure that the project stays within the budget. There are several variables in this phase that might affect the end result. It is the responsibility of PMPs to evaluate these problems and find solutions to ensure the project is moving in the right direction.
· Project Monitoring and Control
The monitoring and control phase of the project development process can take place along with the execution phase. It focuses on overseeing the project execution phase and monitoring the progression. Project managers keep track of the performance of the project management team and make sure that there are no problems in the process. In case of any problems, they use project management tools to bring the project back on track.
· Project Closure
It is the final phase of the project life cycle. Project closure is reached when the goals and objectives of the project are met. According to the objective of the project, this process can be the delivery of the project to the clients or the transfer of the project from one team to another within the business organization.
Aspiring project managers and other PMPs can learn all about the importance of ‘project’ and the five phases of the project life cycle in detail through the PMP Certification Training. This will help PMPs to ensure successful project delivery for their organization and have an equally successful career in project management.