📚The 5 Phases of a Project
👉Project Initiation Phase – a project is formally started, named and defined at a broad level during this phase. Project sponsors and other important stakeholders due diligently decide whether or not to commit to a project. Depending on the nature of the project, feasibility studies are conducted. In the construction industry a project charter is completed in this phase.
👉Project Planning Phase – a project management plan is developed comprehensively of individual plans for – cost, scope, duration, quality, communication, risk and resources. A plan for managing identified and unidentified risks is determined as this may affect aspects of a project later on. 👉Project Execution Phase – a project deliverable is developed and completed, adhering to a mapped-out plan. A lot of tasks during this phase capture project metrics through tasks like status meetings and project status updates, other status reports, human resource needs and performance reports. 👉Project Monitoring and Control Phase – occurring at the same time as the execution phase, this one mostly deals with measuring the project performance and progression in accordance to the project plan. Scope verification and control occur to check and monitor for scope creep, change control to track and manage changes to project requirement. Calculating key performance indicators for cost and time are done to measure the degree of variation, if any, and in which case corrective measures are determined and suggested to keep a project on track. 👉Project Closure Phase – A project is formally closed. It includes a series of important tasks such as delivering the product, relieving resources, reward and recognition to the team members and formal termination of contractors in case they were employed on the project.
✍️Summary of the article published on www.project-management.com
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