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The project management life cycle consists of five distinct phases: initiation, planning, execution, monitoring and closeout. Each phase has its own set of challenges and objectives that must be completed in order to move on to the next stage.
1. In the initiation phase, the project team is formed and the project scope is defined. This is the stage where the project manager creates the project charter and obtains approval from stakeholder.
2. The planning phase is where the project manager develops the detailed project plan. This includes creating schedules, identifying risks and developing contingency plans. The goal of this phase is to ensure that all team members are aware of their roles and responsibilities and that everyone is on the same page in terms of what needs to be done.
3. During the execution phase, the project team carries out the tasks detailed in the project plan. This is where most of the work occurs and where progress is made towards achieving the project objectives.
4. The monitoring phase is where the project manager keeps track of progress and monitors for any signs of trouble. This is also the stage where changes are made to the project plan if necessary.
5. Finally, in the closeout phase, the project manager completes all paperwork and ensures that all deliverables have been met. Once everything has been wrapped up, the project can officially be considered complete.
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