What Are the 5 Steps In the Project Management Process?
All projects must go through the following five stages of the project management process: initiation, planning, execution, monitoring and control, and closure. Process groups, the project management cycle, and the project lifecycle are other names for these project management stages. Now let’s go over each of these actions.
Using a number of project management documents, the project manager must demonstrate at this first stage that the project is feasible and valuable. The following are the principal ones:
- Business case: A business case explains why the project is necessary and outlines its goals and expected return on investment.
- Feasibility study: A feasibility study establishes the project’s ability to be completed on schedule and within budget.
- Project charter: A project charter outlines the goals and objectives of the project.
The project manager is required to form a project team and establish a project management office upon approval of the project. Project goals and scope are set at the kickoff meeting, which concludes the project beginning phase.
2. Project Planning
The production of a project plan, a detailed project document outlining the project’s execution strategy, is the aim of the project planning phase. This is a brief synopsis of a project plan’s key components.
- Project schedule: This outlines a timetable for work completion and resource distribution.
- Project budget: The total of all projected project expenses is the project budget.
- Scope management plan: The scope management plan outlines the tracking procedures for the scope of your project as it progresses.
- Risk management plan: The project’s potential risks are described in the risk management plan, along with mitigation techniques.
- Resource management plan: The resource management strategy outlines the acquisition, distribution, and management of your resources during the course of the project.
- Stakeholder management plan: All project stakeholders are listed in the stakeholder management strategy, along with management rules.
Gantt chart software, which offers a visual depiction of the complete project timeline and project scope, is frequently used by project managers to set up their project plans. Certain Gantt charts can recognise critical path activities on their own.
3. Project Execution
Project execution, or carrying out the plan in order to accomplish the goals and objectives of the project, is the third stage of project management. As a project moves closer to the monitoring and control phase, project managers must supervise the project management knowledge areas during the project execution phase. In order to keep the team working, the project manager will reallocate resources or modify the time and scope as necessary. They will also recognise and reduce risks, address issues, and apply any modifications.
4. Project Monitoring and Control
Project monitoring and control, the fourth phase of project management, happens while the project is being executed. In order to make sure the project team stays on track and within budget, it entails keeping an eye on how the project execution activities are going. Quality assurance is ensured through the application of quality control techniques. Another essential component of this project management phase is reporting. Project managers can use it to monitor progress in the first place, and stakeholders can receive updates during presentations by using the data it provides. Numerous project management reports are available, including those on project status, timesheets, workload, allocation, and expenses.
5. Project Closure
Project closing, the fifth stage of project management, involves presenting the stakeholders with the completed deliverables. Resources are released, paperwork is finished, and everything is signed off on after approval.
What is Project Management? Definition, Concepts and Approaches
Ever wondered what project management is all about? In this article, we’ll take a casual stroll through its ins and outs. From where it all began to how it’s used today, we’ll chat about the basics, the methods, and why it’s such a big deal. Whether you’re a newbie or a pro, let’s dive in and explore how project management makes things happen. Ready to get started?
Let’s do this! The process of employing information, abilities, instruments, and methods to finish a set of activities to provide value and reach a goal is known as project management.
Table of Content
- What is a Project in Project Management?
- What is Project Management?
- Project Management History
- What are the Areas of Project Management?
- Why is Project Management Important?
- Who uses Project Management?
- When do we use Project Management?
- What Are the 5 Steps In the Project Management Process?
- What Types of Project Management Exist?
- How to Start a Project Management Career
- What Skills Are Needed to Succeed In Project Management?
- Various Roles in Project Management:
- What Tools Are Used In Project Management?