Project Life Cycle
A beginning, halfway point and an end. Similarly, a project life cycle follows a basic framework that helps you manage a project from start to finish. In this article, we will describe the four essential phases (or 'actions' to labore the storytelling analogy) of a project life cycle that needs to be carried out to lead the project to completion.
These stages provide project managers with the foundation for the most rational and productive path to a successful project .
1. The initiation phase
It is the puzzle's first piece for any given project. It is the stage at which you identify your question, the desired outcome and any details required to start the project .
The initiation phase should define the following details:
1. An agreed business case to justify the project idea
2. The problem the project is trying to solve
3.The project’s objectives and what you aim to achieve
4. What exactly the project will deliver
5. How you plan to successfully execute the project
6. A steer on likely budget, timeline, and any potential risks.
2. The planning phase
If the appropriate stakeholders are on board with the project's launch, the planning process involves a more comprehensive approach that breaks down the individual tasks and explains precisely how the project will operate. The planning process will decide the following two main elements: Consensus on the project's strategic scope — what progress looks like and the concrete objectives required to achieve it Identifying the practical information to accomplish this — finalize the budget, define the project schedule for all projects, evaluate the resource requirements (internal and/or external) and assign main projects to the correct project.
3. The execution phase
It is the stage of the project where the actual work is being performed to achieve the decided end goal. It ensures that the team members conduct their duties, along with project management guidance, to ensure that everything runs as scheduled and that any problems occurring are resolved
The execution phase should encompass the following workstreams:
1.Team members fulfil their assigned tasks as agreed
2.Monitoring time and budget
3. Identifying potential issues and determining solutions
4. Additional resources requirements
5.Foresight on ways to further streamline the project.
4. The project closure phase
The final phase happens after completion of the above implementation process, and the project is ready for closure. This includes not only delivering the requisite deliverables and putting all loose ends together, but also reviewing the project's progress and any learning that can be implemented going forward.
The project closure phase should cover off the following steps:
1.Supply of required assets as per the project’s agreed deliverables
2.Assessment of overall project performance
3.Evaluation of individual team performance
4. Finalising of key documents, such as final budget spend and any third party supplier contracts
5.A project report to stakeholders outlining what was achieved and any lessons learnt to take forward for future projects.
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Project Life Cycle
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