It is wrong to say that the stressful part is seeing a new project through, but actually, it is tricky to choose the right project management type. Without the right project management methodology, a project can slow to a crawl or run into a wide array of barricades, or can also go off the track totally and never witness the finish line. In this blog, I have shared the most important topics of project management – its 5 stages as well as different methodologies of project management. Without further ado, let’s begin.
What are the 5 stages of project management?
Stage 1: The Initiation of the project
At this stage of project management, one has to set the goal of the project and define the same at an extensive level. This is the phase, wherein, the feasibility of the project needs to be identified.
Stage 2: The Planning of the project
Now, the second stage is where the planning of the project comes to play, which decides the key to successful project management. This is the stage when goals are set using two significant methods namely, SMART and CLEAR, which means specific, measurable, attainable, realistic, timely and collaborative, limited, emotional, appreciable and refinable.
At this stage, the project manager makes sure that the following factors are being taken care of during the project:
- Scope Statement – This is a document that describes the requirements of the business, project’s benefits, purposes, deliverables, as well as key milestones.
- Work Breakdown Schedule (WBS) – Work Breakdown Schedule is a graphic representation that cracks down the area of the project into feasible sections for the rest of the people involved.
- Milestones – Identify high-level goals that need to be met throughout the project and include them in the Gantt chart.
- Gantt chart – This is a graphic timeline that you can use to plan out tasks and envisage your project timeline.
- Communication Plan – This includes the development of the proper messaging around the project and in creating an agenda of the need to communicate with other members of the squad-based on deliverables and milestones.
- Risk Management Plan – Identify all foreseeable risks such as unrealistic time and cost estimates, customer review cycle, budget cuts, changing requirements, and lack of committed resources to name a few.
Stage 3: Project Execution
This is the phase where the project manager has to mention all the deliverables and the ones that are completed. Below are some of the major tasks that are accomplished during this stage:
- Develop team
- Assign resources
- Execute project management plans
- Procurement management if needed
- PM directs and manages project execution
- Set up tracking systems
- Task assignments are executed
- Status meetings
- Update project schedule
- Modify project plans as needed
Stage 4: Project Performance/Monitoring
Stage four is related to the assessment of the development and performance of the project. During this phase, it is also ensured that everything happening is in complete compliance with the project management plan. Project managers will take into consideration the key performance indicators (KPIs) to examine if the project is going on the right path. A project manager will typically pick two to five of the following key performance indicators to measure project performance:
- Project Objectives
- Quality Deliverables
- Effort and Cost Tracking
- Project Performance
Stage 5: Project Closure
Finally, the fifth stage is the project closure wherein the presentation of completion of the task is projected.
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