Project Management Strategy
November 5, 2012
Five Phases of Project Management
Life cycle management is a business management approach that can be used by all types of businesses (and other organizations) to improve their products and thus the sustainability, employing the principles of project life cycle – the five phases of project management, which consists of, initiation, planning, execution, monitoring, and closure.
The first phase of a project is the initiation phase. During this phase, a business problem or opportunity is identified and a business case providing various solution options is defined. Once the recommended solution is approved, a project is initiated to deliver the …show more content…
In Project Closeout, the Project Team assesses the outcome of the project, as well as the performance of the Project Team and the Performing Organization. This is accomplished primarily through soliciting and evaluating feedback from Customers, Project Team members, Consumers and other stakeholders. The primary purpose of this assessment is to document best practices and lessons learned for use on future projects. In addition, key project metrics are also captured to enable the Performing Organization to compare and evaluate performance measurements across projects. Project completion is signified by accomplishments such as (1) all tasks finished, (2) agreed deliverables completed, (3) testing completed, and (4) training materials prepared. The project benefits should be measured and compared with the final business case. Not all the benefits of the project are immediately apparent. The results must be compared with the cost-benefit analysis along with all the other forecast benefits that the project was planned to provide the organisation.
Analyzes how each phase could support the organization’s business strategy. There is a dramatic rise in the use of project management as organizations shift to provide customer driven results and systems solutions. Some implementations of project