Project Management Life Cycle – How it Affects the Success of a Project

Project management is one of those skills that are in high demand today. From construction to healthcare, IT to running marketing campaigns, project managers are required in every field. It is also true that every year, organizations lose about 9 to 10% of their investment in projects due to fault-lines in execution. A considerable percentage of projects fail under various circumstances due to many reasons. Experts say that it is crucial for project managers to understand the project life cycle in order to lead it successfully and reduce loss. It is also important for a project manager to know the difference between the project management life cycle and project life cycle.

In this write-up, we will try to provide an overview of the various phases of the project management life cycle and highlight the importance of each phase. We will also explain how the project lifecycle is different from the project management lifecycle. If you are an aspiring project manager or just begun your career in project management, then this article is for you. Read on to learn more.

Project Management Life Cycle – Overview

There are 4 phases in the project management life cycle. In some cases, projects can be divided into 5 phases too. Irrespective of the field of work, every project perfectly fits into these phases. Gaining a good understanding of the importance of each phase and what is expected from project managers during these phases can help them work more efficiently.

Initiation

The initiation phase is where businesses identify opportunities for value addition, problems that can be addressed and areas of improvement. After identifying the opportunities, the objectives and the goals of the project are defined clearly. The project manager should be discussing with business owners/project owners and try to build strategies for them, right from the scratch. For this, the project manager must be capable of thinking from the perspective of business owners. It gives them great exposure when setting goals/objectives. This also helps them in budgeting and resource planning which comes at the next phase of the project. Project managers will have to work towards building a strong business case once the goals and objectives are finalized. For this, project managers will have to know the scope of the project, recognize the stakeholders and check if the solution can address the issue.

Planning

The project planning phase comes second in the project management life cycle. In this phase, project managers will breakdown the project into several activities, each with its own goals and time frames. Project managers will estimate the budget and plan the resources in this phase. A team is built and all necessary resources are procured in advance. Project managers will also try to identify and understand the risks which should be expected during the execution phase. This helps in better planning and preparation for the project.

Execution

In this phase, the team takes care of project activities. The project manager will be overseeing if the deadlines are being met and will act as a bridge of communication between teams, between stakeholders and project teams and so on. Project managers will also keep an eye on the budget to ensure that it is well within the limits and is being managed well.

Closure

The final phase of the project management life cycle is closure. By this phase, all activities related to the project are completed and teams would have handed over the results. Review of the results, documentation, gauging the performance of the project and team will all take place in this phase of the project management life cycle.

What is Project Life Cycle and How it is Different from the Project Management Life Cycle?

The project life cycle can also be called the delivery process. It essentially comprises the activities that make the project happen. The delivery process starts from the time the team understands the objectives and goals of a project and starts working on the same. The project life cycle is broadly classified into Definition, Design, Development, Deployment and Departure phases. Many activities in the project life cycle overlap with various phases of the Project Management Life Cycle. In simple words, the Project Management Life Cycle is mostly used by the Project Manager who ensures that the work is taken care of starting from the initiation phase of the project. Project Managers must also have a good understanding of the Project Life Cycle to oversee and manage work properly.

Get Your PG Certification in Project Management from Lincoln University College, Malaysia

Project management can be best learned practically under the guidance of industry veterans. Realizing the need for qualified project managers in various industries, Lincoln University College, Malaysia in association with iNurture Education Solutions, is offering PG Certification Program in Project Management for professionals. The program is offered in blended mode and students get a chance to visit Malaysia and get practical training from the industry.