What Are The 5 Stages Of Project Management: Checklist
Project management is a critical process for any business. It helps ensure that projects are completed on time, within budget, and to the customer’s satisfaction.
There are five stages of project management: initiation, planning, execution, monitoring and control, and closure.
This blog post will discuss each stage in detail and highlight what each step involves to help you get started!
What is Project Management?
Project management is the process of planning, executing, and monitoring the progress of a project. It involves setting objectives, designing activities, and assigning resources to achieve them.
Project management is a vital skill for any business owner or manager. It helps to ensure that projects are completed on time and within budget. It also helps to reduce the risk of project failure.
There are many different project management methodologies, such as the waterfall model and agile methodology. However, most share certain principles and go through the same phase.
What Are The Phases of Project Management?
There are five phases of project management. They are initiation, planning, execution, monitoring and control, and closure.
Let’s have a look at each stage and see what they involve.
Phase 1: Project Initiation
The initiation phase is the first phase of project management, where the project’s value and feasibility get assessed.
A team of experts does this by considering all aspects of the project, from its technical feasibility to its financial viability.
Then, the project sponsors approve the project and appoint a project manager who will ensure that all of the tasks in the project are completed on time and within budget.
Phase 2: Project Planning
This phase sees the project manager map out the goals and objectives of the project.
The project manager breaks down the goals into smaller tasks and milestones. They then create a schedule that outlines each task’s deadline. Estimating costs is also crucial at this stage in setting the budget.
The project manager and a risk management team also conduct a risk analysis to identify potential obstacles or bottlenecks that could impact the project.
Then they can develop a risk management plan to avoid and/or mitigate any risks that could impact the project.
In this phase, the parties also set up communication channels so that everyone involved in the project knows who to contact if they have any questions or concerns. And also to ensure that stakeholders can provide feedback and that updates on the project’s progress are shared promptly.
Phase 3: Project Execution
This phase is when the team does the project’s actual work.
The project manager will assign tasks to team members and provide them with the necessary resources to complete their work.
Team members will start working on their assigned tasks, and deliverables will begin to be delivered. Also, they regularly report their progress to the project manager.
Regular check-ins are essential to ensure that everyone is on track and that the project is proceeding as planned.
As the team completes each milestone, the project manager reviews it to ensure it meets the quality standards set for the project.
Phase 4: Project Monitoring and Control
Once a project is underway, monitoring and controlling the progress is essential to ensure it stays on track. This is the fourth phase of project planning, and it involves regular reviews of the project’s actual results to the expected consequences to identify any deviations.
If there are any deviations, the project manager will take corrective action to get the project back on track.
The team measures pre-determined Key performance indicators (KPIs) to monitor the progress of a project and identify areas that need improvement.
Various KPIs exist to measure progress, but some common examples include project completion rate, customer satisfaction, and cost per unit.
By tracking these KPIs, project managers can get a clear picture of how the project is performing and identify potential problems early on so that the team can address them before they cause significant delays or cost overruns.
In this phase, the project manager will also monitor the budget to help them.
The project manager can also utilize earned value management to measure the project’s performance viz-a-viz the value expended in terms of time, effort, and cost.
They can then carry out an earned value analysis can then be carried out to identify trends and predict future outcomes.
Phase 5: Project Closure
The final phase of project management is closure. This is when the team officially delivers all deliverables and completes the project.
The team conducts a post-project review to assess the overall performance and identify lessons learned.
The project manager then prepares a final report which documents the project’s results.
The project manager hands over the project to the client and releases the team members from their roles.
Project closure is essential as it allows for reflection on the project and enables documentation of lessons learned, which can be helpful in future projects.
How UPPWISE Helps With Project Management
Project management can be a manageable task. With the right tools and processes in place, it can be pretty straightforward.
UPPWISE is a project management software that helps you to plan and track your projects from start to finish. It supports significant project management methodologies and is customizable to fit specific project management needs.
With UPPWISE, you can easily create and assign tasks, track and have a clear overview of the project’s progress, generate reports to show the project’s performance, and collaborate with your team on projects.
Not to mention, Uppwise offers several integrations with different work tools and productivity apps to help you manage your projects even better.
If you’re looking for a comprehensive solution to help with your project management, then UPPWISE is the right tool for you.
Founder of Uppwise, Gioacchino has solid hands-on, experience and vision in the PPM Market, gained as a startupper and founder of a number of software & cloud-services companies. During the last two years he has lead the company transformation, shifting from the offering of a traditional PPM product to a new suite of SPM, APM and CWM products.