Scribd
Upload
2 views

Project Life Cycle

The document outlines the project management life cycle, which consists of five phases: Initiation, Planning, Execution, Monitoring and Controlling, and Closure. It details the processes involved in each phase, including the creation of a project charter, stakeholder identification, and the importance of planning and executing tasks effectively. The closing phase emphasizes the need to finalize deliverables, resolve outstanding issues, and document lessons learned to ensure project completion.

Uploaded by

g2hghzbm7y
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
2 views

Project Life Cycle

The document outlines the project management life cycle, which consists of five phases: Initiation, Planning, Execution, Monitoring and Controlling, and Closure. It details the processes involved in each phase, including the creation of a project charter, stakeholder identification, and the importance of planning and executing tasks effectively. The closing phase emphasizes the need to finalize deliverables, resolve outstanding issues, and document lessons learned to ensure project completion.

Uploaded by

g2hghzbm7y
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
You are on page 1/ 32

Faculty of Economics

Subject Project Management

Lecturer: Imranullah Mateen


Project Management
Project Life Cycle
Chapter No.2
And eat one bite each time.
The project management life cycle describes high-level processes for delivering a successful project.

The project management life cycle is usually broken down into five phases:
1. Initiation
2. Planning
3. Execution
4. Monitoring and controlling, And
5. Closure.
Initiating Process Group

Reasons for entering project initiating

Project Charter

Stakeholder
Register
1. Initiation
First, you need to identify a business need, problem, or opportunity and brainstorm ways that
your team can meet this need, solve this problem, or seize this opportunity. During this step,
you figure out an objective for your project, determine whether the project is feasible, and
identify the major deliverables for the project.
High-level planning is summarized in a project charter, which documents high-level
estimates, measurable objectives, success criteria, milestones, and an initial budget. It
may also include creating a high level WBS and high-level risk identification.
The charter once formally approved by the sponsor, gives the project manager the
authority to continue the project beyond initiating. It also provides a guiding vision of the
project’s business case and benefits management plan, and the organization’s strategic
objectives.
Project charter and stakeholder register are the outcomes of Initiating Process Group.

Business case and benefits management plan show the reason the project is being
done and the benefits the organization expects to gain as a result of it.
Project management steps for the initiation phase
Steps for the project initiation phase may include the following:

Undertaking a feasibility study: Identify the primary problem your project will solve and
whether your project will deliver a solution to that problem
Assign a project manager
Identifying scope: Define the depth and breadth of the project
Identifying deliverables: Define the product or service to provide
Identifying project stakeholders: Figure out whom the project affects and what their
needs may be
Developing a business case: Use the above criteria to compare the potential costs and
benefits for the project to determine if it moves forward
Developing a statement of work: Document the project’s objectives, scope, and
deliverables that you have identified previously as a working agreement between the
project owner and those working on the project

Example for Statement of Work


https://www.lucidchart.com/blog/how-to-make-a-project-charter
Double arrows indicate that a change in product scope during execution, monitoring,
and control may require revisiting the planning phase to incorporate the change.

The broken line directed from monitoring and controlling toward initiation tells us
that returning to initiation is not guaranteed but can occur due to unexpected events.
In case of large projects, overall initiation is required followed by initiation in each phase.
Planning Process Group

Reasons for entering project planning


ii. Planning Process Group:
During this phase of the project management life cycle, plan for each part of your
project, break down the larger project into smaller tasks, build your team, and
prepare a schedule for the completion of assignments. Create smaller goals within
the larger project, making sure each is achievable within the time frame.
The first thing you need to do is figure out how you will plan, execute, and control
for each knowledge area i.e.
• Schedule
• Budget
• Scope
• Risk
• Communications
• Identify resources
• Negotiate with stakeholders about their requirements and expectations

A detailed plan is developed to manage all project baselines, including scope, schedule, cost, and quality.
Executing Process Group

Reasons for entering project executing


Integrated Change Control (ICC) and a Management Plan (often called a Change Management
Plan or CMP) are two processes that work together in project management to handle changes
effectively. Here's how ICC can result in a changed Management Plan:
1. Identifying Changes:
The ICC process helps identify any modifications proposed to the project's original scope, schedule,
budget, or other factors.
2. Evaluating Changes:
Once a change is identified, ICC assesses its impact on the project. This might involve analyzing
how it affects costs, timelines, resource allocation, or risks.
3. Deciding on Changes:
Based on the evaluation, the ICC process determines whether to approve, reject, or defer the
change.
4. Updating the Management P
If a change is approved, it will inevitably impact the original project plan. The Management Plan,
often focusing on how changes will be handled, needs to be updated to reflect the new reality.

These changes can be identified by Project Team Members, Project Manager, Project Stakeholders, External Influences.
Executing Process Group

The purpose of project executing is to complete the project work as defined in the plan,
to produce the project deliverables (the product scope) at agreed quality levels, within
the project approve budget and schedule. This achieves the expected business value
and agreed-upon benefits.
The focus for the project manager in executing is leading people, removing barriers to
progress, and managing physical resources to accomplish the project as planned.

The Executing Process Group is responsible for carrying out the project plan to create the project deliverables.
Monitoring and Controlling Process Group

The focus of monitoring and controlling is ensuring the project is progressing


according to plan and approving necessary changes to the plan to meet the
organization’s strategic objectives and deliver the expected benefits.
Monitoring and Controlling Process Group

Key outputs that trigger monitoring and controlling, and potential next steps
Closing Process Group

Reasons for entering project closing


The Closing Process Group only has one primary process: close out the project or
phase. This process involves ensuring the customer has accepted all final phases or
project deliverables. Documentation should also be completed and stored and any
loose ends of the project or phase should be tied up.
The closing process group formally completes a project and ensures all loose ends are tied up.
Tiding up loose ends include
• Completing remaining tasks
• Resolving outstanding issues
• Finalizing deliverables
• Closing out contracts
• Documenting lessons learned
• Obtaining final approval
A woodsman was once asked, “What would you do if you had just five minutes to chop down a tree?” He
answered, “I would spend the first two and a half minutes sharpening my ax.”
Take the time to prepare properly, and you’ll save yourself a lot of time, effort, and wastage of resources.

https://nulab.com/learn/project-management/everything-you-need-to-know-about-creating-a-statement-of-
work/#:~:text=Statement%20of%20work%20vs%20scope%20of%20work%20vs%20project%20charter&tex
t=There's%20no%20difference%20between%20a,of%20work%20throughout%20this%20article.
Some characteristics of a project
The cost of
change or
correcting
errors
typically
increases
substantially
as the
project
approaches
to closer.
The objective of throwing darts is to hit the bullseye.

You might also like

pFad - Phonifier reborn

Pfad - The Proxy pFad of © 2024 Garber Painting. All rights reserved.

Note: This service is not intended for secure transactions such as banking, social media, email, or purchasing. Use at your own risk. We assume no liability whatsoever for broken pages.


Alternative Proxies:

Alternative Proxy

pFad Proxy

pFad v3 Proxy

pFad v4 Proxy