Stages of the project life cycle
INDEX
- Generation or pre-investment
- Execution or investment
- Operation
- Abandonment or closure of the project.
Project Management
Elements of a Project
What Is a Project?
It is a temporary endeavor undertaken to create a unique product, service, or result
Remember, a project is temporary and creates a unique deliverable
It is temporary in nature and has a unique deliverable
A project requires certain items to be completed, which are called tasks. A task can have numerous sub-tasks under it. Some tasks and sub-tasks are related or dependent on the start or completion of other tasks, while others are wholly independent.
There are five phases to every project
Monitor and control the project
Plan the project
Close the project
Execute the project
Initiate the project
Initiating & Planning the Project
The initiation phase is where the project is authorized to begin
- These materials provide the project management framework that helps keep the project moving forward.
- A major undertaking is the risk analysis, which covers the 'what if' scenarios and explores how those will be mitigated.
- Resource loading is planned; materials are estimated
- Permits are drafted, submitted, and approved; and insurance is acquired.
- Metrics such as earned value management (EVM) are adopted. (FORESCAST)
- If the organization uses an enterprise resource planning tool (ERP), then running transactions allows the project manager to quickly gain information. (SOFTWARE)
- This phase could also refer to an on-going project continuing on to another phase.
- Project objectives are created, the scope of the project is understood and defined, and all deliverables are identified
- The project funding is discussed as an overall budget.
- The project management plan and project management documents (for example, schedule, financials, procedures, etc.) are created, reviewed, and approved.
Executing the Project
During the execution phase, the project management team or leader produces the deliverables that were identified during initiation. Here, all of the processes and methodology that were created, reviewed, and accepted during the planning of the project come to fruition. The project manager ensures that all of the processes are being followed so that the deliverables meet project specifications. During this phase, a large amount of the budget is consumed.
Monitoring and Controlling
This phase can be thought of as a feedback cycle, since the processes and metrics that were outlined in planning are used for evaluation. Monitoring and controlling run simultaneously with the execution and sometimes it runs simultaneously with the planning and closeout phases, depending on the duration of the planning and closeout phases. During this phase, the project manager reviews specific criteria to determine the health of the project. The health of a project is assessed according to how the project is doing compared to an established metric. If the project's health is not good, the project manager can make changes to aspects of the planning or execution that will improve the health of the project. This phase of the project may continue even after the project is complete.
+info
Closing the Project
Key elements of closing a project
Consists of all the processes required to close each element of the project.
Customer acceptance of the project and a compilation of lessons learned to be shared for future projects. Once accepted by the client, the project insurance can be canceled, permits closed, invoices are paid, and a summary report is issued as required.
Here the project is formally accepted by the customer, a post-project review is completed, lessons learned are compiled, and relevant documents are stored.
Lesson Summary
100%
A project is temporary in nature and creates a unique deliverable. Projects are composed of tasks, or certain items to be completed. Some are dependent on others, while some are stand-alone items.
A project has five key elements, also known as phases, or process groups. The first phase is initiation and is where the project is authorized. Next, planning is done for creating a framework of tasks to be done. Next comes execution where the tasks are carried out. Monitor and control is the feedback cycle used for assessment, while the final closeout phase results in acceptance of the final, completed project.
THE END
¡Thats all folks!
stages of the project life cycle
Carola Rosas
Created on September 12, 2021
Start designing with a free template
Discover more than 1500 professional designs like these:
View
Smart Presentation
View
Practical Presentation
View
Essential Presentation
View
Akihabara Presentation
View
Pastel Color Presentation
View
Winter Presentation
View
Hanukkah Presentation
Explore all templates
Transcript
Stages of the project life cycle
INDEX
Project Management
Elements of a Project
What Is a Project?
It is a temporary endeavor undertaken to create a unique product, service, or result
Remember, a project is temporary and creates a unique deliverable
It is temporary in nature and has a unique deliverable
A project requires certain items to be completed, which are called tasks. A task can have numerous sub-tasks under it. Some tasks and sub-tasks are related or dependent on the start or completion of other tasks, while others are wholly independent.
There are five phases to every project
Monitor and control the project
Plan the project
Close the project
Execute the project
Initiate the project
Initiating & Planning the Project
The initiation phase is where the project is authorized to begin
Executing the Project
During the execution phase, the project management team or leader produces the deliverables that were identified during initiation. Here, all of the processes and methodology that were created, reviewed, and accepted during the planning of the project come to fruition. The project manager ensures that all of the processes are being followed so that the deliverables meet project specifications. During this phase, a large amount of the budget is consumed.
Monitoring and Controlling
This phase can be thought of as a feedback cycle, since the processes and metrics that were outlined in planning are used for evaluation. Monitoring and controlling run simultaneously with the execution and sometimes it runs simultaneously with the planning and closeout phases, depending on the duration of the planning and closeout phases. During this phase, the project manager reviews specific criteria to determine the health of the project. The health of a project is assessed according to how the project is doing compared to an established metric. If the project's health is not good, the project manager can make changes to aspects of the planning or execution that will improve the health of the project. This phase of the project may continue even after the project is complete.
+info
Closing the Project
Key elements of closing a project
Consists of all the processes required to close each element of the project.
Customer acceptance of the project and a compilation of lessons learned to be shared for future projects. Once accepted by the client, the project insurance can be canceled, permits closed, invoices are paid, and a summary report is issued as required.
Here the project is formally accepted by the customer, a post-project review is completed, lessons learned are compiled, and relevant documents are stored.
Lesson Summary
100%
A project is temporary in nature and creates a unique deliverable. Projects are composed of tasks, or certain items to be completed. Some are dependent on others, while some are stand-alone items.
A project has five key elements, also known as phases, or process groups. The first phase is initiation and is where the project is authorized. Next, planning is done for creating a framework of tasks to be done. Next comes execution where the tasks are carried out. Monitor and control is the feedback cycle used for assessment, while the final closeout phase results in acceptance of the final, completed project.
THE END
¡Thats all folks!