Five Phases of Project Management

Assignment – Five Phases Project Management Strategy November 5, 2012 Five Phases of Project Management Life cycle management is a business management approach that can be used by all types of businesses (and other organizations) to improve their products and thus the sustainability, employing the principles of project life cycle – the five phases of project management, which consists of, initiation, planning, execution, monitoring, and closure. Iniation PhaseThe first phase of a project is the initiation phase. During this phase, a business problem or opportunity is identified and a business case providing various solution options is defined. Once the recommended solution is approved, a project is initiated to deliver the approved solution. Terms of reference are completed outlining the objectives, scope and structure of the new project and a project manager is appointed. The project manager begins recruiting a project team and establishes a project office environment. Within the initiation phase, the business problem or opportunity is identified, a solution is defined, a project is formed and a project team is appointed to build and deliver the solution to the customer (Barkley, 2005). Planning Phase Often the most time-consuming of the phases of project management, the Planning phase is where you lay your project groundwork and is critical for a successful implementation of the subsequent Execution phase (Reynolds, 2009).Additionally, in this phase Project Planning builds on the work done in Project Initiation, refining and augmenting Cost, Scope, Schedule and Quality (CSSQ) and Project Plan deliverables. Usually, additional members join the Project Team, and they assist the Project Manager in further elaborating the details of the Cost, Scope, Schedule and Quality (Macek, 2010). The planning phase produces a project plan, project charter and/or project scope outlining the work to be performed. During this phase, a team should prioritize the pro ject, calculate a budget and schedule, and determine what resources are needed0 (LaBrosse, 2008).This phase is the basis for the successful execution of the subsequent Executing phase. The planning phase is also the phase where, definition of work packages, detailed planning, clarification of responsibilities, risk analysis, and interfaces are defined. Project Planning marks the completion of the Project Plan –i. e. , no work is left uncovered. Execution Phase Execution. This is where the project team does the work to crate the final deliverables of the project. It is the largest part of most projects and it goes far better if adequate time was taken to properly plan the work of the project (Reynolds, 2009).Resources' tasks are distributed and teams are informed of responsibilities. This is a good time to bring up important project related information (Project Plan Execution, 2009). During the Execution phase, the project manager spends a considerable amount of time in commun ication making sure the resources (people, equipment and materials) are available to do their work and know what work needs to be completed. There is a significant amount of work in this phase, as a project manager works to juggle many aspects of the project.During this phase, you'll use all of your management skills to implement and manage cost and quality, risks and change, and several other factors (Reynolds, 2009). Monitoring The next phase of the Project management life cycle is monitoring. Successful Project Management Principles & Controls are summarized as three main methods; continual focus on the Project Plan, constant update of the Project Plan (especially the triple restraints, and most importantly, measure status and project progress against the Project Plan -making adjustments to get back on track, if necessary (Project Plan Execution, 2009) .Closure In Project Closeout, the Project Team assesses the outcome of the project, as well as the performance of the Project Team and the Performing Organization. This is accomplished primarily through soliciting and evaluating feedback from Customers, Project Team members, Consumers and other stakeholders. The primary purpose of this assessment is to document best practices and lessons learned for use on future projects. In addition, key project metrics are also captured to enable the Performing Organization to compare and evaluate erformance measurements across projects. Project completion is signified by accomplishments such as (1) all tasks finished, (2) agreed deliverables completed, (3) testing completed, and (4) training materials prepared. The project benefits should be measured and compared with the final business case. Not all the benefits of the project are immediately apparent. The results must be compared with the cost-benefit analysis along with all the other forecast benefits that the project was planned to provide the organisation.Analyzes how each phase could support the organizationâ₠¬â„¢s business strategy. There is a dramatic rise in the use of project management as organizations shift to provide customer driven results and systems solutions. Some implementations of project management have been successful, while others are incredible failures. A common occurrence in many organizations is too many projects being attempted by too few people with no apparent link to strategy or organizational goals.Unfortunately, this is why the organization I currently work in is struggling to successfully complete the EMR, too few resources and too many projects being implemented simultaneously and most not align with the strategic plan. Experience indicates that the support of upper management is critical to project success, upper management was absent as participants of the project until the decision was made to delay the go-live. In our case, Upper management did not take action to create an environment for more successful projects in their organizations.Project management m ust be regarded as a company-wide project management competency designed to benefit the entire company (Kerzner, 2005). It also includes developing a corporate culture that is based upon effective organizational behavior and creating a well-developed project management methodology, accompanied by the proper supporting tools, which is vital to achieving organizational goals. Once the organization recognizes that project management is a core competency, the organization can convert this competency into a sustainable competitive advantage.The ultimate purpose is for the sustainable competitive advantage to become the pathway for a strategic competency that becomes a primary drive during strategic planning activities (Kerzner, 2005. As the project management strategy matures, the business value derived from each phase increases. Increased value subsequent to increase project portfolio leads to the alignment of project management and organizational strategy across the organization/enterp rise. Keeping each phase of the project on track yields a successful project, which means managing the triple constraints and strict management of metrics (monitoring phase).The project goals then extend throughout the team to the suppliers, contractors, and stakeholders. The five phases of project management assists the organization in creating a strategic value chain that gives companies a competitive edge. References Kerzner, H. (2005). Using the Project Management Maturity Model: Strategic planning for project management (2nd ed. ). Hoboken, NJ: John Wiley and Sons, Inc. LaBrosse, M. (2008). Key principles of project management. Food Management, 43(5), 27-27. Retrieved from http://search. proquest. com/docview/215900222? ccountid=32521 Macek, W. (2010). Methodologies of project management. Wspolczesna Ekonomia, 4(4), 267. Retrieved from http://search. proquest. com/docview/1115291842? accountid=32521 Project Plan Execution – where you â€Å"walk the walk† as the Pr oject Manager. (2009). Retrieved from URL Managerhttp://www. mastering-project-management. com/project-plan-execution. html Reynolds, D. (2009, May 13). Phases of project management: Initiation. Bright Hub weblog. Retrieved from www. brighthub. com/office/project-management/articles/1672. aspx Reynolds, D. (2009, May 13).Phases of project management: Planning. Bright Hub weblog. Retrieved from www. brighthub. com/office/project-management/articles/1673. aspx Reynolds, D. (2009, July 28). Phases of project management: Execution. Bright Hub weblog. Retrieved from www. brighthub. com/office/project-management/articles/1674. aspx Reynolds, D. (2009, May 13). Phases of project management: Monitoring. Bright Hub weblog. Retrieved from www. brighthub. com/office/project-management/articles/1675. aspx Reynolds, D. (2009, May 13). Phases of project management: Closing. Bright Hub weblog.