According to the Project Management Institute (PMI), a project lifecycle comprises of the following components:
This section is based upon the presumption that the project has already been rewarded to you and the project charter has been duly produced. A Project Charter should entail a brief and accurate account of the project along with the designation of a suitable Project Manager. Projects can also be initiated through commercial contracts specifically in the case of consultation firms. A detailed account of various steps involved in the project lifecycle are as follows:
In the initial phase, the project team and project parameters will be determined. It includes the analysis of project risks and benefits, stakeholder expectations and repurposing the project goals. The project team will be selected depending upon their expertise, skillset and required role in the team. Lastly, a detailed SOW (Statement of Work) will be produced encompassing an overview of the outcomes of the project in the form of final products or services.
The planning phase involves mapping out every process of the project i.e., schedules, roles and responsibilities, deliverables, project cost, scope, and contribution of every team member. This phase is terminated through the formation of a detailed project management plan. This plan entails a refined project scope along with an explanation regarding execution, monitoring, control, and closure of the project. It should be noted that this document is used as a project baseline throughout the project lifecycle.
The process of execution can simply be understood as a practical application of the project management plan. Additionally, this phase will also include implementing the suggested corrections or amendments.
This phase involves active monitoring of various processes in order to ensure that the workflow does not deviate from the initial plan. A standard change control procedure will be employed in order to update and amend the project plan. Moreover, it also involves the addition and approval of newer project deliverables.
Closing or termination of the project simply involves accepting the achieved outcomes and shutting down the overall process or any phase of it. It also entails reviewing the deliverables in line with the preferences of the stakeholders and your team. A formal project closure document as well as a project evaluation report is produced at the end of this phase.
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