All You Need To Know About 5 Phases Of Project Management Life Cycle - image

All You Need To Know About 5 Phases Of Project Management Life Cycle

Team Onstro on February 16, 2024 in Project Management

Key Highlights:

  • The project life cycle is a structured plan of workflows from the beginning to the end.
  • Project life cycle consists of five phases: initiation, planning, execution, monitoring, and closure.
  • Onstro is all-in-one software that ensures everything goes right throughout the project life cycle.

No matter what kind of project you deal with, it does have a beginning and an end. All of them go through the same loop of beginning, execution, and conclusion. This is called a project life cycle.

Reports state that 9.9% of every dollar spent on a project is wasted due to poor project management. That’s why it is important to have a deep understanding of what are the phases of the project life cycle when you draft a project plan. Let’s get into it.

What is a project life cycle?

The project management life cycle is a structured plan that includes the order of workflows from the beginning to the end. When you have a clear-cut idea of it, you can have a bigger view of the project for better management.

Also Read: 7 Practical Tips To Improve Productivity In 2024

5 Phases of Project Life Cycle

The Project Management Institute has clearly defined the project life cycle phases through which each project goes, which is considered the standard by most businesses. Read on to know what are the five stages of the project life cycle:

  1. Initiation Phase

    This is the beginning of the project life cycle where project managers are expected to define the scope of the project. You are required to put together all the available information about the project, such as available resources, time, and specifics, in a systematic order. Proper research must be conducted to determine whether the project is feasible and worthy.

    The main aim of the initiation phase is to explain what you expect from the project and how you plan to get it. It is better to get in touch with the stakeholders to make sure that they have the same perception as yours and avoid confusion.

  2. Planning Phase

    Once the goals are set, the next step in the project management life cycle is to develop a detailed plan. This plan is a roadmap showing all the activities that must be done to attain project goals. At this stage, you must determine how your team will deliver the project on time. Some important things to be included in the project plan are:

    • Work Breakdown Structure: break down the project into simple actionable tasks. Each task must have a deadline and should be assigned to a team member.
    • Communications Management Plan: It is an outline of how communication flows within the team and with outside stakeholders.
    • Resource Plan: Estimate the amount of resources you have and how much will be required for the project.
  3. Execution Phase

    The execution phase is one of the most important stages of a project life cycle. You can start with a team meeting to brief the resources and set the ground rules for putting the plan into action. You must keep an eye on the work to make sure that everyone’s on the right track.

    At this stage, you may require project management software like Onstro for better performance tracking. It helps you to view the project’s progress and check how many resources were used at each stage of the project.

  4. Monitoring and Control Phase

    One of the most crucial project management life cycle phases is monitoring and controlling. As a project manager, you must ensure that every team member is on the right track. And the best way to do so is to track individual performances effectively. You can consider various metrics to ensure the project gets completed within the fixed time and resources.

    If things aren’t going as planned, it’s important to figure out how to adjust the project so that it still meets the client’s expectations while staying within the budget, timeline, and quality requirements. Apart from that, you must also build contingency plans to control any potential risks.

  5. Closure Phase

    In the last project management life cycle phase, you are expected to wrap up with a post-project review. Was the project successful in satisfying the client? Was your plan successful in completing the project within the required time and resources? If not, figure out the reasons why it failed. The main aim of this phase is to ensure the identification of errors and the execution of follow-up measures to avoid such situations in the future.

Final Words

Managing the stages of the project life cycle is pretty simple, right? Well, it’s not as simple as it seems. You require the right set of tools to make sure that the project is on track through each stage. Onstro Projects is a comprehensive software to help you throughout your project management life cycle journey. You can easily keep track of your project’s progress and receive notifications. Contact us now for an all-in-one software platform.

Team Onstro