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Mastering 4 Phases of Project Management
Mastering 4 Phases of Project Management
5 Project Management Mistakes to Avoid
1. Initiation
Overview
The initiation phase formally authorizes the start of a new project. In this phase, you conceptualize a project from a high level, determine project costs and benefits, and identify the key stakeholders who will be involved or impacted by the project. Executive management often makes a decision based on two determining factors: feasibility and value.
- Is the project feasible?
- Is the project financially or strategically profitable?
Potential Action Items in the Initiation Phase
Conduct a Feasibility Study
A feasibility study determines the likelihood of a project’s success, taking into account various factors—such as economic, technological, scheduling, and resources.
Define the Project’s Scope
A project’s scope is the work involved to complete a project. It includes the project’s deliverables, timelines, and costs.
Identify Key Stakeholders
Determine who will be involved or impacted by the project. What will their needs be?
Planning
Overview
Planning may arguably be the most important phase of project management. It’s when you break down the project goals into smaller, actionable tasks. You’ll need to determine who should be involved in the project, what needs to happen, in what order, and by what date. This phase also includes planning for the unexpected—identifying potential project risks and how to address them. Your golden ticket to a successful project is a thorough project plan.
Potential Action Items in the Planning Phase
| Gather Resources | Create a Project Plan | Create a Scope Statement | Create a Work Breakdown Structure | Develop a Timeline | Conduct a Kickoff Meeting |
| Select who should be involved in the project team and to what capacity. Ensure that your project team has the necessary tools or resources to complete their tasks. | A project plan is a document that answers questions regarding who will take part in a project, what deliverables or activities are involved for successful project completion, and when key milestones are due. | A scope statement describes the specific tasks required to complete project deliverables successfully. It may also include assumptions, risks, and a statement of tasks that are in, or out, of the project’s scope. | A work breakdown structure is a document that graphically displays everything that a project needs to accomplish. It breaks down deliverables into smaller components and organizes them into a hierarchy. | Map a visual timeline for your team with clear deadlines for key milestones leading up to the final deadline for the completed project. Also, plan meetings to check on progress or share project updates. | A kickoff meeting is the first time that you and the project team meet about the new project. Brief your team about the project at a high level. |
Execution and Monitoring
Overview
In the execution and monitoring phase, the project plan is put into motion: activities commence, project team members perform their assigned tasks, and the project manager monitors the team’s progress while working to solve issues as they arise.
Potential Action Items in the Execution and Monitoring Phase:
- Set Up Tracking Systems
- Define what variables need to be measured and set up tracking systems to monitor them.
- Hold Status Meetings
- Conduct regular status meetings to monitor the team’s progress and identify project roadblocks early.
- Manage Change
- Direct and communicate necessary changes to the project depending on changing constraints, risks, updates, or roadblocks. Update the project plan accordingly.
Closure
Overview
Closure occurs when you reach your project goals and deliver the project to its intended client, users, or executive management. While this phase marks the end of a project, a project manager has several last steps to take before moving on.
Potential Action Items in the Closure Phase:
- Review the Results
- A project reaches its closure when you achieve the project goals. Review the project before delivery. Have you completed all deliverables? Does it satisfy the defined objectives?
- Present the Project
- You may decide to walk the client or project stakeholder through the final product, service, or result that your team created. You might present the project in person, discuss it over the phone, or meet over a video-conferencing service. Taking this extra step gives the project manager the opportunity to manage expectations, explain the reasoning behind key decisions, and communicate the project’s success.
- Debrief with the Team
- Meet with the project team and review what happened during the project. Identify what worked, what didn’t work, and brainstorm suggestions for improving similar projects in the future.
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